10/11/2012 08:51 EDT | Updated 12/11/2012 05:12 EST

Poynt Corp. receives extension to creditor protection to Oct. 15

CALGARY - Smartphone software company Poynt Corp. (TSXV:PYN) says it has received an order extending its bankruptcy protection until Oct. 15.

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

Poynt says that since its last update on Sept. 18, it has been able to secure another $10,000 from a lender who is also a director and officer of the company.

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).