GuestLogix Inc. (TSX:GXI) has received court approval for the implementation of a sale and investment solicitation process (SISP) to be conducted within the CCAA proceedings under the supervision of the monitor. The goal of the SISP Procedure is to generate the highest possible bids for the acquisition of the business or the assets of GXI or a refinancing or recapitalization of GXI. Parties interested in participating in the SISP are advised to review the SISP Procedure.

The SISP Procedure describes the manner in which prospective bidders may gain access to or continue to have access to due diligence materials concerning GXI and its assets, the manner in which bidders, letters of interest and bids become Phase 1 Qualified Bidders and Phase 2 Qualified Bidders, Qualified LOIs or Qualified Bids (as each term is defined under the SISP Procedure), respectively, the receipt and negotiations of Qualified Bids received, the ultimate selection of the successful bidder, if any, and the approval thereof by GXI, Canaccord, the Interim Lenders, the monitor and the court. The monitor will supervise the SISP Procedure. Phase 1 Qualified Bidders will be required to deliver non-binding letters of interest that meet the SISP Procedure requirements to Canaccord and the monitor by no later than 5:00 p.m. on March 18, 2016.

Phase 2 Qualified Bidders, if they wish to submit a bid, will be required to deliver Qualified Bids to Canaccord and the Monitor by no later than 5:00 p.m. on March 31, 2016, or such other date and time as may be agreed to by GXI and Canaccord, with approval of the monitor and the Interim Lenders. Canaccord Genuity Corp. (Canaccord) will act as financial advisor to GXI in connection with the SISP Procedure.