Montreal-Based Syscan Files for Bankruptcy

Syscan International Inc., a provider of RFID-enabled supply chain solutions, has announced that it has filed under the Bankruptcy and Insolvency Act and that H.H. Davis & Assoc. Inc. of Montreal, Quebec, has been appointed by the court to handle matters with its creditors, FOXBusiness reported. The board decided to pursue this course of action after the expected private placement with Bluehill ID failed to materialize and after previous attempts to raise capital and effect a company merger and sale were unsuccessful. All the members of the board of directors and officers have resigned with the appointment of the Trustee. Read more.