Skychain Technologies Inc.: Update on Litigations
SkyChain Technologies Inc. (TSXV: SCT.H) provides an update on ongoing legal proceedings against former CEO Bill Zhang and associated individuals. The company has two active lawsuits: one in the Supreme Court of British Columbia and another in Manitoba, where the court has granted a charge against a defendant's property. Examinations for discovery are scheduled for November 2024. Management believes recent dissident shareholder actions may be attempts to prevent these discoveries and notes that the competing circular for the upcoming November 7 shareholder meeting is signed by a Zhang associate. The company intends to continue pursuing both litigations in shareholders' interest.
SkyChain Technologies Inc. (TSXV: SCT.H) fornisce un aggiornamento sui procedimenti legali in corso contro l'ex CEO Bill Zhang e le persone a lui associate. L'azienda ha due cause attive: una presso la Corte Suprema della Columbia Britannica e un'altra in Manitoba, dove il tribunale ha concesso un'ipoteca sulla proprietà di un convenuto. Le audizioni per l'esame sono programmate per novembre 2024. La direzione ritiene che le recenti azioni dei soci dissidenti possano essere tentativi per ostacolare queste scoperte e osserva che il circolare concorrente per l'imminente incontro degli azionisti del 7 novembre è firmato da un associato di Zhang. L'azienda intende continuare a perseguire entrambe le azioni legali nell'interesse degli azionisti.
SkyChain Technologies Inc. (TSXV: SCT.H) proporciona una actualización sobre los procedimientos legales en curso contra el ex CEO Bill Zhang y las personas asociadas. La empresa tiene dos demandas activas: una en la Corte Suprema de Columbia Británica y otra en Manitoba, donde el tribunal ha otorgado un gravamen sobre la propiedad de un acusado. Se han programado exámenes de descubrimiento para noviembre de 2024. La dirección cree que las recientes acciones de los accionistas disidentes pueden ser intentos de evitar estos descubrimientos y señala que el circular competitivo para la próxima reunión de accionistas del 7 de noviembre está firmado por un asociado de Zhang. La empresa tiene la intención de continuar persiguiendo ambas litigaciones en interés de los accionistas.
SkyChain Technologies Inc. (TSXV: SCT.H)는 전 CEO Bill Zhang과 관련된 개인들에 대한 진행 중인 법적 절차에 대한 업데이트를 제공합니다. 이 회사는 두 건의 활성 소송을 보유하고 있으며, 하나는 브리티시컬럼비아 주 대법원에, 다른 하나는 매니토바에 있습니다. 이 법원은 피고의 자산에 대한 압류를 허용했습니다. 발견을 위한 심문은 2024년 11월로 예정되어 있습니다. 경영진은 최근의 반대 주주 행동이 이러한 발견을 방지하기 위한 시도일 수 있다고 믿고 있으며, 다가오는 11월 7일 주주 회의를 위한 경쟁 순환문이 Zhang의 협력자에게 서명되었음을 주목합니다. 회사는 주주들의 이익을 위해 두 가지 소송 모두를 계속 추진할 계획입니다.
SkyChain Technologies Inc. (TSXV: SCT.H) fournit une mise à jour sur les procédures judiciaires en cours contre l'ancien PDG Bill Zhang et des personnes associées. La société a deux poursuites actives : une devant la Cour suprême de la Colombie-Britannique et une autre au Manitoba, où le tribunal a accordé un droit de charge sur la propriété d'un défendeur. Des examens de découverte sont prévus pour novembre 2024. La direction estime que les récentes actions des actionnaires dissidents pourraient être des tentatives pour empêcher ces découvertes et note que le circulaire concurrent pour la prochaine réunion des actionnaires du 7 novembre est signé par un associé de Zhang. La société a l'intention de continuer à poursuivre les deux litiges dans l'intérêt des actionnaires.
SkyChain Technologies Inc. (TSXV: SCT.H) gibt ein Update zu den laufenden Gerichtsverfahren gegen den ehemaligen CEO Bill Zhang und damit verbundene Personen. Das Unternehmen hat zwei aktive Klagen: eine vor dem Obersten Gerichtshof von British Columbia und eine weitere in Manitoba, wo das Gericht einen Belastungsvollstreckungsbefehl gegen das Eigentum eines Beklagten erlassen hat. Entdeckungsuntersuchungen sind für November 2024 angesetzt. Das Management glaubt, dass die jüngsten Aktionen von abweichenden Aktionären Versuche sein könnten, diese Entdeckungen zu verhindern, und bemerkt, dass das konkurrierende Rundschreiben für die bevorstehende Hauptversammlung am 7. November von einem MItarbeiter von Zhang unterzeichnet ist. Das Unternehmen hat die Absicht, beide Klagen im Interesse der Aktionäre weiter zu verfolgen.
- Court granted a charge against defendant's property in Manitoba litigation
- Company involved in multiple legal proceedings against former CEO
- Potential disruption from dissident shareholders' actions
- Risk of management distraction due to ongoing litigation
Vancouver, British Columbia--(Newsfile Corp. - October 23, 2024) - SkyChain Technologies Inc. (TSXV: SCT.H) (the "Company") provides an update on litigations involving Bill Zhang and individuals associated with him.
As disclosed in our financial statements and Management Discussion and Analysis since November, 2022, the litigations were commenced after Mr. Zhang ceased to be a director and CEO of the Company.
The first claim was filed in the Supreme Court of British Columbia against Bill Zhang, Mr. Zhang's spouse and others. This litigation concerns matters that were discovered after Mr. Zhang ceased to be a director and CEO of the Company.
The second claim was filed in Manitoba against Mr. Zhang and other individuals that Mr. Zhang is associated with. The Manitoba Court has granted a charge against a property owned by one of the defendants in the Manitoba litigation.
Examinations for discovery are scheduled to proceed in November, 2024 and the current actions of the dissident shareholders may be motivated by a desire to stop those discoveries from proceeding. In this respect, the dissident's Competing Information Circular for the annual and special shareholder meeting scheduled for November 7, 2024 is signed off by a long-time close associate of Mr. Zhang and the proposed nominees do not appear to have any requisite experience.
Management is of the view that the concerns about the conduct of Mr. Zhang while he was a director and CEO of the Company are in the interest of shareholders and intends to continue to pursue both pieces of litigation.
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/227637
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