Open letter to
Dear Telecure Shareholder,
Over the last number of weeks, a small group has taken to making outrageous personal attacks against those of us leading
However, as the attacks have become more personal and my integrity has been questioned – and as the true motivations of the attackers have become clear – I felt I needed to publicly address this matter and so have prepared this open letter.
The motivation behind the unfounded, non-factual smear campaign
The attacks focus on matters related to MyApps, and began shortly after we identified financial misstatements at MyApps and engaged independent experts to carefully investigate these issues. As stated in our news release dated
“In preparing its third quarter financial results – the first since the completion of the plan of arrangement pursuant to which
- the head office lease for MyApps met the definition of a lease under IFRS 16, Leases, resulting in the need to applying lease accounting and accordingly has amended the MyApps Amended Financial Statements to recognize a right-of-use asset and a lease liability on the balance sheet. The Company has also recognized depreciation on the right-of-use asset on a straight-line basis and interest expense on the lease liability;
- for the six months ended June 30, 2021, $304,000 (three months ended March 31, 2021 - $150,000) in loans to the Company from
Telecure Technologies Inc. were previously recognized as revenues; - for the six months ended June 30, 2021, $148,716 (three months ended March 31, 2021 - $74,358) in payments to certain officers of the Company were not disclosed as related party compensation.
The correct accounting for each of the above was included in
In conjunction with the preparation of the Q3 financial report, the Audit Committee of the Board of Directors, with the assistance of special counsel, initiated an internal review ("Internal Review") in respect of these matters, which is currently ongoing.”
Among other motives, the attackers apparently have seller’s remorse following the sale of MyApps to
- Telecure’s acquisition of MyApps was completed in
August 2021 . - The transaction was entered into willingly and negotiated fairly.
- MyApps’ senior leadership supported this transaction.
- All involved parties benefited from the advice of independent legal counsel.
- The transaction was approved by shareholders, regulators, and the
Supreme Court of British Columbia .
The attackers have no legal basis for unwinding the transaction. So they are instead attacking my reputation, along with the reputations of certain of my fellow directors and the current management team. And they are deliberately trying to wreak havoc at
MyApps Frivolous Lawsuit in
MyApps, despite being a wholly-owned subsidiary of
Telecure’s Intellectual Property and Web Domain
The Company is being prevented from accessing its own intellectual property, web domain and associated emails. As recently announced, the Company has set up a new website: www.telecuretech.com. This is the only website the Company controls.
As with all of these attacks, we will address this conduct in the appropriate form, but we call it out publicly now as another illustration of the type of unprofessional behaviour that
Looking ahead with confidence
I have full confidence in how I, my fellow directors (other than those engineering the above attacks), and the current management team at
Ultimately, these outrageous attacks have given our leadership team additional confidence that we have made the right decisions throughout this saga, from taking decisive action when we identified financial misstatements at MyApps, to engaging independent experts to carefully investigate these issues.
Our message
To those continuing to make the totally unfounded allegations against us (and I am sure there will be even more in the days and weeks ahead): you will have to answer for these falsehoods in a court of law, and you will pay a high price for your misconduct.
To the investors in
CEO & Chairman of the Board of Directors
Contact
Phone: 604-398-3432
Email: invest@telecuretech.com
Website: www.telecuretech.com
About
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business and future of the Company’s business and plans. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward- looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported.
The Canadian Securities Exchange (CSE) has not reviewed, approved or disapproved the contents of this news release.
Source:
2022 GlobeNewswire, Inc., source