TORONTO, Sept. 29, 2016 /CNW/ - Mr. Tat Lee (Michael) Koh, the single largest shareholder and a director of Ellipsiz Communications Ltd. ("ECT" or the "Company") (TSXV: ECT), announced today that he has called a special meeting of shareholders (the "Meeting"), pursuant to section 105(4) of the Ontario Business Corporations Act ("OBCA"), so shareholders can have the opportunity to vote to reconstitute the board of directors of ECT (the "Board") by removing each of Elliott Jacobson, Grant Sawiak and Mark Korol as directors, and replacing them with the following independent nominees: Kean Li Wong, Long Trinh and Ian Mallmann. For additional information regarding these nominees, please see Mr. Koh's August 30, 2016 press release. Mr. Koh owns 68,186,690 common shares of ECT, which represents approximately 42.3% of the outstanding common shares.
A majority of the current Board has failed to call the Meeting that was requisitioned by Mr. Koh. Mr. Koh's requisition was improperly rejected by a majority of the current directors of the Company that are acting in their own self-interest and contrary to the OBCA and their respective duties as directors. As a result, Mr. Koh has called the Meeting to ensure that the Company's shareholders are given an opportunity to decide on the future direction of ECT. Mr. Koh believes the Board needs to be reconstituted in order to ensure that the Company is put on a path to enhancing shareholder value. Mr. Koh has lost confidence in three directors of the Company and believes their removal is essential in order for the Company to achieve its goals. Mr. Koh has significant disagreements with a majority of the current directors regarding the operation of the business of the Company and a strategic acquisition under consideration by the Company.
The Meeting will be held at 4:00 pm (Toronto time) on November 28, 2016, and the record date for the Meeting is October 24, 2016. CST Trust Company will be appointed by Mr. Koh to provide services in connection with the calling and holding of the Meeting and Mr. Koh will appoint CST as the scrutineer for the Meeting. The location of the Meeting will be suite 4400, Brookfield Place, 181 Bay Street, Toronto, Ontario, Canada. A circular providing further details will be mailed to shareholders in due course.
SOURCE Michael Koh
Renseignements: Michael Koh, [email protected], 8618600022263