TORONTO, Aug. 30, 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 formally requisitioned the ECT board of directors
(the "Board") to call a special meeting of shareholders (the
"Meeting") for the purpose of reconstituting 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 (collectively, the "Shareholder
Nominees"). Mr. Koh owns 68,186,690 common shares of ECT, which
represents approximately 42.3% of the outstanding common shares.
Mr. Koh has requested that the Board hold the Meeting by no later
than December 16, 2016.
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.
The independent nominees put forward by Mr. Koh have the
leadership skills and background necessary to enable the Company to
enhance shareholder value. A brief biography for each of the
Shareholder Nominees is set out below:
- Kean Li Wong – Mr.
Wong is the founder and Chief Executive Officer of Hello Pal
International, Inc. (CSE:HP), a technology company listed on the
Canadian Securities Exchange ("CSE"). He is also the Founder
and CEO of BrillKids Inc., a technology based company that develops
teaching tools for toddlers. Mr. Wong has also served in a number
of senior management positions at China.com Corporation
(1999-2001), Hongkong.com (1999-2001) and China Renji Medical Group
Limited (formerly, Softbank Investment International Strategic
Ltd.) (2001-2007). Mr. Wong has extensive experience in structuring
investment transactions to achieve strong returns and shareholder
protection. Mr. Wong graduated with a law degree from Cambridge University and started his career as a
lawyer with the international law firm Clifford Chance in the UK
and Hong Kong (1995-1999), where
he specialized in China law as
well as corporate and internet/technology matters.
- Long Trinh – Mr.
Trinh sits on the board of directors of the Canada China Business
Council's Beijing Chapter and has been a member of the board of
directors of Eldorado Gold (Beijing) Management Company Ltd. since 2013.
He also currently serves as the General Manager of Business
Administration for Eldorado Gold Corporation, China Operations
since March 2013 and prior to that as
the Operations Controller from 2010 and Finance Controller, Qinghai
Mine from 2009. Prior to this, Mr. Trinh was the Assistant
Controller for Sherritt International Corp at the Moa Nickel S.A.
mine where he was based in Cuba
between 2007 and 2009 and the Manager of Financial Reporting from
2006 to 2007. He graduated with a commerce degree from the
University of Victoria and started his
career as an accountant at Grant Thornton LLP conducting audits of
public companies. Mr. Trinh holds both CPA and CA designations from
the Chartered Professional Accountants of Alberta and the Alberta Institute of Chartered
Accountants.
- Ian Mallmann – Mr.
Mallmann has been the principal of Chagford Square Capital Inc., a
corporate finance and real estate advisory firm, since October 2003. He was Chairman and Chief Executive
Officer of Del Cano Properties Trust (a reporting issuer in
British Columbia, Ontario and the Yukon) from June
1998 to May 2003. Mr. Mallmann
was appointed by Del Cano's unit
holders to turnaround the financially distressed REIT which had a
large portfolio of real estate properties in the United States. Under Mr. Mallmann's
leadership, Del Cano replaced senior
officers, engaged a new auditor, created risk management and audit
committees, resumed regular financial reporting and sold its
portfolio of properties for a substantial gain. From November 2004 to January
2009, Mr. Mallmann was a senior officer of 20/20 Group Inc.,
a privately held real estate investment and development company.
From April 2009 to March 2010, he was a director of CY Oriental
Holdings Ltd., which had difficulties in organizing its financial
affairs and reporting obligations. In March
2010, Mr. Mallmann was appointed as Chief Financial Officer
of CY Oriental to assist with remedying the financial affairs and
served in that capacity until May, 2011. He served as a director of
I.E.M.R. Resources Inc., a junior mining company listed on the
TSX‐V from December 2010 to
October 2012. Mr. Mallmann also
served as a director of Symax Lift (Holding) Co., Ltd. (TSXV: SYL),
a manufacturer of elevators in China from December, 2009 to April, 2016.
Since October 2011, he has been a
director of ASB Capital Inc., a capital pool company currently
listed on the NEX. From April 2012 to
August 2016, Mr. Mallmann was a
director of Canada Renewable Bioenergy Corporation, a bio-fuels
company with operations in China
and Canada, which was listed on
the CSE. In September, 2015, Mr. Mallmann was appointed as a
director of Crownia Holdings Ltd. (TSX-V: CNH), a specialty steel
trading company based in China.
Mr. Mallmann holds a Masters of Business Administration, a Juris
Doctor and a Bachelor of Arts from the University of British Columbia.
Mr. Koh has engaged McMillan LLP as his legal advisor.
In order to give effect to his intention to reconstitute the
Board, Mr. Koh intends to solicit proxies in respect of the Meeting
and may take any and all such other steps that are advisable in
order to give effect to his intention. Mr. Koh may acquire or
dispose of securities of the Company, through the market, privately
or otherwise, as circumstances or market conditions may warrant.
This press release is issued pursuant to National Instrument 62-103
- The Early Warning System and Related Take-Over Bid and Insider
Reporting Issues, which requires a report to be filed on SEDAR
(www.sedar.com) containing additional information with respect to
the foregoing matters. For additional information, or for a copy of
the early warning report filed in respect of the above matter,
please contact Mr. Koh.
SOURCE Michael Koh