TORONTO, Nov. 28, 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 the Ontario Superior Court of Justice has denied his application for a declaration in support of the validity of the special meeting of shareholders (the "Meeting") which was to be held at 4:00 pm (Toronto time) today. As a result, the Meeting will not be held today.
The reasons for the Court's decision have not yet been released. Once they are released, Mr. Koh will review the decision with his legal advisors and consider what options are available to him. Mr. Koh remains committed to the reconstitution of the Board by removing each of Elliott Jacobson, Grant Sawiak and Mark Korol as directors, and replacing them with independent nominees. This commitment has been heightened by the fact that approximately 50% of the issued and outstanding shares of the Company have already voted in support of the reconstitution of the Board (which represents over 99% of the votes cast by proxy), and therefore Mr. Koh believes he has an obligation to ensure that the will of the shareholders is implemented.
SOURCE Michael Koh
For further information: Michael Koh, [email protected], 8618600022263