WILLIAM HUI-CHUNG CHANG ANNOUNCES FILING OF EARLY WARNING REPORT IN RESPECT OF QUISITIVE TECHNOLOGY SOLUTIONS, INC.
TORONTO, Oct. 3, 2023 /CNW/ - William Hui-Chung Chang (the "Securityholder") announces the filing of an updated early warning report in connection with his determination to support certain shareholders of Quisitive Technology Solutions, Inc. (the "Issuer" or "Quisitive") (the "Quisitive Shareholders for Accountability"), including Shawn Skelton, Elmcore Group Inc. c/o Felix Danciu, Jason Hardy and Scott Hardy, who, on October 2, 2023, publicly announced via press release their intention to requisition a special meeting (the "Intention to Requisition a Special Meeting") of shareholders ("Shareholders") of Quisitive for the purpose of removing and replacing David Guebert, Philip Sorgen and Amy Brandt as members of the board of directors (the "Board") of Quisitive.
The Quisitive Shareholders for Accountability further indicated that they anticipate announcing a slate of highly qualified directors concurrent with delivery of the requisition to the Issuer. The Securityholder determined to support the Quisitive Shareholders for Accountability in connection with their determination to move forward with the Intention to Requisition a Special Meeting and reached an understanding with the Quisitive Shareholders for Accountability pursuant to which the Securityholder will support the nominees put forth by the Quisitive Shareholders for Accountability at the next meeting of Shareholders. In connection therewith, the Securityholder currently anticipates entering into a voting and support agreement with the Quisitive Shareholders for Accountability pursuant to which the Securityholder would agree to, among other things, exercise (or cause to be exercised) all voting rights attached to the Common Shares held or controlled by the Securityholder in favour of the nominees put forward by the Quisitive Shareholder for Accountability at the Issuer's next meeting of Shareholders and against the slate of directors to be put forward by the Issuer.
As at the time of this news release, the Securityholder has ownership or control or direction over 35,115,246 common shares of the Issuer ("Common Shares") representing approximately 8.78% of the issued and outstanding Common Shares. The Securityholder, together with its joint actors, Shawn Skelton, Elmcore Group Inc. c/o Felix Danciu, Jason Hardy, Scott Hardy, Gary Prioste and Vijay Jog, collectively have ownership or exercise control or direction as the case may be over 133,151,659 Common Shares representing approximately 33.30% of the issued and outstanding Common Shares. No acquisition or disposition of securities triggered the requirement to file this press release.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed under the Issuer's profile on SEDAR+ profile at www.sedarplus.ca containing additional information respecting the foregoing matters. Quisitive's head office is 1431 Greenway Drive, Suite 1000, Irving, Texas 75038. Mr. Chang's address is 300 3rd St. Suite 1, Los Altos, CA 94022.
SOURCE William Hui-Chung Chang
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Or to obtain a copy of the Early Warning Report filed in connection with this press release, please contact: Adam Kline, Miller Thomson LLP, 40 King St W Suite 5800, Toronto, ON M5H 4A9, Tel: 416.597.4333
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