Call Us Now: 1300 043 364

Insolvency News

Pure Energy Solutions Canada Inc. Placed into Receivership – America

May 26th, 2013 : by Cliff Sanderson

Pure Energy Solutions Canada Inc. has been put into receivership. The rechargeable battery facility of the company in Amherst was shut down last week leaving 20 employees jobless.

According to Peter Wedlake, Grant Thornton LLP spokesman, the company closed as Nova Scotia Business Inc. called in. Nova Scotia made a confirmation that in 1999, they granted Pure Energy a loan worth $5.5 million.

Greg Herrett, chief administrative officer of Amherst, stated that the town had hopes the business will be operated by the receivers until they will be able to make a transition to another opportunities. Wedlake made a confirmation that the option is being considered; however, he said that they have yet made decision.

In the later part of the 1990s, Pure Energy acquired the loan from Nova Scotia and started to manufacture chargeable batteries that were environment-friendly in the Amherst Industrial Park. In 2002, the company was controlled by Ottawa’s Energy Vision Inc.

During this time, the debt of the company had gone to $8.5 million. However, the loan was reduced to $2 million as a deal observed the province obtaining a number of Pure Energy’s stock.

Boulder, Colorado’s Pure Energy Solutions Inc. later acquired the stock. The company is still manufacturing equipment for recharging devices that are wireless like smartphones.

Ask IRA!

Our Interactive Restructuring Adviser

Answer 4 questions and IRA will:

  • Diagnose the problem
  • Prescribe the Right Solution

Is My Company Insolvent?

Tick the boxes to check if you are at risk of:

  • Insolvent Trading
  • Personal Liability for Company Debt