TORONTO, Aug. 30, 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 formally requisitioned the ECT board of directors (the "Board") to call a special meeting of shareholders (the "Meeting") for the purpose of reconstituting 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 (collectively, the "Shareholder Nominees"). Mr. Koh owns 68,186,690 common shares of ECT, which represents approximately 42.3% of the outstanding common shares. Mr. Koh has requested that the Board hold the Meeting by no later than December 16, 2016.
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.
The independent nominees put forward by Mr. Koh have the leadership skills and background necessary to enable the Company to enhance shareholder value. A brief biography for each of the Shareholder Nominees is set out below:
- Kean Li Wong – Mr. Wong is the founder and Chief Executive Officer of Hello Pal International, Inc. (CSE:HP), a technology company listed on the Canadian Securities Exchange ("CSE"). He is also the Founder and CEO of BrillKids Inc., a technology based company that develops teaching tools for toddlers. Mr. Wong has also served in a number of senior management positions at China.com Corporation (1999-2001), Hongkong.com (1999-2001) and China Renji Medical Group Limited (formerly, Softbank Investment International Strategic Ltd.) (2001-2007). Mr. Wong has extensive experience in structuring investment transactions to achieve strong returns and shareholder protection. Mr. Wong graduated with a law degree from Cambridge University and started his career as a lawyer with the international law firm Clifford Chance in the UK and Hong Kong (1995-1999), where he specialized in China law as well as corporate and internet/technology matters.
- Long Trinh – Mr. Trinh sits on the board of directors of the Canada China Business Council's Beijing Chapter and has been a member of the board of directors of Eldorado Gold (Beijing) Management Company Ltd. since 2013. He also currently serves as the General Manager of Business Administration for Eldorado Gold Corporation, China Operations since March 2013 and prior to that as the Operations Controller from 2010 and Finance Controller, Qinghai Mine from 2009. Prior to this, Mr. Trinh was the Assistant Controller for Sherritt International Corp at the Moa Nickel S.A. mine where he was based in Cuba between 2007 and 2009 and the Manager of Financial Reporting from 2006 to 2007. He graduated with a commerce degree from the University of Victoria and started his career as an accountant at Grant Thornton LLP conducting audits of public companies. Mr. Trinh holds both CPA and CA designations from the Chartered Professional Accountants of Alberta and the Alberta Institute of Chartered Accountants.
- Ian Mallmann – Mr. Mallmann has been the principal of Chagford Square Capital Inc., a corporate finance and real estate advisory firm, since October 2003. He was Chairman and Chief Executive Officer of Del Cano Properties Trust (a reporting issuer in British Columbia, Ontario and the Yukon) from June 1998 to May 2003. Mr. Mallmann was appointed by Del Cano's unit holders to turnaround the financially distressed REIT which had a large portfolio of real estate properties in the United States. Under Mr. Mallmann's leadership, Del Cano replaced senior officers, engaged a new auditor, created risk management and audit committees, resumed regular financial reporting and sold its portfolio of properties for a substantial gain. From November 2004 to January 2009, Mr. Mallmann was a senior officer of 20/20 Group Inc., a privately held real estate investment and development company. From April 2009 to March 2010, he was a director of CY Oriental Holdings Ltd., which had difficulties in organizing its financial affairs and reporting obligations. In March 2010, Mr. Mallmann was appointed as Chief Financial Officer of CY Oriental to assist with remedying the financial affairs and served in that capacity until May, 2011. He served as a director of I.E.M.R. Resources Inc., a junior mining company listed on the TSX‐V from December 2010 to October 2012. Mr. Mallmann also served as a director of Symax Lift (Holding) Co., Ltd. (TSXV: SYL), a manufacturer of elevators in China from December, 2009 to April, 2016. Since October 2011, he has been a director of ASB Capital Inc., a capital pool company currently listed on the NEX. From April 2012 to August 2016, Mr. Mallmann was a director of Canada Renewable Bioenergy Corporation, a bio-fuels company with operations in China and Canada, which was listed on the CSE. In September, 2015, Mr. Mallmann was appointed as a director of Crownia Holdings Ltd. (TSX-V: CNH), a specialty steel trading company based in China. Mr. Mallmann holds a Masters of Business Administration, a Juris Doctor and a Bachelor of Arts from the University of British Columbia.
Mr. Koh has engaged McMillan LLP as his legal advisor.
In order to give effect to his intention to reconstitute the Board, Mr. Koh intends to solicit proxies in respect of the Meeting and may take any and all such other steps that are advisable in order to give effect to his intention. Mr. Koh may acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions may warrant. This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. For additional information, or for a copy of the early warning report filed in respect of the above matter, please contact Mr. Koh.
SOURCE Michael Koh
For further information: Michael Koh, [email protected], 8618600022263