Urologix Successor Details Company's Dissolution Plans
MINNEAPOLIS, April 25, 2016 (GLOBE NEWSWIRE) -- 21st North Inc. announced today that its reconvened Special Meeting of Shareholders commenced earlier today again failed to achieve a quorum. The meeting was to seek approval for the proposal of immediate dissolution of the legal entity. While the proposal was not able to be formally considered due to the lack of a quorum, over 82% of votes cast supported the immediate dissolution of the company. Given the lack of shareholder participation, the company determined not to further adjourn the Special Meeting of Shareholders and the Special Meeting of Shareholders has been cancelled.
Subsequent to the sale of the operating assets of the business under Article 9 of the UCC effective January 29, 2016, 21st North Inc. has no available cash, no operational assets, no employees and substantial secured debt owed to its creditor. Effective April 25, 2016 all members of the Board of Directors of 21st North Inc. have resigned. The company will not take action to renew its annual corporate registration with the Minnesota Secretary of State in 2016. Accordingly, the corporate existence of 21st North Inc. will be dissolved administratively consistent with Minnesota law during calendar year 2017. This will terminate the existence of 21st North Inc. as a Minnesota corporation. Until the administrative dissolution, 21st North Inc. will not pursue any business activity. As previously stated, there will be no distributions to shareholders in connection with the dissolution of 21st North Inc., whether voluntary or administrative.
Greg Fluet Gfluet.21stnorth@gmail.com