VANCOUVER--(BUSINESS WIRE)--Ms. 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), thanks the significant number of shareholders that supported her and her director nominees, at the Company’s Annual General Meeting (the “Meeting”) of shareholders held yesterday in Vancouver.
At the Meeting, Ms. Green’s slate earned the support of over 45% of the votes cast excluding those of CEO Desmond Griffin and the entrenched directors, representing a substantial number of shareholders who desired a refreshed board with new ideas at the Company and supported Ms. Green’s suggestion that Glance distribute its shares in The Yield Growth Corp. (“Yield”) to Glance shareholders.
Ms. Green said: “I would like to thank the many shareholders that supported our campaign for change at Glance. Over the past weeks, I have spoken to many shareholders who are openly frustrated by the Company’s depreciated share price and lack of a credible plan to build value. They want to see Glance evolve from a mobile payments company to a global leader in the blockchain and cryptocurrency space. This is a shareholder constituency the Company cannot ignore anymore. The message sent by these shareholders is clear: Status quo is not an option and this board needs to up its game.
“My fear is that despite the message sent yesterday, the board still doesn’t get it. Disappointingly, instead of listening to shareholders and talking about value-building options for Glance, the board has spent the last few weeks letting good governance practices fall by the wayside, being fiscally irresponsible in their attempts to keep their seats, and conducting a campaign of personal attacks against my nominees - respected global leaders in the fintech, blockchain and finance industries.
“My hope is that, following the shareholder dissatisfaction expressed at the Meeting, the board will heed the advice of concerned shareholders and realize that the opportunities before the Company are too significant to trust to unqualified leadership. As Glance’s co-founder and largest shareholder, I can assure you that I will be watching the board and management very closely and, on behalf of all those shareholders who supported me, will keep them on a short leash.”
A LOOK TOWARDS THE FUTURE
Ms. Green is encouraging the board to take immediate steps to build value for shareholders.
Specifically, she’s asking the board to consider her proposal to distribute all of Glance’s 20,900,000 shares in The Yield Growth Corp. – a partially owned subsidiary of Glance – directly to Glance shareholders as dividends on a return of capital basis. If the proposal is fully-implemented, each shareholder will receive approximately 1 share of Yield for every 6.5 shares owned of Glance Technologies.
Launched in mid-2017, Yield is fast-growing company in the burgeoning cannabis space with over $6 million in assets, international expansion plans, and booked revenues of $1.8 million in the quarter ended February 28, 2018.
Ms. Green is also requesting that the board implement a strategy to capitalize on the huge opportunities in the cryptocurrency space. As Rostin Behnam, Commissioner of the United States Futures Trading Commission, said last week,
“…virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet. Some places, small economies, may become dependent on virtual assets for survival. And, these currencies will be outside traditional monetary intermediaries, like governments, banks, investors, ministries, or international organizations. We are witnessing a revolution. Perhaps witnessing a modern miracle.”
“It’s an exciting time to be involved in the capital markets during this time of technological and wellness innovation where there is so much opportunity to build new companies that could significantly disrupt the way we live and do business. These disruptive businesses can provide huge gains to shareholders who are willing to invest in innovation,” Ms. Green said.
Certain statements contained in this news release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The intentions of Penny Green (“Concerned Shareholder”), the impact of the Concerned Shareholder's Nominees, if elected, on the financial condition, operations, business and strategies of the Company, future management and other matters related to the Company, subdividing Yield shares and their distribution to Glance shareholders, are all forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Concerned Shareholder's current views and intentions with respect to future events and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions that were applied in providing forward-looking information, include, but are not limited to, the actual financial health of the Company, the support expressed by shareholders to the Concerned Shareholder and the current general regulatory environment and economic conditions, the proposed subdivision of Yield shares and their distribution to Glance shareholders, are all forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events anticipated. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Concerned Shareholder does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this news release is made as of the date of this news release and the Concerned Shareholder undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.