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Glance Technologies Co-founder Penny Green Requisitions Shareholders' Meeting: New Board to Expand Glance InternationallyPenny Green, Co-founder, Director, and largest shareholder of Glance Technologies Inc. ("Glance") (CSE:GET.CN) (CSE:GET.WT) (OTCQB:GLNNF) (FKT:GJT) announces she has requisitioned Glance's Board of Directors (the "Board") to call a special meeting of shareholders for the purpose of reconstituting the Board and expanding Glance internationally. Ms. Green beneficially owns directly or indirectly approximately 12.27% of the issued and outstanding shares of Glance. She is requesting shareholders remove each of Kirk Herrington, James Topham, and Larry Timlick (the "Obstructing Directors") from the Board, and add three highly qualified independent and experienced nominees (the "Nominees") to the Board. Unlike the Obstructing Directors who are isolated in Vancouver and lack the expertise required to grow Glance into a global blockchain and payments company, the Nominees bring international reach with a presence in New York, Miami, and Switzerland and have extensive experience in blockchain, fintech and mobile payments. "I am thrilled to be proposing these nominees and I'm confident that with this new leadership Glance will continue to develop into a world leader in the blockchain and mobile payments industry," said Ms. Green. "I recently invested $540,000 to purchase $3 units because I strongly believe in what Glance is capable of with the right leadership." Current Board is Obstructing Value Creation and Ignoring Shareholder Concerns Ms. Green has tried to work constructively with her fellow directors to explore and present numerous opportunities to create value. When it became clear to the Obstructing Directors that shareholders desired change at the company and Ms. Green had significant shareholder support, the Obstructing Directors attempted to create a roadblock to change and entrench themselves by firing Ms. Green. Ms. Green had delivered the requisition prior to her dismissal. Ms. Green's requisition is motivated by longstanding concerns and the fact that over a period of months it has become clear the Obstructing Directors do not have the right experience needed to understand, evaluate, and capitalize on these opportunities. Unfortunately, rather than being responsive to the concerns of shareholders and considering the advice of a proven fintech expert, the Obstructing Directors have chosen to marginalize Ms. Green, an accomplished female entrepreneur. The Obstructing Directors' decision to continue to act as a roadblock to potential deals and exclude Ms. Green from Board meetings left Ms. Green with no choice but to requisition a meeting of shareholders. On behalf of all shareholders, Ms. Green urges the Obstructing Directors to call the requisitioned meeting on an expedited basis and not to engage in any actions to further entrench themselves. "It's an exciting time in our industry and a new Board -with a track record of success in the fintech industry- represents a real opportunity to grow our business, seek out new agreements and alliances, and take Glance international," said Ms. Green. "I'm sorry to say the Board has lost sight of who they report to and whose interests they represent. Removing me in an effort to silence shareholder concerns is proof of that. It was virtually impossible for me to get accretive growth transactions approved by the Board. I hope this antiquated Board will turn over management to the newly proposed Board in a timely manner in accordance with shareholder and broker sentiment. The only business I have been able to complete in a reasonable timeframe is through Glance subsidiary CannaPay since it does not require approval by the Obstructing Directors. Their lack of experience in payments and blockchain and their regional approach to business is holding Glance back." Penny Green: Proven Experience to Expand Glance Internationally Ms. Green, together with the Nominees, have the commitment, credibility, and experience needed to expand Glance internationally. Ms. Green was instrumental in raising $25 million in capital for Glance as well as generating the majority of the company's revenue to date. Ms. Green has extensive experience in capital markets in both Canada and the United States. Notably, she has been involved in the going public transactions of over 100 companies including Merus Labs International Inc. - a company she co-founded - which had revenues of $111 million in 2016 and was recently acquired by Norgine B.V. for approximately $342 million. For her business success, Ms. Green has been the recipient of numerous awards and accolades including being named to Profit Magazine's W100 list of top Canadian female entrepreneurs and as one of five finalists for the Royal Bank of Canada Award for Excellence in Entrepreneurship. Under her leadership as CEO, her firm Bacchus Law Corporation was included in the PROFIT 500 Fastest Growing companies two years in a row. Ms. Green is also highly sought after by media outlets, such as BNN and The Globe and Mail, for her commentary as a technology business thought leader. Independent and Experienced Board Nominees: Combined Achievements and Global Reach to Benefit Glance Shareholders Each of the Nominees have held senior leadership positions at leading tech companies and have the experience and ability needed to increase shareholder value. Glance will be able to leverage the Nominee's extensive international network and achievements to continue to build Glance into a global blockchain and payments company. William Davis III
John LoGiudice
Spiros Margaris
ADVISORS
View source version on businesswire.com: http://www.businesswire.com/news/home/20180221005593/en/ |
