On September 8, 2021, msi Spergel Inc. was appointed Trustee in connection with a Notice of Intention to Make A Proposal filed by Medifocus Inc. (OTC PINK:MDFZF) and (TSXV:MFS.H.APH) (the "Company"). The Company is a biotechnology company holding a portfolio of medical products encompassing thermotherapy systems used in treating cancerous and benign tumors and enlarged prostate located in Toronto, Ontario.
Medifocus Inc. brought a motion for continuance of the BIA proceedings under the Companies' Creditors Arrangement Act (“CCAA”). The Ontario Superior Court of Justice granted the relief sought by the Company and issued an Initial Order pursuant to the CCAA on October 7, 2021. The Initial Order provides for a stay of all proceedings until January 7, 2022 against the Company and appoints Spergel as Monitor of the business and financial affairs of the Company. Please refer to the Initial Order dated October 7, 2021 for more information.