Ecoation commences restructuring to pursue sale of the business

Added on 11 April 2025

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Ecoation commences restructuring to pursue sale of the business

Source: ecoation

Vancouver, BC – Proceedings have been initiated to commence a Court-supervised process to ensure the company’s stability, that the business continues critical services to its customers, and to protect the interests of all stakeholders.

Ecoation Innovative Solutions Inc receives a commitment for new financing to support business operations during the process

This process will have no impact on the operations and services provided to the customers we serve

Ecoation Innovative Solutions Inc. (“Ecoation” or the “Company”) commenced restructuring proceedings on April 8, 2025 by filing a Notice of Intention to Make a Proposal (the “NOI”) pursuant to the Bankruptcy and Insolvency Act. This is a court-supervised process that will allow for a financial and operational restructuring of the Company.

This process is not a bankruptcy or liquidation of the Company.

The decision to commence NOI proceedings was made after careful consideration of the Company’s financial position, while evaluating all available alternatives and engaging in significant consultation with legal and financial advisors. In connection with the NOI proceedings,KPMG Inc. has been appointed as the Proposal Trustee to oversee the Company’s restructuring efforts.

Further, the Company has received a commitment for new debtor-in-possession financing from one of its significant investors (the “DIP Lender”). Following Court approval, which is expected to be received on April 15, 2025, this new financing, combined with cash generated from the Company's ongoing operations, is expected to support the business during the Court-supervised process.

It is the goal of the Company and everyone else involved to ensure that this process has no impact on the operations and services provided to the customers we serve.

Ecoation is in discussions with the DIP Lender on finalizing aagreement to purchase a significant portion of Ecoation’sbusiness and assets, and the Company intends to seek approval of a sale and investment solicitation process in the coming weeks. Additional details in respect of the sale process will be disclosed in due course.

Additional information regarding the NOI proceeding can be found on KPMG’s website at http://kpmg.com/ca/ecoation.