Glance Technologies’ Co-founder Penny Green Launches Website to Engage Shareholders

  • Change in Glance’s Board of Directors is needed on an urgent basis to improve the company’s performance
  • Board of Directors’ decision to delay inevitable change until June 12, 2018 demonstrates they are more concerned about their seats than repairing damage done to shareholders
  • New website outlines Ms. Green’s plan to take Glance global

VANCOUVER, , British Columbia--()--Penny Green, Co-founder, Director, and largest shareholder of Glance Technologies Inc. (“Glance” or the “Company”) (CSE:GET.CN) (CSE:GET.WT) (OTCQB:GLNNF) (FKT:GJT) announces the launch of a new website, GlanceForward.com, to keep shareholders informed about her plan to take Glance global and provide an opportunity to share their concerns about the direction of the Company under the current leadership.

Ms. Green, owning directly or indirectly approximately 12.27% of the issued and outstanding shares of Glance, has requisitioned a meeting of shareholders for the purpose of reconstituting the Board of Directors (the “Board”) with the removal of Kirk Herrington, James Topham, and Larry Timlick (the “Obstructing Directors”) and replacing them with three highly qualified independent and experienced nominees (the "Nominees"). While Ms. Green is presenting a clear path forward for the Company and open to engaging shareholders through her new website, the Obstructing Directors have shown that they are committed to a value sapping status quo and hiding from shareholder accountability by delaying a special meeting of shareholders until June 12, 2018 — a full 111 days after Ms. Green’s requisition was submitted.

GlanceForward.com includes information about the Nominees, facts about Ms. Green’s plan to build shareholder value, and details on how to provide feedback to Ms. Green and the Nominees. Shareholders should check the website regularly for updates.

Change is inevitable; shareholders are speaking out

A large number of shareholders have already expressed their support for Ms. Green, her Nominees, and their vision to revitalize Glance, opening it up to new revenue-generating opportunities, alliances, and international expansion. Shareholders are increasingly concerned about the current Board’s inability to produce any significant revenue generating deals and their lack of a plan to rebuild shareholder value.

I am humbled by the overwhelming support I have received. I, along with my Nominees — William Davis III, John LoGiudice and Spiros Margaris — remain committed to bringing about the real change that Glance shareholders want,” said Ms. Green. “Shareholders are ready for change now. They want to refresh the Board with nominees who each have superior experience in fintech and the capital markets and have the ability, know-how, and international network of contacts to build Glance into a global leader in the blockchain and payments industry.”

Board’s decision to delay inevitable change is telling

Ms. Green is extremely disappointed that Glance’s Board is selfishly postponing inevitable change to the Board by delaying a shareholder meeting.

Instead of doing the right thing and calling a timely meeting, the Board has decided to continue earning their paycheques while the value destruction continues,” said Ms. Green. “A meeting nine weeks from now, does nothing but cast a significant cloud of uncertainty around the company, putting further downward pressure on share prices. Clearly, by delaying the meeting, the Obstructing Directors have shown once again that their interests don’t align with the interests of Glance shareholders.”

ADVISORS

Kingsdale Advisors is acting as strategic shareholder and communications advisor and Koffman Kalef LLP is acting as legal advisor to Ms. Green.

The information contained in this news release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable securities laws. Although Ms. Green has requisitioned a special meeting of the shareholders (the “Meeting”), shareholders are not being asked at this time to execute a proxy in favour of Ms. Green or any of Ms. Green’s nominees. In connection with the Meeting, Ms. Green intends to file a dissident information circular (the “Information Circular”) in due course in compliance with applicable securities laws.

Notwithstanding the foregoing, Ms. Green is voluntarily providing the disclosure required under section 9.2(4) of National Instrument 51-102 – Continuous Disclosure Obligations in accordance with securities laws applicable to public broadcast solicitations.

This news release and any solicitation made by Ms. Green in advance of the Meeting is, or will be, as applicable, made by Ms. Green, and not by or on behalf of the management of Glance. All costs incurred for any solicitation will be borne by Ms. Green, provided that, subject to applicable law, Ms. Green may seek reimbursement from Glance of Ms. Green’s out-of-pocket expenses, including proxy solicitation expenses and legal fees, incurred in connection with a successful reconstitution of the Board.

Ms. Green is not soliciting proxies in connection with the Meeting at this time, and shareholders are not being asked at this time to execute proxies in favour of Ms. Green or Ms. Green’s nominees. Any proxies solicited by Ms. Green will be solicited pursuant to the Information Circular sent to shareholders of Glance after which solicitations may be made by or on behalf of Ms. Green, by mail, telephone, fax, email or other electronic means, and in person by Ms. Green or any proxy advisor that Ms. Green may retain.

Any proxies solicited by Ms. Green in connection with the Meeting may be revoked by instrument in writing by the shareholder giving the proxy or by its duly authorized officer or attorney, or in any other manner permitted by law and the articles of Glance. Ms. Green does not have any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted on at the Meeting, other than the election of directors to the Board.

Glance’s principal business office is 400 – 200 Granville Street, Vancouver, British Columbia V6C 1S4.

Contacts

Kingsdale Advisors
Ian Robertson, 416-867-2333
Cell: 647-621-2646
Executive Vice President Communication Strategy
irobertson@kingsdaleadvisors.com

Contacts

Kingsdale Advisors
Ian Robertson, 416-867-2333
Cell: 647-621-2646
Executive Vice President Communication Strategy
irobertson@kingsdaleadvisors.com