08/28/2012 01:26 EDT | Updated 10/27/2012 05:12 EDT

Poynt Corp. receives extension to creditor protection to Aug. 30

CALGARY - Smartphone software company Poynt Corp. (TSXV:PYN) says an order extending its bankruptcy protection has been extended to Thursday, Aug. 30.

The Calgary-based company says the extension will give it additional time to work towards closing additional debtor-in-possession financings.

Poynt Corp. said Aug. 17 that it had signed a deal for $80,000 in debtor-in-possession financing.

That deal gave the company until Aug. 26 to continue working toward a restructuring.

However, Poynt said at the time that the loan would not be sufficient to fund the company's operations past that date.

Poynt's local search app uses a device's GPS locator to help people use their smartphone to find nearby businesses, bars, gas stations and restaurants.

The company filed notice of bankruptcy protection in July after it was unable to pay its debts to its secured and unsecured creditors, including Toronto-based Intertainment Media Inc. (TSXV:INT).