Major Glance Technologies Shareholder Issues Open Letter to Shareholders in Support of a Refreshed Board for Value Creation
Jun. 05, 2018
TORONTO--(BUSINESS WIRE)--Jun 5, 2018--Russell Pakosh, owning or exercising control or direction over 483,826 shares of Glance Technologies Inc. (“Glance” or the “Company”) (CSE:GET.CN) (CSE:GET.WT) (OTCQB:GLNNF) (FKT:GJT) has issued an open letter to fellow shareholders, in full support of Ms. Green and her director Nominees ahead of the Company’s upcoming annual general meeting on Tuesday, June 12, 2018.
The full text of Mr. Pakosh’s letter is included below:
To my fellow Glance shareholders:
My name is Russell Pakosh and I am one of the largest shareholders of Glance . As a matter of background, I was originally an exempt investor in Glance, but have also purchased additional shares in the open market because I believe in the potential of Glance, provided it has the right leadership. I currently own or exercise control over 483,826 shares of Glance.
I have been in business for over 45 years, half of that in the securities business on Bay Street, trading institutional securities. For over 20 years I was registered as a Partner, Director, or Officer of several securities firms, including Merrill Lynch, Canaccord, Gordon Capital, and HSBC Securities. At all times while employed in the securities industry, I was regulated by the various provincial securities regulators and what in Ontario is now called IIROC.
I invested in Glance because of Ms. Green and her extensive successful experience in capital markets, her proven track record of success in building businesses, and her passion for the fintech industry.
When Ms. Green started Glance, she had a clear path for the company that I was happy to invest in. Unfortunately, I believe the current directors - the ‘Obstructing Directors’ - have been a roadblock to Glance’s success. They have consistently ignored shareholders’ concerns as reflected in the market price since November, and have been unable and unwilling to facilitate international alliances and revenue-generating opportunities. All the while our shares have plummeted under the Obstructing Directors watch.
Unlike, the Obstructing Directors, Ms. Green’s Nominees will enhance our shareholder value with: (i) expertise in blockchain technology, (ii) expertise in mobile payment technology, (iii) a proven track record of success with companies in the blockchain technology and the mobile technology sector (iv) international access to human resources expertise (v) access to international partners for the Glance technology and (vi) access to international capital markets experienced in investing in this technology.
I was also very pleased to hear about Ms. Green’s intention – if her slate is elected at next week’s AGM – to proceed with a stock dividend whereby Glance shareholders will be receiving 1 share of The Yield Growth Corp. for every 6.5 shares owned of Glance Technologies. I’m excited about the opportunity of owning shares in a fast-growing company in the cannabis industry. This is a great plan to build value for Glance shareholders.
Based on the foregoing, continued support for the Obstructing Directors is not defensible.Change is needed.
Glance, has limitless international market opportunities available for its emerging technologies. The industry is entering a tremendous growth phase and Glance is well-positioned to take advantage – provided it has the right leadership.
Ms. Green and her new Nominees represent a real and current opportunity to build Glance into a global leader in the blockchain and payments industry. Each of her Nominees – William Davis, Jonathan Fry, Monique Imbeault, and Spiros Margaris – has superior international experience in the fintech industry and capital markets. This is what Glance needs in order to increase shareholder value.
I have voted all my shares in favour of Ms. Green and her Nominees on the GREEN Proxy and urge you to do the same before the deadline on Friday June 8 at 10:00 a.m. (Pacific Time). If you’ve already voted your BLUE proxy and want to change your vote to Ms. Green’s slate, it’s not too late. Only the latest validly executed proxy that you submit will be counted.
Russell E. Pakosh
View source version on businesswire.com:https://www.businesswire.com/news/home/20180605006448/en/
CONTACT: For further information:
Russell E. Pakosh
KEYWORD: UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE MOBILE/WIRELESS PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Russell E. Pakosh, Concerned Shareholder of Glance Technologies
Copyright Business Wire 2018.
PUB: 06/05/2018 01:24 PM/DISC: 06/05/2018 01:24 PM