It saddens me to have to post this but, Paradigm filed Chapter 7 Bankruptcy today. When I found out about it, I called David Ellis, at the number stated in the news release, and had a short conversation with him that yielded no useful details.
He did, however, mention that the Board of Directors...
Mr. Sharwood, Mr. DeCoste and Mr. Ghermezian... were unanimous in their decision to declare the Company bankrupt.
PowerLOC is still a 'going concern' apparently... as mentioned in the NR. Being funded by the entity '...Homeland Security Technology Corporation (``HSTC'')...'. Whomever THEY are. No word yet on who the principles of that Corporation are.
More details, if any, whenever they become public.
Jim
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Press Release Source: Paradigm Advanced Technologies, Inc.
Paradigm Advanced Technologies, Inc. Announces Bankruptcy Filing
Friday November 7, 3:30 pm ET
TORONTO, Nov. 7, 2003 (PRIMEZONE) -- Paradigm Advanced Technologies, Inc. (Other OTC:PRAV.PK - News) (``Paradigm'' or the ``Company'') announced today that it has filed a voluntary petition for bankruptcy in the state of Delaware under Chapter 7 of the U.S. Bankruptcy Code. Upon filing of the bankruptcy petition, Paradigm has ceased all of its business operations.
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The operations of the Company's wholly owned Canadian subsidiary, PowerLOC Technologies, Inc. (``PowerLOC'') will continue to operate as usual with funding expected to be provided by one of its senior secured creditors, Homeland Security Technology Corporation (``HSTC''), pursuant to a definitive financing arrangement to be entered into between PowerLOC and HSTC.
ABOUT POWERLOC TECHNOLOGIES INC.
PowerLOC Technologies Inc. provides a full range of wireless location tracking and security products and services to global enterprises and to large government organizations. PowerLOC's enabling technologies have become a major component in joint development efforts with strategic partners targeting Homeland Security solutions for certain military and civilian applications. PowerLOC devices, servers, software and applications locate, track, navigate and manage people, vehicles and other assets, and was used to track recovery vehicles at the World Trade Center ``Ground Zero'' recovery site. Destinator (http://www.Destinator1.com) won many industry awards including the prestigious People's Choice Award of America's Pocket PC Magazine in 2001, 2002 Planet PDA ``Best of Show'' Award; 2002 and 2003 Europe Pocket PC Awards and a similar award in Germany this year. PowerLOC owns the exclusive licensing rights to a broad-based wireless location patent (U.S. Patent no. B1 5,043,736) covering the apparatus and method of transmitting position information from satellite navigational signals (such as GPS) over cellular systems. For further information on PowerLOC, visit powerloc.com or call (905) 764-3701.
Certain statements contained in this press release, including without limitation, statements that are not historical facts and statements containing the words ``believes'', ``anticipates'', hopes, ``intends'', ``expects'', and other words of similar import, constitute ``forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes that the assumptions used to make the forward-looking statements contained herein are reasonable, such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from expectations.
Contact:
Paradigm Advanced Technologies, Inc.
David Ellis, Secretary-Treasurer
(905) 764-3701 x 301
dellis@powerloc.com
or
Paradigm Advanced Technologies, Inc.
Irene Gosende, Communications Manager
(905) 764-3701 x 233
igosende@powerloc.com
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