Concerned Shareholders Thank Hemostemix Inc. Shareholders for Resounding Support for Much Needed Change to Board of Directors, Provides Progress Update and Clarifies Misleading Statements
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 09/02/16 --
Barry Ullet, Bernie Troitsky, Donn Lovett, Glynn Hendry, Jed M. Wood, Jim Brown, Joseph P. Stewart, Dr. Owen Schwartz, Dr. Pierre Liemgruber, Robert Achtymichuk, Robert Sweep, Rodney Cavanagh, Rodney Risling and Todd Reinhart, shareholders (collectively, the "Concerned Shareholders") of Hemostemix Inc. ("Hemostemix" or the "Company"), wish to thank shareholders for the resounding support they have received to date. The Concerned Shareholders would also like to address the troubling Q2 Results, correct purposeful misleading information from management of the Company ("Management"), and provide an update on its progress and transition planning.
Shareholder Support For Change
In spite of Management''s statement purporting to have "overwhelming" shareholder support, it is in actuality, the Concerned Shareholders who have and continue to receive the support from shareholders based on personal feedback and the votes received to date.
With the little time that was allotted to the Concerned Shareholders to communicate, given Management''s tactical attempts to stifle open and constructive communication, it is clear that minority shareholders are strongly supportive of much needed changes to the board. In fact, despite Management''s anti-democratic approach to fixing the record date and meeting dates, purporting to invoke new and unusual new By-Law provisions and releasing their meeting materials and second quarter financial results at the last possible moments, the Concerned Shareholders have been able to rapidly respond with clear and informative materials, which have triggered support from shareholders of all ranks, ranging from the general retail investors, many of the Company''s largest shareholders and multiple former directors, officers and advisors to Hemostemix, who have been brought together by a common desire to positively change Hemostemix.
The only active resistance the Concerned Shareholders have encountered in this proxy contest is from the embattled consultant CEO who acquired his first 100 shares on June 17, 2016 for $23.00, the part-time consultant CFO (who is concurrently also the CFO of another struggling TSX Venture listed issuer) who owns zero shares and three other shareholders who have all been directors and/or officers of the Company.
Who are the true dissidents here? The true overwhelming number of shareholders of the struggling Company - or an embittered team of 5 presiding over the continuing decline led by a consultant with a token $23 investment trying to hold on to his high paying consultancy fees?
Worst Fears Confirmed by More of the Same Results
In the view of the Concerned Shareholders, the recently released Q2 Results are extremely disappointing and only confirm their worst fears about the state of the Company. In keeping with the pattern we have seen from Management, they released their mandatory filings for their second fiscal quarter of 2016 (the period ended June 30, 2016, the "Q2 Results") beginning at 4:13 p.m. on Monday August 29, 2016. That was the last possible date for filing for the Company to avoid being cease traded for a failure to file the Q2 Results. Here are some of the lowlights:
Shareholders are encouraged to read the Q2 Results for themselves including the Company''s interim financial statements (the "Q2 Financials") and their interim management discussion and analysis (the "Q2 MD&A"). The alarming Q2 Results speak for themselves and it should be a concern to all shareholders if this is what Management defines as "its path to success".
Concerned Shareholders Refute Incorrect Information Asserted by Management and Board of Hemostemix
In the documents filed by Management earlier this week, there were numerous inaccuracies and misstatements aimed at misleading shareholders. Set out below are some of the Concerned Shareholders responses to issues raised by Management. Based on the Concerned Shareholders'' responses, you will find it is clear that you cannot put your trust in the Management or the Board of Hemostemix.
The inaccuracies and misstatements are too numerous to list. We hope that shareholders can see from the few examples addressed above, how Management is trying to falsely lead them.
In order to preserve value and ensure that those with an economic interest in Hemostemix determine its path forward, it is critical that all shareholders support our nominees and our plan. ONLY WITH YOUR SUPPORT IN VOTING THE BLUE FORM CAN WE DEFEAT MANAGEMENT AND FINALLY PUT AN END TO THEIR SYSTEMIC DESTRUCTION OF SHAREHOLDER VALUE. EVERY VOTE IS PARAMOUNT TO MAKING THIS MUCH NEEDED CHANGE A REALITY. Again, we ask you to please ensure that you vote only the BLUE form and disregard any proxy materials received from Management to ensure meaningful change.
More Progress and Planning for Transition
The Concerned Shareholders are committed to acting in the best interests of YOUR COMPANY, with a view toward maximizing the value of Hemostemix for the benefit of ALL of the Company''s shareholders. Building from that foundation, the Concerned Shareholders have:
Our proposed new leadership will provide enhanced, cohesive management that will promote greater transparency, and enhance value for ALL Shareholders.
Summary and Call for Action
We have paid the full cost of seeking to change the Board of Hemostemix out of our own pockets in response to the dismissive and high-handed actions of Management following many months of decline. On the other hand, we understand that Management has engaged expensive new legal counsel and a costly proxy solicitation firm, to be paid based on the Q2 Results, with your Company''s money that can be ill afforded or that they simply do not have.
This is unprecedented behaviour for a company the size of Hemostemix, which is for most intents and purposes insolvent and shows Management''s desperation and hypocrisy. It is obviously easy to spend the shareholders'' funds to keep your job and privileges - particularly in the case of a CEO who holds almost no shares.
Management of Hemostemix has squandered your cash and is leveraging what is left of the company to desperately keep themselves in control. They have created easily refutable arguments to support an untenable position. It is time for change.
We also note that we followed a standard practice of having our counsel deliver a letter to counsel for Hemostemix, regarding a protocol for the meeting to ensure a fair and orderly meeting. Hemostemix responded with a terse three sentence reply featuring: "The Company confirms that the Meeting will be conducted in accordance with the Company''s by-laws, all other legal requirements, appropriate recognized practices and with a view to the best interests of all shareholders." Given Management''s other conduct leading up to and throughout this proxy contest, we are obviously concerned with this seemingly glib and unhelpful reply. Hopefully this is not an indication that Management will seek to act in an unfair and capricious manner at the meeting.
We have heard from many shareholders who have informed us that they will attend the meeting. We would encourage all shareholders to attend the meeting and stand up for change. The meeting will be held at 2:00 P.M. (Mountain Standard time) on Thursday, September 8, 2016 at the offices of Heighington Law Firm, 730, 1015 - 4th Street S.W., Calgary, Alberta. We hope to see you there.
We once again thank shareholders for the significant support shown so far. Although support for the Concerned Shareholders is emphatic, given Management''s actions to date, shareholders should be wary of any tactics they may use to try to invalidate your vote and disenfranchise you. Therefore, shareholders who have received their BLUE forms late and have not voted yet, we urge you to continue to vote. It is important that management fully appreciate and understand the level of discontent and the strong desire for change.
Time is of the essence. Vote online or by telephone by following the instructions found in the BLUE form mailed to you. Discard Management''s voting form and only the BLUE form well in advance of the impending deadline of 12:00 noon P.M. (Calgary time) on September 6, 2016. If you have already voted using management''s form but wish to support the Concerned Shareholders, simply recast your vote using the BLUE form. A later dated vote will supersede a previous vote.
Questions, Requests for assistance with voting may be directed to the Concerned Shareholders'' Proxy Solicitor:
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, without limitation, risks and uncertainties related to actions taken by the Company or shareholders in connection with the Meeting. No assurance can be given that any of the events or outcomes anticipated by any forward-looking statement will occur.
Contacts:
Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Collect Calls Outside North America: 416-304-0211
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Datum: 02.09.2016 - 08:00 Uhr
Sprache: Deutsch
News-ID 1455883
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Biotech
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