Daniel Russell and the Concerned Shareholders Provide Progress Report on Judicial Proceedings
VANCOUVER, British Columbia, Dec. 05, 2018 (GLOBE NEWSWIRE) — Daniel Russell, the single largest shareholder of Synex International Inc. (the “Company”) (TSX: SXI), along with other concerned shareholders (collectively, the “Concerned Shareholders”), wish to report that the British Columbia Supreme Court (the “Court”) has booked a full day hearing to be held on December 20, 2018 to decide whether the decision by the Chair of the Company to disallow votes from over 50% of the Company’s shareholders at the annual shareholder meeting of the Company held on November 2, 2018 was correct.
While the Concerned Shareholders requested an earlier hearing date in accordance with established precedent, the Company remarkably represented to the Court during an administrative hearing on November 21, 2018 that there was no urgency and that the matter could proceed in the usual course. The Company has also refused to undertake to restrict its business to the ordinary course pending the judicial proceeding.
“It is extremely frustrating that the incumbents are not prepared to agree to such a basic and reasonable request,” stated Daniel Russell. “It is unfathomable that a board of directors who may have been improperly declared elected by the Chair continues to carry on the business of the Company without the support of more than 50% of the Company’s shareholders. I am concerned that the incumbents are wasting valuable Company resources instead of looking after the best interests of all shareholders. All shareholders need clarity and they need it immediately. In the meantime, we will watch the incumbents carefully. Any attempt to upset the status quo will be vigorously opposed, if necessary in court.”
This press release contains forward-looking statements. All statements that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of the Concerned Shareholders and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. The Concerned Shareholders do not assume any obligation to update any forward-looking statements contained in this press release, except as required by applicable law.
Except where otherwise stated herein, the statements contained in this press release are not made by or on behalf of the management of the Company but are made by or on behalf of the Concerned Shareholders.
For more information please contact:
Daniel J. Russell
4248 Broughton Avenue
Niagara Falls, ON L2E 3K6