TORONTO, Sept. 29, 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 called a special meeting of shareholders (the
"Meeting"), pursuant to section 105(4) of the
Ontario Business Corporations Act
("OBCA"), so shareholders can have the opportunity to
vote to reconstitute the board of directors of ECT (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. For additional information
regarding these nominees, please see Mr. Koh's August 30, 2016 press release. Mr. Koh owns
68,186,690 common shares of ECT, which represents approximately
42.3% of the outstanding common shares.
A majority of the current Board has failed to call the Meeting
that was requisitioned by Mr. Koh. Mr. Koh's requisition was
improperly rejected by a majority of the current directors of the
Company that are acting in their own self-interest and contrary to
the OBCA and their respective duties as directors. As a
result, Mr. Koh has called the Meeting to ensure that the Company's
shareholders are given an opportunity to decide on the future
direction of ECT. 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. Mr. Koh
has significant disagreements with a majority of the current
directors regarding the operation of the business of the Company
and a strategic acquisition under consideration by the Company.
The Meeting will be held at 4:00
pm (Toronto time)
on November 28, 2016, and the record date for the Meeting
is October 24, 2016. CST Trust
Company will be appointed by Mr. Koh to provide services in
connection with the calling and holding of the Meeting and Mr. Koh
will appoint CST as the scrutineer for the Meeting. The location of
the Meeting will be suite 4400, Brookfield
Place, 181 Bay Street, Toronto,
Ontario, Canada. A circular providing further details will
be mailed to shareholders in due course.
SOURCE Michael Koh
