BWI Holdings, Inc. (OTCBB: BWIH) would like to update its shareholders on the state of the operations of Budget Waste Alberta, Ltd, our wholly owned subsidiary in Canada.
As a consequence of the global financial crisis, Budget Alberta is suffering the same types of financial issues as so many other businesses, including shortage of affordable credit from banks and slow or failed payment from customers. In order to insure that the assets and business of Budget Waste are properly protected for our shareholders, your board of directors has elected to seek protection for Budget Alberta from creditors under the CCAA (Company Creditors Agreement Act) process in Canada in order to reorganize the business.