VRB Power Announces Financial Results & Advance Notice of Annual and Special Meeting

About this update from Novo Resources Corp.

[{"type":"text","content":"\n\n\n\nRICHMOND, BC, April 29 /CNW/ - VRB Power Systems Inc. ("VRB Power") today\nreported its financial results for the December 31, 2008 financial year. The\nfollowing is a summary of the key points for the period, updated to April 27,\n2009:\n\n\nCorporate Status:\n\n- Due to the inability of the Company to raise sufficient capital to\n support continued operations, VRB Power curtailed its energy storage\n operations in November 2008. The Company filed a Notice of Intention\n to make a Proposal with the Office of the Superintendent of\n Bankruptcy in accordance with the Bankruptcy & Insolvency Act ("BIA")\n on November 19, 2009. The Company also obtained an order from the\n British Columbia Supreme Court appointing Abakhan & Associates Inc.\n as Interim Receiver over the assets and property of the Company\n appointed on November 21, 2008. Upon the appointment of the Receiver\n all of the Directors of the Company resigned.\n\n- In order to satisfy the Company's liabilities, the Interim Receiver\n has disposed of substantially all of the Company's assets, comprising\n the energy storage patents and trademarks, plant and equipment and\n inventory owned by the Company, for approximately $2.9 million.\n\n- On March 18, 2009, a Proposal under the BIA was lodged by the Interim\n Receiver with the Office of the Superintendent of Bankruptcy.\n Pursuant to the terms of the Proposal, no later than September 30,\n 2009, the Interim Receiver, on behalf of the Company, will pay to the\n Trustee, for the benefit of creditors, the lesser of the total funds\n in the trust account of the Interim Receiver or the funds required to\n pay all of the valid proven creditors claims plus simple interest\n thereon at 5%. The Proposal was approved at a meeting of creditors on\n April 8, 2009 and by the Court on April 27, 2009. At the time of\n filing the Proposal, the Interim Receiver estimated the known\n creditor claims to be approximately $1.3 million and the maximum\n contingent claims to be an additional $800,000;\n\n- The Interim Receiver expects that the Company will continue to\n investigate potential transactions or arrangements on its remaining\n assets. The Interim Receiver obtained an order from the Court on\n April 27, 2009 contemplating a process for soliciting nominees for\n directors and for calling, holding ...

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