Daymak Inc., a Toronto-based company which sells everything from electric bikes to ATVs, has filed a notice of intention under the Canadian Bankruptcy and Insolvency Act amid financial struggles.
The news was uncovered after Speakers Corner was asked by a current investor to look into the issue.
Brampton, Ont., resident Peter Bolton, an avid cyclist and longtime fan of the company, invested $10,000 back in 2022.
“I had some savings packed away and I did my due diligence and research and thought they’d be a safe bet,” Bolton said.
Daymak Inc. was founded in 2001, and according to a 2023 press release, is a pioneering force in personal light electric vehicles (LEVs). With a world-class global distribution network featuring 200 dealers and key retailers like TSC, HSN, Walmart and Best Buy, Daymak is recognized as the leading distributor and developer of LEVs in Canada.
“I was impressed by their progress, because they have had some very ambitious goals, as far as e-bikes and e-vehicles in general,” Bolton told CityNews. “But something hasn’t been right lately.”
Bolton signed a debenture agreement with Daymak in 2022.
“Which means my $10,000 when they go public would be converted to shares,” he said.
But that agreement also had an additional guarantee.
“They did guarantee eight per cent per annum interest on that 10 grand until they convert it to shares. So I thought, well, even the investment at eight per cent is still pretty good. So the interest of eight per cent on 10 grand, will be $800 a year.”
He began reaching out to Daymak in 2023 when he didn’t receive his annual payment.
“And since then it’s just been back and forth with promises it will be coming but it never does.”
In emails he shared with Speakers Corner, Daymak wrote that he’d start receiving payments this year. First in February, then March, with the last promise moved to the end of April.
Bolton has yet to see any payment.
“They blamed everything from bank issues, they’re changing banks, and the latest thing has been tariffs are the reason why the money is delayed,” he said
Frustrated, he reached out to Speakers Corner. CityNews made numerous requests to Daymak for comment, finally hearing back from the company’s CEO last week.
“Bank called in the loan and ended our 24 years in regular business that’s how they help,” Aldo Baiocchi wrote in an email. “We filed for protection. Mr. Bolton is on the list of creditors will be contacted by the trustee. I am sorry.”
According to government records, Daymak filed for a notice of intention, which allows the company to make a proposal to creditors and buys them time to try and restructure the company.
“Investors will be notified. Notices went out last week to all known creditors. They have to wait to see if the company can restructure — banks will be paid first,” said Rahn Dodick, who is the trustee handling the matter.
When we asked about the total debts owed, Dodick did not say telling us the list of creditors will be presented to those owed money in the notices that were sent out.
“I’m disappointed, I am semi-retired and that was a big chunk of my savings that I invested,” Bolton said.
He remains skeptical but hopeful the company can bounce back.
“It’s been a great company for years and they’re a Canadian company. I still believe in the product they offer.”
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