Glance Technologies Co-Founder Penny Green Comments on Results of Annual General Meeting; Vows to Keep Board on “Short Leas...
13 6월 2018 - 10:17PM
Business Wire
Ms. Penny Green, Co-founder, Director, and largest shareholder
of Glance Technologies Inc. (“Glance” or the “Company”)
(CSE:GET.CN) (CSE:GET.WT) (OTCQB:GLNNF)
(FKT:GJT), thanks the significant number of shareholders
that supported her and her director nominees, at the Company’s
Annual General Meeting (the “Meeting”) of shareholders held
yesterday in Vancouver.
At the Meeting, Ms. Green’s slate earned the support of over 45%
of the votes cast excluding those of CEO Desmond Griffin and the
entrenched directors, representing a substantial number of
shareholders who desired a refreshed board with new ideas at the
Company and supported Ms. Green’s suggestion that Glance distribute
its shares in The Yield Growth Corp. (“Yield”) to Glance
shareholders.
Ms. Green said: “I would like to thank the many shareholders
that supported our campaign for change at Glance. Over the past
weeks, I have spoken to many shareholders who are openly frustrated
by the Company’s depreciated share price and lack of a credible
plan to build value. They want to see Glance evolve from a mobile
payments company to a global leader in the blockchain and
cryptocurrency space. This is a shareholder constituency the
Company cannot ignore anymore. The message sent by these
shareholders is clear: Status quo is not an option and this board
needs to up its game.
“My fear is that despite the message sent yesterday, the board
still doesn’t get it. Disappointingly, instead of listening to
shareholders and talking about value-building options for Glance,
the board has spent the last few weeks letting good governance
practices fall by the wayside, being fiscally irresponsible in
their attempts to keep their seats, and conducting a campaign of
personal attacks against my nominees - respected global leaders in
the fintech, blockchain and finance industries.
“My hope is that, following the shareholder dissatisfaction
expressed at the Meeting, the board will heed the advice of
concerned shareholders and realize that the opportunities before
the Company are too significant to trust to unqualified leadership.
As Glance’s co-founder and largest shareholder, I can assure you
that I will be watching the board and management very closely and,
on behalf of all those shareholders who supported me, will keep
them on a short leash.”
A LOOK TOWARDS THE FUTURE
Ms. Green is encouraging the board to take immediate steps to
build value for shareholders.
Specifically, she’s asking the board to consider her proposal to
distribute all of Glance’s 20,900,000 shares in The Yield Growth
Corp. – a partially owned subsidiary of Glance – directly to Glance
shareholders as dividends on a return of capital basis. If the
proposal is fully-implemented, each shareholder will receive
approximately 1 share of Yield for every 6.5 shares owned of Glance
Technologies.
Launched in mid-2017, Yield is fast-growing company in the
burgeoning cannabis space with over $6 million in assets,
international expansion plans, and booked revenues of $1.8 million
in the quarter ended February 28, 2018.
Ms. Green is also requesting that the board implement a strategy
to capitalize on the huge opportunities in the cryptocurrency
space. As Rostin Behnam, Commissioner of the United States Futures
Trading Commission, said last week,
“…virtual currencies may – will – become part
of the economic practices of any country, anywhere. Let me repeat
that: these currencies are not going away and they will proliferate
to every economy and every part of the planet. Some places, small
economies, may become dependent on virtual assets for survival.
And, these currencies will be outside traditional monetary
intermediaries, like governments, banks, investors, ministries, or
international organizations. We are witnessing a revolution.
Perhaps witnessing a modern miracle.”
“It’s an exciting time to be involved in the capital markets
during this time of technological and wellness innovation where
there is so much opportunity to build new companies that could
significantly disrupt the way we live and do business. These
disruptive businesses can provide huge gains to shareholders who
are willing to invest in innovation,” Ms. Green said.
Forward-Looking Statements
Certain statements contained in this news release constitute
"forward-looking information" as such term is defined in applicable
Canadian securities legislation. The intentions of Penny Green
(“Concerned Shareholder”), the impact of the Concerned
Shareholder's Nominees, if elected, on the financial condition,
operations, business and strategies of the Company, future
management and other matters related to the Company, subdividing
Yield shares and their distribution to Glance shareholders, are all
forward-looking information. All statements other than statements
of historical fact may be forward-looking information. Such
statements reflect the Concerned Shareholder's current views and
intentions with respect to future events and are subject to certain
risks, uncertainties and assumptions. Material factors or
assumptions that were applied in providing forward-looking
information, include, but are not limited to, the actual financial
health of the Company, the support expressed by shareholders to the
Concerned Shareholder and the current general regulatory
environment and economic conditions, the proposed subdivision of
Yield shares and their distribution to Glance shareholders, are all
forward-looking information. Many factors could cause the actual
results, performance or achievements that may be expressed or
implied by such forward-looking information to vary from those
described herein should one or more of these risks or uncertainties
materialize. Should any factor affect the Company in an unexpected
manner, or should assumptions underlying the forward-looking
information prove incorrect, the actual results or events may
differ materially from the results or events anticipated. Any such
forward-looking information is expressly qualified in its entirety
by this cautionary statement. Moreover, the Concerned Shareholder
does not assume responsibility for the accuracy or completeness of
such forward-looking information. The forward-looking information
included in this news release is made as of the date of this news
release and the Concerned Shareholder undertakes no obligation to
publicly update or revise any forward-looking information, other
than as required by applicable law.
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