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Prospector
Profile
3-8-002
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| Ascalade Communications Inc. |
NAICS |
334220 |
| 12051 Riverside Way,
Richmond, BC Canada V6W 1K7 |
Description |
Telecommunications |
| (604) 204-2900 |
Employees |
2000 |
| http://www.ascalade.com/ |
Revenue |
(mil) |
106.5000 |
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Income |
(mil) |
0.1500 |
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Assets |
(mil) |
92.7100 |
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Liability |
(mil) |
26.2400 |
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(for the year ended 2006-12-31) |
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Category:
Bankruptcy
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Event:
Ascalade Communications, Inc., announced that it has obtained an order from the Supreme Court of British Columbia granting Ascalade and its subsidiary Ascalade Technologies, Inc., protection pursuant to the provisions of the Companies Creditors Arrangement Act (CCAA). The Court has granted CCAA protection for an initial period of 30 days expiring on April 2, 2008, to be extended thereafter as the Court deems appropriate. While under CCAA protection, management will remain responsible for the day-to-day operations of the Company, under the supervision of a Court appointed monitor, Deloitte & Touche Inc., who will be responsible for monitoring Ascalade's ongoing operations, assisting management with the development of a restructuring plan, reporting to the creditors and the Court, and assisting management with respect to the restructuring of the business. The Company related that these actions were necessary because of the company's inability to fund operations to meet customer demand. This is as a result of significant operational challenges due to difficulty hiring and retaining workers, continued labor and material cost increases, sustained competitive price pressures and foreign exchange variations impacting the business.
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Intellectual Property:
The Company relies on various intellectual property protections, including contractual provisions, patents, copyright, trademark and trade secret laws, to preserve intellectual property rights. [SEDAR Annual Report 12-31-2006]
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Description:
Ascalade Communications, Inc., is an innovative product company that designs, develops and manufactures digital wireless and communication products.
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Officers:
Edmund Ho (Pres. & CEO); Troy Bullock (CFO & Sec.); Fred Li (COO); Bruce Bernard (Chief Technology Officer); Eric Ho (VP)
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Auditor:
Deloitte & Touche LLP
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Securities:
Common stock symbol ACG; TSX; 20,209,000 common shares outstanding as of December 31, 2006.
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