Sale Process

On October 1, 2018, the Court granted an order (the “Sale Process Order”) authorizing PricewaterhouseCoopers Inc., LIT, in its capacity as court appointed Receiver of Intelligent Mechatronic Systems Inc. (“IMS” or the “Company”) to commence a sale process to solicit interest in and opportunities for the sale of all or substantially all of the business and assets of IMS.

Unless otherwise defined, capitalized terms used in this section of the website shall be as defined in the Sale Process or the Sale Process Order. Schedule “F” to the First Report of the Receiver sets out the Sale Process, a copy is attached below.

The following table sets out the key milestones of the Sale Process.

Pursuant to the Sale Process, the original deadline for submission of offers is October 18, 2018 at 5:00pm Eastern Time and has been extended to 5:00pm Eastern Time on October 25, 2018 and that such date and time shall now constitute the “Bid Deadline” for the purpose of the Sale Process.  Any Bid submitted shall indicate that it shall remain open for acceptance by the Receiver until 5:00pm Eastern Time on October 29, 2018.  The Sale Process shall otherwise continue on the same terms and conditions as outlined therein.

Milestone Milestone Date (and time, if applicable)

Court Approval of the Sale Process

October 1, 2018

Advertise sale in the National Edition of the Globe & Mail and reference in social media resources

By October 4, 2018

Provide NDAs to interested parties

Forthwith upon request

Provide interested parties with virtual data room access

Forthwith upon executing NDA

Arrange on site diligence and management meetings

At the Receiver’s discretion, subject to qualifying the degree of interest of each interested party

Deadline for submission of binding, unconditional offers

October 25, 2018, 5:00pm Eastern Time (extended from October 18, 2018, 5:00pm Eastern)

To obtain further information regarding IMS and the Company’s assets interested parties will be required to sign a non-disclosure agreement. For additional information concerning the Sale Process, please contact:

Attention: Davian Durant
Telephone: (416) 941-8383 ext 16426
Fax: (416) 814-3210
Email: davian.r.durant@pwc.com

 


This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Title Date
Publication for Sale Process 2018-10-03
Sale Process 2018-10-01
Order (Sale Process) 2018-10-01

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Contact us

Natalia Chtcherbakova

Senior Associate

Tel: +1 416 941 8383

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