Todd Bonner responds to false and misleading press releases from Axion Ventures Inc.

BANGKOK, Jan. 20, 2021 /CNW/ - Todd Bonner issues this press release to respond to the two press releases issued by Axion Ventures Inc. (Axion), on January 14 and 15, 2021.

First, contrary to Axion's January 15, 2021, Axion has not appointed Mana Prapakamol to Axion's board, nor has Axion changed the composition of its audit and other committees as described in the release. Despite Mr. Bonner's repeated attempts to convene a board meeting, Axion has not held a board meeting since July 14, 2020, and Axion's board has passed no written resolutions during that time. The purported appointment of Mr. Prapakamol to Axion's board is a nullity.

Axion's shareholders should have grave concerns about the fact that certain Axion board members have attempted to unilaterally change the composition of Axion's audit committee without calling a board meeting. Such conduct is not permitted under Axion's articles of incorporation or under BC corporate law.

Second, Mr. Bonner is aware of the contents of the lawsuit described in Axion's January 14, 2021 press release and disputes them vigorously. Axion's purported claim against him and the other defendants is rife with false statements and is an unfortunate attempt to damage Mr. Bonner's reputation in order to gain leverage over Mr. Bonner in the context of the ongoing dispute between Mr. Bonner and certain of Axion's other directors.

Mr. Bonner takes specific exception to the allegation that he or his affiliates in any way misappropriated in-game advertising technology from Axion, which is patently false and contrary to Axion's own public disclosure. Axion and its principals are fully aware that any such allegation is false, but have chosen to make these allegations in a misguided attempt to claim property rights Axion does not have and further damage Mr. Bonner's reputation.

As Axion's shareholders are no doubt aware, Axion's last annual general meeting was held December 30, 2019. Axion did not hold an AGM in 2020 as required by the British Columbia Business Corporations Act, and has announced no plans for holding an AGM to date. On December 28, 2020, Mr. Bonner asked Axion to commit to holding an AGM by no later than March 31, 2021. The company refused. Mr. Bonner intends to use all available recourse to cause the company to comply with its statutory obligation to hold an AGM in a timely manner so that the conflict between Axion's directors may be resolved by Axion's shareholders and the company can stop diverting its scarce resources to funding spurious litigation and focus on its core business.

SOURCE Todd Bonner