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Shell Summary for May 12, 2017

2017-05-12 20:32 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange rose 5.26 points to 793.64 Friday, ending the week up 11.92 points. Jorey Chernett's shell graduate and medical software developer, Intrinsic4D Inc. (IFD: $0.015), has sold its operating subsidiary to one of its creditors, Mr. Chernett's own Mosaic Makro Medical Partners LLC. Intrinsic4D is in default of a $1.1-million secured loan from Mosaic. Following the subsidiary sale, Mosaic will credit $200,000 (U.S.) toward Intrinsic4D's debt repayment. Intrinsic4D, which will remain in default and which no longer has a business, will be demoted to the NEX on Tuesday.

Mr. Chernett, the founder of Intrinsic4D, controls 59.53 per cent of Intrinsic4D's total common and restricted voting shares. In February, 2017, when the company announced its debt problems, Mr. Chernett resigned as the chief executive officer and a director. He has had no other Canadian public company involvement besides Intrinsic4D. He lives near Detroit and has been a partner or co-founder of a few private investment firms in Michigan.

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