Sonic Drill Systems Inc.

Sonic Drill Systems Inc. has been under the receivership and management of MNP LTD. since March 18, 2014, when the Supreme Court of British Columbia made the appointment on the application of Royal Bank of Canada under section 243(1) of the Bankruptcy and Insolvency Act, section 39 of the Law and Equity Act, section 66 of the Personal Property Security Act and Rule 10-2 of the Rules of Court, in court file S-141051. A Statement of Affairs as at March 21, 2014 puts total assets at $913,000.00 against total liabilities of $3,057,836.31, leaving a stated deficiency of $2,144,836.31. RBC claims $1,100,000.00, with security estimated at $873,459.71 and $226,540.29 of the balance ranking unsecured. Canada Revenue Agency asserts a $19,500.00 deemed trust claim and Service Canada $20,040.29 under the Wage Earner Protection Program. The receivership remains active.