VANCOUVER, British Columbia, July 17, 2017 (GLOBE NEWSWIRE) — First Growth Holdings Ltd. (TSX-V:FGH) (“First Growth” or the “Company”) today announced that it has filed voluntary assignments in bankruptcy for both the Company and its subsidiary in Alberta pursuant to the Bankruptcy and Insolvency Act (Canada) in order to effect an orderly liquidation of its assets, property and operations. In conjunction with this filing, Crowe MacKay & Company Ltd., Licensed Insolvency Trustee (“Crowe Mackay”) has been appointed trustee of the bankrupt estate.
The board of directors of the Company has authorized the voluntary assignment as the Company is not able to meet the obligations owing to its creditors or to fund the operations of the Company or its subsidiaries. Also, the board of directors of the subsidiary in Alberta has authorized the voluntary assignment.
The Company also announced that Ms. Ting Zhao has resigned as Chief Executive Officer, and stops serving as the interim acting Chief Financial Officer, effective immediately; the directors of the Company except Ting Zhao have handed in their resignations; the employment of the Company has been terminated, and the employment of the subsidiary in Alberta will be terminated shortly.
Any inquires with respect to the operations of the Company or its assets can be made to Crowe Mackay at 1100-1177 West Hastings Street, Vancouver, BC V6E 4T5, Attention: Mr. Derek Lai, CPA, CMA, CIRP, LIT.
About First Growth Holdings Ltd.
First Growth is a Canadian-based company that identifies and develops strong brands in the Canadian and international markets. First Growth’s brands have a global reach in today’s modern world with the rapid adoption of social media and advancements in technology. First Growth recognizes the potential for its brands to penetrate international markets and will be focused on developing each one of its brands to its fullest potential.
ON BEHALF OF FIRST GROWTH HOLDINGS LTD.:
Chief Executive Officer
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