TORONTO, September 23, 2024--(BUSINESS WIRE)--AnalytixInsight Inc. ("AnalytixInsight", or the "Company") (TSX-V: ALY) announces that it has reached a comprehensive settlement with Prakash Hariharan, Chaith Kondragunta, and Jith Veeravalli.
"We are pleased to have finally reached a resolution via a mediation process that allows the Company to move forward," said Natalie Hirsch, Interim CEO of AnalytixInsight. "We plan to share more updates shortly on the plans for the Company going forward."
The settlement is a result of a mediation process to resolve the dispute that led to an application brought by the Company and several of its officers and directors before the Ontario Superior Court of Justice (Commercial List) in April 2024. Some of the key terms of the settlement include:
Payment Agreement: Mr. Hariharan, Mr. Kondragunta and Mr. Veeravalli will pay the Company $165,000, the first $100,000 tranche to be paid no later than September 27, 2024.
Resignations: Mr. Hariharan, Mr. Kondragunta and Mr. Veeravalli have agreed to immediately resign from their positions as directors of AnalytixInsight and its affiliated companies, including Euclides Technologies and not to seek re-election for a period of three years, commencing September 27, 2024.
Shareholder Support: With limited exceptions that include any sale of AnalytixInsight shares in MarketWall or the vending-in of a new asset by the Company, in which case they will be able to vote their shares as they see fit, Mr. Hariharan, Mr. Kondragunta and Mr. Veeravalli will vote their shares in support of the Company’s management and its proposals at any shareholders' meetings over the next three years and will refrain from participating in any shareholder activism or proxy battles against the Company during that time.
This settlement comes after an inspector (the Honourable J.D. Cunningham K.C.) was appointed by the court. However, the parties opted to engage in mediation with Mr. Cunningham, which led to the final settlement. Given the limitations facing the company, the parties feel that it is the right outcome to move forward and execute on the plans for the Company going forward.
The court proceedings will be dismissed upon fulfillment of the settlement terms.
The issuance of this news release has been approved by the Board, and more specifically Messrs. Veeravalli (independent), Kadar (independent), and Gardner (independent).
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.
Certain statements contained in this news release constitute "forward-looking information" within the meaning of applicable securities laws and the respective policies, regulations and rules under such laws ("forward-looking statements"). These forward-looking statements generally are identified by words such as "anticipate", "expect", "intend", "will" and similar expressions, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, statements regarding the Company’s ability to continue and rebuild, develop a go-forward strategy, raise capital, and extract value from MarketWall. Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this news release including, without limitation, general business, economic, competitive, geopolitical and social uncertainties; the Company’s technology and revenue generation; risks associated with operation in the technology sector; the Company’s ability to successfully develop a go-forward strategy, raise capital, and extract value from MarketWall; foreign operations risks; the risk that funding options are not available to the Company, on reasonable terms or at all, to address its funding needs; the receipt of necessary regulatory, court, and corporate approvals to pursue funding options; the risk that the previously disclosed court-ordered inspector may uncover unexpected issues and/or the investigation may not be completed in a timely manner or at all, the risk that the issues to be addressed by the previously disclosed interim orders and the court-ordered inspector are not resolved in a timely manner or at all, and other risks inherent in the technology industry. Additionally, there are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary note. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
Regulatory Statements
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