UNITED PROTECTION FILES NOTICE OF INTENTION TO MAKE A PROPOSAL
United Protection Security Group Inc. has claimed protection under Canadian federal legislation respecting insolvencies. Following the decision of the company's board of directors, a formal notice of intention was filed on May 31, 2013.
The management and the board of directors announce that they remain committed to implementing an effective reorganization of the company pursuant to applicable legislation.
An offer to acquire some or all of the company's business has been made by a national security services provider. There is no assurance that this or any similar transaction will be completed. If such a transaction is completed, it is contemplated that the company would discontinue its operations as they currently exist, or, if not completed, the company would continue to pursue its reorganization.
The company's shares remain subject to a cease trade order and a trading suspension by the TSX Venture Exchange imposed due to the delay in filing its financial statements for the year ended Dec. 31, 2012.