Diversified Industries Ltd.

Information on Proposal to Creditors

On December 2, 2010, Diversified Industries Ltd. (the “Debtor”) filed a proposal under section 62 of the Bankruptcy and Insolvency Act with the Official Receiver of the Office of the Superintendent of Bankruptcy (“OSB”). G. Powroznik Group Inc. of G-Force Group is acting as Trustee in this matter.

Status of file (last updated January 26, 2011)

• The Supreme Court of British Columbia has approved the Proposal to Creditors on January 24, 2011.  The Trustee will immediately begin working with the Company to implement the terms of the Proposal, including retiring all the Company's liabilities, selling all of its assets, and preserving the tax pools as the only remaining material asset of the Company.
• The Company's creditors unanimously voted in favour of acceptance of the Proposal at the First Creditors Meeting.  Outcome of the Proposal is subject to final approval by the Court, which the Trustee anticipates will occur in late-January 2011.
• The Trustee is currently collecting "Proofs of claim" from creditors of Diversified Industries Ltd. ("DVS").
• The First Creditors Meeting is scheduled for December 17, 2010 at 10:00am at the office of G. Powroznik Group Inc. of G-Force Group.
• Further information will be posted to this page as it becomes available.
  
   

Materials

1. Court order approving the Proposal
2. Company Press Release
3. Company Press Release
4. Proposal to the Creditors
5. Statement of Affairs
6. First Meeting of Creditors Package
7. Trustee's Report on the Proposal
8. Company Press Release

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For further information, please contact Ali Pourdad at apourdad@g-forcegroup.ca or by phone at (778) 371-0016.