TORONTO, Dec. 7, 2016 /CNW/ - Mr. Tat Lee (Michael) Koh, the single largest shareholder and a director of Ellipsiz Communications Ltd.(the "Company") (TSXV: ECT), announced today that he will appeal the recent decision of the Ontario Superior Court of Justice that denied his application for a declaration in support of the validity of the special meeting of shareholders (the "Meeting") which was scheduled to be held on November 28, 2016. Following a careful review of the Court's decision with his legal advisors, Mr. Koh believes that the Court made significant errors of law, as well as factual determinations not supported by the record.
Mr. Koh also notes that 49.3% of the issued and outstanding shares of the Company were voted, as at November 28, 2016, in support of the resolutions that were to be considered at the Meeting, and therefore if the Meeting had been held on November 28 Mr. Koh would have been successful in reconstituting the Board of the Company. The statement in the Company's press release of November 29 to the effect that Mr. Koh only had the support of 48% of the shares was false.
SOURCE Michael Koh
For further information: Michael Koh, [email protected], 8618600022263