Vote Your WHITE and YELLOW Proxies by 2:00 p.m. on October 20, 2017
- visit www.ourpayfirma.com -
VANCOUVER, Oct. 20, 2017 /CNW/ - Messrs. Lance Tracey, Marc Levy and Roger Hardy (the "Independent Directors"), independent directors of Payfirma Corporation ("Payfirma" or the "Company"), announce that John Rante, and his affiliated entities were paid over $1,200,000 by Payfirma since 2014, in respect of commissions and fees. John Rante joins Michael Gokturk, who is paid as CEO, and Ryan Holmes, who is paid an advisory fee, as the "Paid Directors" of Payfirma, who have personal interests in the Company that the Independent Directors believe have impacted their ability to make independent judgements about what is in the best interests of the Company. Michael Gokturk, for example, likes to portray his salary reduction to $1 as an act of benevolence and sacrifice during "tough times", rather than the true story that the board of directors lost confidence in his ability to manage Payfirma and asked him to forego his salary. The Independent Directors are the only truly independent directors of Payfirma, who have been paid $0 during their tenure.
We Are Invested in the Future of Payfirma
Further, Michael and Ryan Holmes have invested no actual cash into Payfirma. The Independent Directors, on the other hand, have invested more than $3.5 million into Payfirma and own 14.2% of the issued shares. The interests of the Independent Directors are aligned with other shareholders who have made actual investments into the Company with the expectation that their investment will be managed in the Company's best interests for its shareholders, which Michael failed to do.
Why Would We Obstruct a Remarkable Deal?
Do not be persuaded by Michael's story-telling. Shareholders should question whether, if Michael had indeed struck such a remarkable deal in the form of his "Liquidity Pathway Transaction", would the Independent Directors, as shareholders, not also be interested in pursuing it? Why would the Independent Directors, who have completed more than $1.5 billion in successful divestitures in the past 5 years, wish to "seize" control of Payfirma and create "obstructions" to a shareholder value enhancing transaction? Why would the Independent Directors not wish for other shareholders to know the terms of the transaction and have an opportunity to vote on it?
The Transaction is a Myth
The fact is that there is no transaction. This is why Michael has never disclosed any of its actual terms. The Independent Directors wish to protect their investment, as well as that of other shareholders, from bad deals that are designed to only benefit some shareholders who are on both sides of the transaction, and the Paid Directors who have other financial interests in Payfirma.
Payfirma Management is Behind Us
To further give credence to the truthfulness of the Independent Directors' position, they have been informed that management of Payfirma supports the Independent Directors for the purposes of the upcoming special meeting of shareholders.
The Independent Directors recommend that shareholders protect their investment in Payfirma and vote their WHITE and YELLOW proxies today. A vote for the WHITE and YELLOW proxies is a vote to invest alongside the Independent Directors with a long track record of successful divestiture transactions and with no hidden agenda.
VOTE YOUR WHITE AND YELLOW PROXY TODAY. The deadline to vote is 2:00 p.m. (PDT) on Friday, October 20, 2017.
Questions or requests for assistance with voting may be directed to the Proxy Solicitor for the Independent Directors:
Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184 | Collect Calls Outside North America: 416-304-0211 Email:[email protected]
SOURCE Payfirma Independent Directors