Mintz & Partners Limited was appointed Receiver of AFM.
The Receiver is empowered and authorized (but not obligated) to, among other things, take possession and control of any of the property of AFM and to carry on its business and deal with its property. The Court Order was granted pursuant to Section 47(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and Section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended, and provides AFM with creditor protection by staying all proceedings and the exercise of any remedies against AFM or its property. The Court Order also stays proceedings and the exercise of any remedies against a wholly owned subsidiary of AFM or its property.
The Receiver has been informed that Mr. Lawrence Horwitz, Mr. Per-Odd Keul, Mr. Ron Erickson and Mr. Andre Tatibouet had resigned from the Board of Directors of AFM. As such, it appears there are currently no directors of AFM.
AFM has received notification from the Toronto Stock Exchange that its common shares will be suspended from trading on May 20, 2005. AFM is also subject to cease trade orders issued by the securities commissions of Ontario, Manitoba, British Columbia and Quebec.
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