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AnalytixInsight Provides A Corporate Update On The Management Transition

By Business Wire

Business Wire
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TORONTO--(BUSINESS WIRE)--$ALY.V #AI--AnalytixInsight Inc. (“AnalytixInsight”, or the “Company”) (TSX-V: ALY), a data analytics and enterprise software solutions provider, today provides an update on certain corporate matters stemming from the January 12, 2024, resignation of the Company’s former chief executive officer, president, and chairman, Prakash Hariharan. Although he continues to serve on the board of directors of the Company (the “Board”), the leadership transition process resulted in the Company reaching a settlement with Mr. Hariharan during a mediation conducted by the Honourable D. Cunningham on January 11, 2024, which was subsequently approved by the Board on January 12, 2024 (the “Settlement”).

AnalytixInsight announces that at a meeting of the Board held today, the Chairman of the Board, Vince Kadar, put forth a motion to resolve to ask Prakash Hariharan for his immediate resignation from the Board. The motion made by Mr. Kadar follows several breaches by Mr. Hariharan of the Settlement that have since been identified by the Company. Scott Gardner seconded the motion. In accordance with corporate law and the by-laws of the Company, Mr. Hariharan was conflicted and therefore not permitted to vote on the resolution. However, two other directors, Chaith Kondragunta and Jith Veeravalli, opposed the motion, resulting in a tie, with two directors voting in favour of the resolution and two directors opposed. Following Mr. Kadar’s proposed motion, Mr. Veeravalli put forth an additional motion to resolve to ask Mr. Gardner for his immediate resignation from the Board on the basis that he received less than 50% approval at the Company’s annual and special meeting of shareholders held on August 31, 2023. Messrs. Kondragunta and Hariharan seconded and approved the motion, respectively. In accordance with corporate law and the by-laws of the Company, Mr. Gardner was conflicted and therefore not permitted to vote on the resolution. Although Mr. Kadar voted against the motion, it passed with a majority of the members of the Board voting in favour. The meeting ended shortly thereafter following a motion to terminate proposed by Mr. Veeravalli. Mr. Gardner subsequently declined to resign citing that, notwithstanding the voting results, he was duly re-elected in accordance with corporate law, the rules and policies of the TSX Venture Exchange, and the Company’s by-laws and policies in effect at the time. Messrs. Hariharan’s and Gardner’s respective terms as board members conclude at the Company’s next annual general meeting, unless such person is duly re-elected.

“The Board must put AnalytixInsight’s interests first in continuing our management transformation and corporate evolution. While it is unfortunate that the Board is not unified in our decision today, a breach of contract that includes the Company’s intellectual property is a serious matter,” stated Vince Kadar, Board Chair of AnalytixInsight. “Members of the Board are actively pursuing all measures to protect the Company’s IP and core business as well as our ownership position in MarketWall.”

For more information about Mr. Hariharan’s resignations on January 12, 2024, please see the Company’s press release dated January 15, 2024, which is available under AnalytixInsight’s SEDAR+ profile at www.sedarplus.ca.

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

Contacts

Aaron Atin
Corporate Secretary
(647) 955-2933

First published on Fri, Mar 8, 2024

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