VOTI DETECTION IS GRANTED COURT APPROVAL OF THE SALE PROPOSAL OF CERTAIN OF ITS ASSETS
MONTREAL, Dec. 23, 2022 /CNW Telbec/ - VOTI Detection Inc. (the "Company") announces that the Company and its subsidiary VOTI Inc. (collectively, "VOTI") have obtained an approval and vesting order (the "Approval and Vesting Order") from the Superior Court of Quebec (the "Court") issued in connection with the proceedings under the Bankruptcy and Insolvency Act (Canada) (the "BIA").
The Approval and Vesting Order approved a sale of certain assets by Rapiscan Holdings, Inc., an affiliate of Rapiscan Systems, Inc. ("Rapiscan") (the "Transaction"), as previously announced by VOTI via news release on December 22, 2022.
More information regarding VOTI's situation, decisions or actions will continue to be provided on an ongoing basis, as required by applicable law or as may be determined by the Company or the Court on the Trustee's website at http://www.pwc.com/car-VOTI.
VOTI is advised by Osler, Hoskin & Harcourt LLP (legal counsel) and Stifel GMP (financial advisor).
VOTI, headquartered in, and listed on the TSX Venture Exchange, is a leading-edge Canadian technology company that develops latest-generation X-ray security systems based on 3D Perspective™ technology. VOTI's technology produces remarkably sharp and more revealing X-ray images that are competitively superior while delivering enhanced threat detection capabilities and an improved user experience. Since its inception, VOTI has installed scanners in more than 50 countries and has consulted heavily with government agencies and security specialists worldwide to develop feature-rich and easy-to-use scanners that meet the sophisticated needs of modern security screening operations. www.votidetection.com
Rapiscan, a division of OSI Systems, Inc., is a leading global provider of security inspection solutions, with more than 100,000 products installed in over 170 countries. Rapiscan has an extensive portfolio of Baggage and Parcel Inspection, Cargo and Vehicle Inspection, Hold Baggage Screening, People Screening, Trace Detection, Radiation Detection, Tray Return System and enhanced security solutions, which are supported by a global service network. The company's state-of-the-art products, solutions, and services operate in the world's most demanding security environments, including at airports, border crossings, railway stations, seaports, government, and military installations, and high-risk facilities.
SOURCE VOTI Detection Inc.
Daniel Menard, Chief Operating Officer, (514)-782-1566, [email protected] or [email protected]
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