In Light of Shareholders’ Overwhelming Rejection of 42% Shareholder Michael Koh’s Proposal to Replace Canadian Directors at July 7, 2017 Proxy Fight, Ellipsiz Announces that Grant Sawiak has Resigned to Pursue Offers Made by Other Companies to Assist Them in Special Situations.
Calvin Hseih, the CEO of Taiwanese Operating Subsidiary and Rhoda Liu, a CPA Based in Hong Kong will be Nominated to Replace Hans Chang and Grant Sawiak on the Canadian Public Company Board
Toronto, Ontario (FSCwire) - Ellipsiz Communications Ltd. (“Ellipsiz” or the “Company) (TSXV:ECT) today announced that as a result of the overwhelming rejection of 42% shareholder Koh Tat (Michael) Lee’s proposal to remove the 3 Canadian directors from its board, Grant Sawiak has received offers from other companies to assist them in special situations.
“Grant has informed the board that he has accepted one such offer and is considering others and given that the Company is now stable he wishes to spend his time pursuing these other opportunities and to be able to do so properly, he has resigned his board position effective as at the close of business today,” said Elliott Jacobson, one of the 3 Canadian directors that Mr. Koh had sought to replace. “I and the rest of the team in Canada and Taiwan enjoyed working with Grant and we thank him for working with all of us and using creative efforts to allow peace and stability to be brought back to the Company in order to allow it to carry on business in the regular course without serious distraction”.
Mr. Jacobson went on to say that he is delighted to announce that Calvin Hsieh, the CEO of the Company’s Taiwan operating subsidiary and Rhoda Liu, an experienced CPA with designations in both Canada and Hong Kong, will be nominated to replace Hans Chang and Grant Sawiak on the board of the Canadian company at the next meeting of the board of directors to be held this week.
“With the addition of Calvin to the Canadian company’s board, we will have a director who is not only bilingual (Mandarin and English) and can communicate directly with investors, shareholders , current business partners and potential customers in North America, the Orient as well as Europe and the Middle East where initiatives are underway to either deepen exiting vibrant relationships or establish new ones. He also provides a direct link between the boards of the operating subsidiary in Taiwan and the Canadian public company. Ms. Liu has practiced as a public accountant for over 20 years in both Hong Kong and Canada, is a graduate of Western and McMaster Universities and has acted as an independent director on public companies in Hong Kong and Singapore. “She brings us her wide technical and governance experience in both Canada and the Far East. We are fortunate that she will join us,” added Jacobson.
Ms. Liu’s appointment is subject to acceptance by the TSX Venture Exchange.
For more information contact:
T: (416) 276.1711.