First Growth files for vol­un­tary bankruptcy

Stockwatch Daily - - CONSUMER GOODS - Ms. Ting Zhao re­ports

FIRST GROWTH Hold­ings Ltd. 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, 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 fi­nance 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 Ting Z ha oh as re­signed as chief ex­ec­u­tive of­fi­cer and stops serv­ing as the in­terim act­ing chief fi­nan­cial of­fi­cer, ef­fec­tive im­me­di­ately; the direc­tors of the com­pany (ex­cept Ms. 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 Suite 1100, 1177 W Hast­ings St., Van­cou­ver, B.C., V6E 4T5, at­ten­tion: Derek Lai, CPA, CMA, CIRP, LIT.

About First Growth Hold­ings Ltd.

First Growth is a Cana­dian-base d 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.

Xuekang Dai, Cainian Tan, Ting Zhao

(FGH) Shares: 70,261,017

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