Covina Biomedical Inc.

Covina Biomedical Inc. made an assignment in bankruptcy under section 49 of the Bankruptcy and Insolvency Act on March 8, 2023 in Nova Scotia, under court file 45420, with BDO Canada Limited acting as Licensed Insolvency Trustee. The estate remains active. The company's Statement of Affairs, as at March 7, 2023 and not audited, reviewed or otherwise verified by the trustee, put total assets at $457,437 net book value and $317,886 on an estimated net realization basis against total liabilities of $2,161,443, a deficiency of $(1,843,557). Nova Scotia Innovation Corporation has filed a proof of claim for $257,876 as secured, relying on a general security agreement dated July 21, 2022 over all present and after-acquired personal property, registered the same day under Instrument Number 27496629; the trustee reports NSIC is owed approximately $750,000 in total and has not enforced its security. Unsecured proofs of claim total $676,112, with $84,000 filed in the contingent class and preferred claims nil.