VANCOUVER, B.C., June 06, 2018 (GLOBE NEWSWIRE) — Glance Technologies Inc. (CSE:GET.CN) (OTCQB:GLNNF) (FKT:GJT) (“Glance” or the “Company”) Chief Executive Officer Desmond Griffin today announced that the independent proxy advisory firm Institutional Shareholder Services Inc. (“ISS”) has reiterated its support for the Glance nominees (the “Glance Nominees”) in a contested election for the Board of Directors.
ISS is recognized as a leading independent proxy voting and corporate governance advisory firm in both Canada and the United States. Its analyses and recommendations are relied upon by hundreds of major institutional investment firms, mutual funds and fiduciaries throughout North America.
In an alert issued yesterday, ISS again recommended that shareholders vote only the BLUE proxy FOR the Glance Nominees. The alert reiterates ISS’s original recommendation in favour of the Glance Nominees and takes into account developments since the initial ISS report issued on May 30, 2018.
Also on May 30, 2018, another leading proxy advisory firm, Glass Lewis & Co., LLC (“Glass Lewis”) recommended that shareholders vote only the BLUE proxy FOR the Glance Nominees. Glass Lewis has not issued a subsequent alert.
As previously disclosed, the Glass Lewis report consists of 18 pages of detailed analysis. In recommending that its clients vote the BLUE proxy FOR the Glance Nominees, Glass Lewis made the following comments:
- “We believe that Ms. Green’s attempts to take substantially all of the credit for the Company’s share price run-up prior to her ouster (sic), and deflect blame for the Company’s share price decline following her departure, is highly disingenuous.”
- “We believe the Dissident’s acquisition strategy largely amounts to a highly speculative plan that is short on key details.”
- “We are highly skeptical of Ms. Green’s attempt to draw a decidedly favourable correlation between her presence with the Company and the Company’s share price.”
- “The Dissident’s case is insufficient to warrant rejection of any of the Management Nominees or the support of any of the Dissident Nominees.”
Glance disclosed the Glass Lewis recommendation and the original ISS recommendation in a news release issued on May 31, 2018.
The independent ISS and Glass Lewis recommendations, based on a careful review of the facts and arguments made by Glance and by the dissident shareholder, are intended to assist shareholders in making choices regarding proxy voting decisions.
Vote the BLUE proxy
Please read Glance’s proxy contest materials filed on SEDAR (www.sedar.com) and on Glance’s website at https://glance.tech/agm18/ and then vote only the BLUE proxy well in advance of the proxy voting deadline on Friday, June 8, 2018 at 2:00 p.m. (Pacific time).
Every vote counts. Shareholder who may have voted the dissident proxy have every right to change their vote by now submitting the BLUE proxy, as it is the later dated proxy that will be counted at the meeting.
Shareholders with questions about voting their shares should contact DF King at 1-855-487-9247 (toll free) or by email at [email protected]. The meeting will be held at 1200 Waterfront Centre, 200 Burrard Street, Vancouver, British Columbia, on June 12, 2018, at 2:00 p.m. (Pacific Time).
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing. Glance has also recently purchased a blockchain solution and is working on a rewards-based cryptocurrency.
For more information about Glance, please go to www.glance.tech.
For more information, contact:
Investor Relations Paola Ashton
1-866-258-1249 VP Business Development
[email protected] 604-839-0337
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, “believe”, “thinks”, “expect”, “exploring”, “expand”, “could”, “anticipate”, “intend”, “estimate”, “plan”, “pursue”, “potentially”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the impact of Ms. Green’s dissident nominees being elected to the Board on Glance’s corporate culture, and on Glance generally, the actions of the Glance Nominees if elected to the Board with respect to Glance’s Yield Shares, and Glance generally, Ms. Green’s intention to take Yield public, the potential impact on shareholders of a proposed dividend consisting of shares of Yield, the effect of the proposed dividend on Yield, Glance’s beliefs about Ms. Green’s strategy, the ability to attract and retain new employees, the appointment of Ms. Green as “interim” CEO if the dissident nominees are elected, the development of a new version of an app that merchants can quickly download directly to their mobile devices, and the timing for that development, the acceleration of Glance’s momentum after the Annual General Meeting, that a number of Glance’s employees, including Desmond Griffin, Angela Griffin and Lewisa Anciano, may resign if Ms. Green’s dissident nominees are elected to the Board and the development of a rewards-based cryptocurrency. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, risks related to Glance’s ability to integrate Glance’s proprietary technology with cryptocurrency and blockchain support, the ability to develop a new app for merchants on schedule, if at all, and the ability to hire and retain employees. Forward-looking information and forward-looking statements are in addition based on various estimates, forecasts and projects as well as expectations, beliefs and assumptions, including, without limitation, that if Ms. Green’s dissident nominees are elected to the Board there will be negative consequences for Glance, including to Glance’s corporate culture, that a number of Glance’s employees, including Desmond Griffin, Angela Griffin and Lewis Anciano, may resign if Ms. Green’s dissident nominees are elected to the Board, that Glance will be successful in developing a rewards-based cryptocurrency, that Ms. Green had, and would have, a negative impact on Glance’s corporate culture. For additional information with respect to these and other factors and assumptions underlying the forward looking statements in this press release, see the section entitled “Risk Factors” in the most recent Prospectus of Glance, which may be accessed through Glance’s profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.