Aucxis Announces Sale of Subsidiary, ATS.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Last paragraph has been removed. The corrected release reads: AUCXIS ANNOUNCES SALE OF SUBSIDIARY, ATS Aucxis Corp. (Aucxis), formerly e-Auction Global Trading Inc. (Pink Sheets: AUCX AUCX Audit Connection ), a Nevada Corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. , announces that the bankruptcy trustee of Aucxis NV (the 100% owned Belgium subsidiary of Aucxis Corp.), has confirmed the sale of Aucxis Trading Solutions Belgium (ATS) (the 92.5% owned subsidiary of Aucxis NV). On April 11, 2003 Aucxis NV voluntarily filed for bankruptcy and a trustee in bankruptcy trustee in bankruptcy n. a person appointed by a bankruptcy court to supervise the affairs of person or business which is in bankruptcy, determine both assets and debts, marshal (gather) and manage the assets if necessary, and report to the court. was entrusted with Aucxis NV's management and the realization of its assets for the benefit of its creditors. Through a series of negotiations with the former owners of ATS (Schelfhout), a settlement was reached whereby all claims were settled and the sale of ATS by way of auction was approved. On October 25, 2004, Aucxis received confirmation from its Belgium counsel that the sale had been finalized. Through the auction process, the trustee finalized the sale of ATS for proceeds of just over $2 million U.S. Of the gross proceeds received, the net amount available to Aucxis Corp. is not yet known due to various secured creditor One who holds some special monetary assurance of payment of a debt owed to him or her, such as a mortgage, collateral, or lien. claims and foreign exchange variances, but is estimated to be up to $200,000 U.S. The main secured creditor claims include repayment of bridge loans with accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , the Schelfhout litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement payment and Belgium legal fees. There also was a provision made to be applied toward any final charges from CEPINA, the Belgium arbitration tribunal utilized during the Schelfhout litigation process. Management is currently in negotiations with different groups who may be interested in assisting the Company with raising money and with projects ranging from the wireless industry to the resource sector. Management will likely not be able to secure financing and/or a viable project until all outstanding payables and claims are resolved. Management will be seeking the cooperation of all existing unsecured creditors by proposing a settlement of all outstanding payables. About Aucxis Aucxis is a Nevada Corporation headquartered in Vancouver, Canada and trades on the Pink Sheets under the symbol AUCX. |
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