Incumbent board still refusing to speak with shareholders outside their own board control
Toronto, ON, February 11, 2024 – Hummingbird Capital Inc., Chen Xi Liao, and Andrew Darbyson (collectively, the “Concerned Shareholders”), leading the charge to reshape CISCOM Corp’s (CSE: CISC) (OTCQB: CISCF) board, urgently call for disclosure and action from the company following the Annual General Meeting (AGM) on February 08, 2024.
The AGM, a pivotal event in the corporate calendar, is a crucial mechanism for shareholder engagement, allowing investors to voice concerns, vote on matters, and gain insights into the company's strategic direction. The absence of post-AGM communication not only undermines shareholder rights but also raises questions about the board's commitment to transparent and accountable governance.
Key Points from Concerned Shareholders to CISCOM: Transparency and Accountability
Demand for Immediate Release of AGM Results: The Concerned Shareholders strongly urge CISCOM's management to promptly release a comprehensive report detailing the AGM proceedings. They seek clarity on how substantial support from concerned shareholders influenced the voting and its implications for the company's future.
Detailed Attempts to Reject and Void Proxies: The Concerned Shareholders highlight attempts during the AGM to reject and void a significant quantity of proxies, including those led by Hummingbird Capital, resulting in a nearly three-hour delay.
Introduction of a New Slate of Directors: Concerned Shareholders propose a new slate of directors to replace the inexperienced individuals who consistently failed to represent shareholders' interests. The new slate brings superior experience in public markets, addressing critical gaps and leveraging the company's strengths.
Call for Legal Action Against Shareholder Suppression: The Concerned Shareholders are actively preparing to pursue legal remedies against the incumbent board, utilizing all available legal avenues. Tony Liao, a spokesperson for the Concerned Shareholders, emphasized, "As shareholders, we are entitled to transparency, accountability, and proper governance from our company. The delay in releasing the AGM results is unacceptable and raises serious concerns about the governance practices at CISCOM. Once again, we are forced to demand updates, as we did in forcing the calling of this AGM in the first place. It is imperative that the company addresses this issue immediately, providing the necessary information to its shareholders."
About Concerned Shareholders of CISCOM Corp: A group of investors securing over 40% support of the outstanding and issued shares of CISCOM Corp, united by a common goal to guide the company through its current challenges towards growth and success. Committed to ensuring that CISCOM Corp operates with integrity, transparency, and accountability, in the best interest of all its stakeholders.
This press release contains forward-looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of the Concerned Shareholders and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. The Concerned Shareholders do not assume any obligation to update any forward-looking statements contained in this press release, except as required by applicable law.
For further information, please contact:
HummingBird Capital Inc.
Gilles Trahan
President & CEO
Phone: 416-247-2808
Chen Xi (Tony) Liao
Phone : 647-874-8088
E-mail : chenxiliao@rogers.com
$CISC
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