ALY:CC - AnalytixInsight Provides Update on Ongoing Matters
AnalytixInsight Inc. (“ AnalytixInsight ”, or the “ Company ”) (TSX-V: ALY) today provides additional information in response to a news release disseminated by certain of its directors and officers on April 7, 2024 (the “April 7 Release ”). The Release is available under the Company’s SEDAR+ profile at www.sedarplus.ca . Please note this Press Release has not been approved by all members of the board of directors of the Company (the “ Board ”).
As of the date hereof, the position of Vince Kadar (Chair), Scott Gardner (independent Director), Natalie Hirsch (interim President and Chief Executive Officer), and Aaron Atin (Corporate Secretary) is that management of the Company consists of Ms. Hirsch, Interim President and Chief Executive Officer, Jonathan Dwek, Chief Financial Officer, and Mr. Atin, Corporate Secretary. As set out in the April 7 Release, Chaith Kondragunta (Director), Prakash Hariharan (Director), and Jith Veervalli (independent Director) claim to have caused the Company to terminate Mr. Atin for cause on April 5, 2024. This claim is disputed by Messrs. Kadar and Gardner, Ms. Hirsch, and Mr. Atin. The Company has expressed serious concern that the attempt to terminate Mr. Atin may constitute “a reprisal against a specified individual” under section 121.6 of the Ontario Securities Act .
The position of Messrs. Kadar and Gardner, Ms. Hirsch, and Mr. Atin is that the Board consists of Mr. Kadar (Chair), Mr. Gardner, Mr. Veeravalli, Mr. Kondragunta, and Mr. Hariharan. The audit committee of the Company consists of Mr. Kadar, Mr. Veeravalli, and Mr. Kondragunta. To the Company’s knowledge, Messrs. Kadar, Gardner, and Veeravalli are independent within the meaning of National Instrument 52-110 Audit Committees . As set out in the April 7 Release, Messrs. Kondragunta, Hariharan, and Veeravalli claim to have elected Mr. Kondragunta as new Board Chair. Mr. Kondragunta has also subsequently claimed to have been appointed by Messrs. Hariharan, and Veeravalli as Corporate Secretary. These claims are disputed by Messrs. Kadar and Gardner, Ms. Hirsch, and Mr. Atin.
The Company confirms that it currently has no reason to believe that management, the Board, and the Audit Committee do not comply with the requirements of Policy 3.1 of the TSX Venture Exchange.
The Company’s investigation into its affairs is ongoing, and the Company remains committed to making timely disclosure as that process unfolds.
About AnalytixInsight Inc.
AnalytixInsight is a data analytics and enterprise software solutions provider. AnalytixInsight develops and markets cloud-based platforms providing financial content, company analysis and stock research solutions to the financial services industry. AnalytixInsight holds a 49% interest in MarketWall S.R.L., a developer of fintech solutions for financial institutions in Italy.
Regulatory Statements
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
View source version on businesswire.com: https://www.businesswire.com/news/home/20240411735561/en/
Natalie Hirsch
Interim CEO
(647) 955-2933
natalie.hirsch@analytixinsight.com