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TORONTO, ONTARIO--(Marketwired - Mar 1, 2016) - Biosenta Inc. (Biosenta) (CSE:ZRO) is pleased to announce that on February 29, 2016 it received approval from the Ontario Superior Court of Justice to proceed with the implementation of the restructuring proposal to creditors (the "Proposal"). The Proposal was announced on November 19, 2015.
The Proposal is made under the Canadian Bankruptcy and Insolvency Act (The Act). A copy has been filed on the Company's profile at www.sedar.com. The Proposal had been approved by the board of the Company and then by the creditors at the meeting held on December 7, 2015.
The Company expects to implement the requirements of the Proposal over the coming weeks.
On behalf of the board of Biosenta, interim Chairman, Dene Rogers, said "the acceptance of the Proposal to creditors by both our creditors and the court gives Biosenta a much healthier balance sheet and the opportunity to continue the rollout of the consumer products to the U.S. and to begin the approval process for the industrial product, Tri-Filler. We are very grateful to our creditors for their support.
Forward looking information
There can be no assurance that The Proposal will be successfully completed, or even if it is successfully completed, that the Company will achieve success.
About Biosenta Inc.
Biosenta Inc. develops and manufactures a range of chemical compounds for household and industrial applications using advanced nanotechnology.
Other household disinfectants and cleaners possess similar levels of efficacy as traditional disinfectants. But Biosenta products contain significantly lower concentrations of active ingredients resulting in lower toxicity.
Biosenta disinfectants and cleaners will kill 100% of potentially deadly mold, fungi, bacteria and viruses on contact and prevent re-growth. Biosenta disinfectants are very safe due to the very low toxicity.
Biosenta industrial compounds are embedded to protect various materials, including drywall, plastics and resins, from microbe formation.
These compounds remain active for decades and protect the drywall of buildings, objects such as resin furniture, and carpet which contain plastic or resin, as well as textiles and paper from mold, fungi, bacteria and viruses. Both the Biosenta household and industrial products are environmentally safe and biodegradable.
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither the CSE nor its Regulation Services Provider (as such term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Dene Rogers, President and CEO
3080 Yonge Street, Suite 6020
Toronto, ON M4N 3N1