AnalytixInsight Appointment of New Interim Chief Executive Officer and Corporate Update
17 Avril 2024 - 10:26PM
AnalytixInsight Inc. (“
AnalytixInsight”, or the
“
Company”) (TSX-V: ALY) announces the appointment,
effective immediately, of Scott Urquhart as the Company’s interim
President and Chief Executive Officer. Mr. Urquhart replaces the
Company’s former Interim President and Chief Executive Officer,
Natalie Hirsch, whose employment with the Company has been
terminated, effective immediately.
This news release was unanimously approved by a
majority of the Board of Directors of the Company (the
“Board”) at a duly called and conducted meeting of
the Board held earlier today. Such meeting was attended by three of
the Company’s five directors, constituting a quorum and the
majority of the Board, namely Chaith Kondragunta, Jith Veeravalli
and Prakash Hariharan.
At today’s meeting, the Board received an
interim report and recommendations of the special review committee
of the Board formed on April 11, 2024 (the “Special Review
Committee”). As disclosed in the Company’s news release
dated April 12, 2024, the Special Review Committee has been
mandated to investigate certain management and governance issues
alleged or identified through recent activities at the Company. The
Special Review Committee consists of Messrs. Kondragunta and
Veeravalli.
At today’s meeting, the Board resolved to
terminate, effective immediately, Natalie Hirsch’s employment with
the Company for cause. Such termination was recommended to the
Board by the Special Review Committee, based upon its unanimous
view that it was untenable, and contrary to the best interests of
the Company, to permit Ms. Hirsch to remain employed by the Company
in circumstances where she has been ignoring Board instructions and
issuing unauthorized and misleading public disclosure related to
the Company, contrary to the Board’s written instructions.
The appointment, effective immediately, of Mr.
Urquhart as the Company’s interim President and Chief Executive
Officer was also unanimously recommended by the Special Review
Committee. Mr. Urquhart’s appointment is subject to acceptance by
the TSX Venture Exchange of his personal information form.
Mr. Urquhart served as the Company’s Vice
President of Corporate Development for seven years until June of
2023. Prior to that, Mr. Urquhart held several roles in finance and
M&A, including as Vice President, Investment Banking at a
Canadian investment banking and securities brokerage firm. Mr.
Urquhart’s significant experience in the capital markets, M&A,
operations, marketing and sales, combined with his background and
knowledge of the Company and its business, make him uniquely well
positioned to lead the Company through this
transition.
The Company also updates the market that there
have recently been further unauthorized public disclosures
improperly purporting to be on behalf the Company, despite not
being authorized by the Board. Investors are cautioned to ensure
they are relying only upon authoritative statements by the Company
approved by the Board. Such statements are easily recognizable as
they identify that they have been approved by a majority of the
Board.
The Company has also become aware of a claim
filed in the Ontario Court on April 15, 2024 purportedly on behalf
of the Company, two of its directors (Vincent Kadar and Scott
Gardner), the Company’s former Corporate Secretary (Aaron Atin),
and the Company’s recently terminated Interim President and Chief
Executive Officer (Ms. Hirsch). The filing of this claim on behalf
of the Company was not authorized by the Board. The Board is
reviewing the claim and will respond in due course.
In an apparent attempt to publicize the
unauthorized claim, an unauthorized and misleading news release
purporting to be on behalf the Company was issued on April 15,
2024, directly contrary to the disclosure controls in place at the
Company and the written directions approved by a majority of the
Board. During its meeting today, the Board resolved to underscore
the importance to the Company of strict adherence with its public
disclosure controls requiring prior approval from at least a
majority of the Board of any news release, and directed management
to immediately take all necessary actions to prevent further
postings of unauthorized news releases on the Company’s SEDAR+
profile.
The Board consists of the following directors
Chaith Kondragunta (Chair of Board), Jith Veeravalli (Independent),
Prakash Hariharan (Non-Independent), Vincent Kadar (Independent)
and Scott Gardner (Independent). Management of the Company
currently consists of Chaith Kondragunta (Chair of the Board and
Secretary), Scott Urquhart (Interim President and Chief Executive
Officer) and Jonathan Dwek (Chief Financial Officer).
This news release is available under the
Company’s SEDAR+ profile at www.sedarplus.ca.
Contact Information:
Name: Chaith KondraguntaTitle: Chair of the BoardEmail:
chaith_k@yahoo.comTel: 647-955-2933
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
AnalytixInsight (TSXV:ALY)
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