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Pakit Inc.

BUSINESS ASSETS FOR SALE - see "Sales Process - Bidding Procedures". (Initial Phase I Deadline - April 12, 2012).

Pakit Inc. ("Pakit" or the "Petitioner") filed an application before the Supreme Court of British Columbia (the "British Columbia Court") pursuant to the Companies' Creditors Arrangement Act, R.S.C. 1985 c. c-36 as amended (the "CCAA").

The British Columbia Court made an order (the "Initial Order") on July 28, 2011, granting the Petitioner the protections afforded by a stay of proceedings while Pakit pursued sources of new funding and related restructuring initiatives under the CCAA. The Initial Order appointed Alvarez & Marsal Canada Inc. (the "Monitor") as Monitor of the business and financial affairs of the Petitioner in the CCAA proceedings.

On February 2, 2012, Alvarez & Marsal Canada Inc. was appointed receiver and manager of the assets, undertakings and property of Pakit pursuant to section 243(1) of the Bankruptcy and Insolvency Act and section 39 of the Law and Equity Act.

LEADERSHIP. PROBLEM SOLVING. CREATION.