AnalytixInsight Corporate Update
13 April 2024 - 7:59AM
AnalytixInsight Inc. (“
AnalytixInsight”, or the
“
Company”) (TSX-V: ALY) updates the market that
recent disclosures of the Company have not been authorized by the
Board of Directors of the Company (the “
Board”).
This press release was unanimously approved by a majority of the
Board at a duly called and conducted meeting of the Board. As
further described below, such Board meeting was attended by three
of five directors, constituting a quorum of the Board.
The Board has given express directions in an
effort to prevent further unauthorized communications from being
made. The Board would also like to reassure stakeholders that the
Company is committed to pursuing the interests of all stakeholders
and that the performance of the Company is the Board’s clearly
identified focus at this time. To this end, the Board has,
effective April 11, 2024, taken the following interim actions:
- The Board has
ratified and confirmed the appointment of Chaith Kondragunta as
Chair of the Board.
- The Secretary of
the Company, Aaron Atin, is no longer employed by the Company,
effective immediately.
- The Interim
President and Chief Executive Officer of the Company, Natalie
Hirsch, has been placed on paid administrative leave, effective
immediately, with such leave to continue for the duration of a
Board-led investigation into recent management issues.
- Special
independent counsel to the Board has been appointed to assist the
Board in addressing current governance issues and regularizing the
affairs of the Company in the interests of all stakeholders.
- Two Board
Committees have been mandated to investigate the management and
governance issues alleged or identified through recent activities
at the Company. In order to ensure that any potentially conflicted
directors are excluded from specific investigations, the first
committee consists of Chaith Kondragunta, Jith Veeravalli and
Prakash Hariharan, while the second committee consists of Chaith
Kondragunta and Jith Veeravalli.
The Board is not aware of any of other
undisclosed material information. The Company will update
stakeholders as appropriate.
As stated above, this press release was
unanimously approved by the majority of the Board at a duly called
and conducted meeting of the Board attended by three of five
directors, constituting a quorum of the Board. The directors in
attendance, who approved this release, were Chaith Kondragunta,
Jith Veeravalli and Prakash Hariharan. The same directors
unanimously approved the actions described above under items 1-5.
Pursuant to Board policy, disclosure approval is the responsibility
of the Board, not management.
The Board consists of the following directors
Chaith Kondragunta (Chair of Board), Jith Veeravalli (Independent),
Prakash Hariharan (Non-Independent), Vincent Kadar (Independent)
and Scott Gardner (Independent). The Audit Committee continues to
consist of Chaith Kondragunta (Chair of Board), Jith Veeravalli
(Independent), and Vincent Kadar (Independent). Determinations of
independence are made from time to time by the Board pursuant to
National Instrument 52-110 – Audit Committees.
The Board confirms, to its knowledge, the
Company is in compliance with the management, Board and Audit
Committee requirements of TSX-V Policy 3.1. While the Board has
taken clear steps to try to ensure proper disclosure policies are
implemented during this period of transition, the first Special
Committee anticipates investigating, among other things, whether
press releases purported to have been authorized by management and
the two minority directors since April 5, 2024, have breached
Section 9.3 of TSX-V Policy 3.1. Subject to the findings of that
investigation, reports to regulatory authorities may become
necessary.
Management of the Company currently consists of
Chaith Kondragunta (Chair of the Board and Secretary) and Jonathan
Dwek (Chief Financial Officer), together with Natalie Hirsch
(Interim President and Chief Executive Officer) who, as described
above, has been placed on paid administrative
leave.
The news release is available under the
Company’s SEDAR+ profile at www.sedarplus.ca.
Contact Information:
Name: Chaith KondraguntaTitle: Chair of the BoardEmail:
chaith_k@yahoo.comTel: 647-955-2933
About AnalytixInsight Inc.
AnalytixInsight is a data analytics and
enterprise software solutions provider. AnalytixInsight develops
and markets cloud-based platforms providing financial content,
company analysis and stock research solutions to the financial
services industry. AnalytixInsight holds a 49% interest in
MarketWall S.R.L., a developer of fintech solutions for financial
institutions in Italy.
Regulatory Statements
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE
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