- Mr. Koh has applied to Court to prevent director
entrenchment
TORONTO, Oct. 28, 2016 /CNW/ - Mr. Tat Lee (Michael) Koh, the single largest
shareholder and a director of Ellipsiz Communications Ltd.(the
("ECT" or the "Company") (TSXV: ECT), announced today
that he is in the process of mailing a BLUE proxy
and a proxy circular in connection with the special meeting of
shareholders (the "Meeting") which will be held at
4:00 pm (Toronto time) on November 28, 2016 at
Suite 4400, Brookfield Place, 181
Bay Street, Toronto, Ontario,
Canada. The purpose of the Meeting is to reconstitute the
Board of ECT 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. The record date for the Meeting
is October 24, 2016. Copies of the BLUE proxy
and proxy circular will also be available later today under
ECT's profile at www.sedar.com.
Notwithstanding the Company's press releases of
October 11, 2016 and October 4, 2016, Mr. Koh has obtained the
necessary shareholder information to proceed with the Meeting.
Furthermore, in order to ensure that a majority of the current
Board does not continue to act in defiance of the will of
shareholders, Mr. Koh has applied to the Ontario Superior Court of
Justice for, among other things, a declaration confirming the
validity of the Meeting.
Mr. Koh intends to take all reasonable steps to ensure that the
will of the shareholders is upheld.
SOURCE Michael Koh