Skychain Comments on Dissident Confusion
SkyChain Technologies (TSXV: SCT.H) warns shareholders about a dissident group's attempt to gain control through yellow proxies and a dissident circular dated October 10, 2024. The company reveals that dissident group principal Jialiang Zhou is connected to former CEO Ningtao Zhang, who is currently being sued by the company. Under Zhang's management until December 2021, the company accumulated a $6 million working capital deficit and recorded a $6.6 million annual loss in Q3 2022. The company urges shareholders to use management's white proxies, even if they previously voted with yellow proxies.
SkyChain Technologies (TSXV: SCT.H) mette in guardia gli azionisti riguardo a un tentativo da parte di un gruppo dissidente di prendere il controllo tramite proxy gialli e un circolare dissidente datata 10 ottobre 2024. L'azienda rivela che il principale del gruppo dissidente, Jialiang Zhou, è collegato all'ex CEO Ningtao Zhang, attualmente in causa con l'azienda. Sotto la gestione di Zhang fino a dicembre 2021, l'azienda ha accumulato un deficit di capitale circolante di 6 milioni di dollari e ha registrato una perdita annuale di 6,6 milioni di dollari nel terzo trimestre del 2022. L'azienda esorta gli azionisti a utilizzare i proxy bianchi della direzione, anche se in precedenza hanno votato con i proxy gialli.
SkyChain Technologies (TSXV: SCT.H) advierte a los accionistas sobre un intento de un grupo disidente por tomar el control a través de proxies amarillos y un comunicado disidente fechado el 10 de octubre de 2024. La empresa revela que el principal del grupo disidente, Jialiang Zhou, está relacionado con el ex CEO Ningtao Zhang, quien actualmente está siendo demandado por la empresa. Bajo la gestión de Zhang hasta diciembre de 2021, la empresa acumuló un déficit de capital de trabajo de 6 millones de dólares y registró una pérdida anual de 6,6 millones de dólares en el tercer trimestre de 2022. La empresa insta a los accionistas a utilizar los proxies blancos de la dirección, incluso si votaron previamente con proxies amarillos.
SkyChain Technologies (TSXV: SCT.H)는 주주들에게 노란색 프록시를 통해 통제권을 장악하려는 반대 그룹의 시도 및 2024년 10월 10일자 반대 서신에 대해 경고합니다. 회사는 반대 그룹의 주요 인물인 Jialiang Zhou가 현재 회사를 상대로 소송 중인 전 CEO Ningtao Zhang와 연결되어 있다고 밝힙니다. Zhang의 관리하에 2021년 12월까지 회사는 600만 달러의 운영자본 적자를 누적하였고, 2022년 3분기에 660만 달러의 연간 손실을 기록했습니다. 회사는 주주들에게 노란색 프록시로 투표한 경험이 있더라도 경영진의 흰색 프록시를 사용하라고 촉구합니다.
SkyChain Technologies (TSXV: SCT.H) avertit les actionnaires d'une tentative d'un groupe dissident de prendre le contrôle via des procurations jaunes et un circulaire dissident daté du 10 octobre 2024. La société révèle que le principal du groupe dissident, Jialiang Zhou, est lié à l'ancien PDG Ningtao Zhang, qui est actuellement poursuivi par la société. Sous la direction de Zhang jusqu'en décembre 2021, la société a accumulé un déficit de capital de travail de 6 millions de dollars et a enregistré une perte annuelle de 6,6 millions de dollars au troisième trimestre 2022. La société exhorte les actionnaires à utiliser les procurations blanches de la direction, même s'ils ont précédemment voté avec des procurations jaunes.
SkyChain Technologies (TSXV: SCT.H) warnt die Aktionäre vor dem Versuch einer abtrünnigen Gruppe, die Kontrolle über gelbe Proxys und ein abtrünniges Rundschreiben vom 10. Oktober 2024 zu übernehmen. Das Unternehmen gibt bekannt, dass der Leiter der abtrünnigen Gruppe, Jialiang Zhou, mit dem ehemaligen CEO Ningtao Zhang verbunden ist, der aktuell von der Firma verklagt wird. Unter Zhangs Leitung bis Dezember 2021 hat das Unternehmen ein Defizit im Betriebskapital von 6 Millionen Dollar angehäuft und im dritten Quartal 2022 einen Jahresverlust von 6,6 Millionen Dollar verzeichnet. Das Unternehmen fordert die Aktionäre auf, die weißen Proxys des Managements zu nutzen, selbst wenn sie zuvor mit den gelben Proxys abgestimmt haben.
- None.
- Company facing internal control dispute with dissident shareholders
- $6 million working capital deficit from previous management
- $6.6 million annual loss recorded in Q3 2022
- Failed Birtle project resulting in millions in losses
- Ongoing lawsuits against former management
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) - SkyChain Technologies Inc. (TSXV: SCT.H) (the "Company") repeats its prior news release that the dissident group's prior efforts to confuse shareholders will not be effective and that the yellow proxies and dissident proxy circular dated October 10, 2024 (the "Dissident Circular") are meritless because they have failed to comply with applicable legal requirements.
Shareholders are encouraged to exercise their rights to vote by submitting the management proxies (the white proxies) sent out by the Company. Even if a shareholder has previously voted on the invalid yellow proxies, they can still vote and submit the management proxies (the white proxies) sent out by the Company.
Amongst other things, the dissident group failed to disclose that its principal, Jialiang (Mark) Zhou, is a long-time business associate of Ningtao (Bill) Zhang, who is the former CEO and a former director of the Company and whom the Company is currently suing in relation to his conduct while a director and CEO of the Company (the "Bill Zhang Lawsuits"). It appears that Mr. Zhou and 1154557 B.C. Ltd. ("115") are working jointly and in concert with 1111 Limited, who previously nominated the same slate of candidates in its own earlier failed attempt to convene a shareholders meeting. 115 has failed to disclose the arrangement among itself and other parties, including but not limited to 1111 Limited.
The operational difficulties referred to in the Dissident Circular are the direct results of mismanagement by Mr. Zhang and his associates, which are the subject matter of the Bill Zhang Lawsuits. When the current management replaced Bill Zhang's control of the operations at the end of December 2021, Mr. Zhang and his team had left the Company with a working capital deficit of almost
Mr. Zhou is a shareholder or former shareholder of one of the defendants in the Bill Zhang Lawsuits. The slate of candidates nominated in the Dissident Circular is composed primarily of past and current employees or consultants of the Company under Mr. Zhang's mismanagement, as well as his close friends and business associates. They include members of Mr. Zhang's technical team responsible for the disastrous failure of the Company's Birtle project, causing losses to the Company in the millions of dollars. The Dissident Circular failed to inform the shareholders as to whether their candidates intend to continue to pursue the Bill Zhang Lawsuits or surrender the Company's claims against Mr. Zhang and his associates. The Company believes that had the candidates nominated by the dissident group been elected, such individuals would have discontinued the Company's effort to hold the defendants in the Bill Zhang Lawsuits accountable in the interest of the Company's shareholders.
About Skychain Technologies Inc.
Skychain Technologies Inc. is a Vancouver based company providing crypto/data centre and NFT and valued added services. To learn more, visit skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Don Gordon, President and CEO
____________________________________________
Contact: 604-617-7221
info@skychaintechnologiesinc.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfill such forward-looking statements and the Company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228427
FAQ
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