An anonymous director of OneMove reports

ONEMOVE CAPITAL CALLS ON SYLOGIST BOARD TO START ACCEPTING ACCOUNTABILITY: DIRECTORS WHO HAVE OVERSEEN YEARS OF VALUE DESTRUCTION SHOULD STEP ASIDE NOW AND NOT FURTHER ENTRENCH THEMSELVES THROUGH A MISMANAGED CEO HIRE

OneMove Capital Ltd., the largest independent shareholder of Sylogist Ltd. owning approximately 15 per cent of the company's outstanding shares, today called on the Sylogist board of directors to finally act in the best interests of Sylogist shareholders. Sylogist directors who have presided over years of severe value destruction should accept accountability and step aside before May 12 rather than rush through a mismanaged chief executive officer hire to prolong their position on the board.

The CEO process is broken and mismanaged

After the board initially paused its chief executive officer search, OneMove has heard that it is now rushing to hire a CEO -- even expressing that it does not feel it is necessary to meet candidates in person. This board has shown no evidence that it is capable of overseeing an effective CEO search process, and has lost the faith of Sylogist shareholders. OneMove has heard from multiple CEO candidates who have spoken to the board about the role, and each expressed their reservations about the interview process and about partnering with current directors. This stop-again, start-again, broken CEO process is yet another example of the board's grave mismanagement misguided oversight and lack of understanding of the business, its industry and the issues it faces.

The board must accept accountability

OneMove is committed to bringing urgently needed change to Sylogist so that a new CEO that shareholders trust can be appointed and a turnaround of the company can be initiated. OneMove has requested confirmation from the board that it would not delay the meeting again and let shareholders cast their votes on who the company's future leadership. Unfortunately, the board instead danced around the question and refused to confirm the May 12 date.

Let's be clear -- the board is trying to do anything it can to preserve their seats at the expense of company shareholders. Any further delay of the meeting or additional entrenchment actions taken by the board ahead of May 12 would serve only the board and Penderfund while more deeply disenfranchising Sylogist shareholders. It is long past time for the board to get serious about its fiduciary duty. Directors who have presided over years of severe value destruction should act in the best interests of Sylogist shareholders and step aside so a new board and CEO can lead a turnaround.

Simplify the May 12 meeting for the benefit of shareholders

In light of the company previously delaying and combining the special meeting requisitioned by OneMove and the annual meeting of shareholders (the annual meeting), OneMove has proposed to the company a new structure to simplify the meetings and give shareholders one clean ballot -- directors nominated by the company and directors nominated by OneMove -- without the confusion of two parallel meetings. The board can make this happen today. The question is whether it will choose clarity for shareholders or continue to manufacture unnecessary complexity and confusion to serve its own interests and entrenchment.

Veteran investment banker Jonny Franklin-Adams joins OneMove slate

OneMove also announced that it has added veteran investment banker Mr. Franklin-Adams, managing director (previously head of corporate finance) at Cavendish Capital Markets/finnCap, to its slate of four independent director nominees for election at the May 12 meeting. Mr. Franklin-Adams brings over 25 years of experience advising small- and mid-cap technology companies on IPOs (initial public offerings), fundraisings, public takeovers, and strategic M&A (mergers and acquisitions). He replaces Edward Smith, who has stepped down as a OneMove nominee due to other commitments. If elected at the upcoming AGM, Mr. Franklin-Adams is uniquely qualified to chair the strategic committee that OneMove's nominees are committed to establishing to oversee a comprehensive review of strategic alternatives. With Mr. Franklin-Adams, the OneMove nominees comprise Rhonda Bassett-Spiers, Mr. Franklin-Adams, Mary Filippelli and Tyler Proud.

OneMove is highly confident that it will have the support to elect its slate of nominees, and looks forward to shareholders having the opportunity to cast their votes at the May 12 meeting.

About OneMove Capital Ltd.

OneMove Capital is a private investment firm focused on small and mid-cap public companies where active engagement and governance improvements can unlock shareholder value. OneMove is an approximately 15-per-cent shareholder of Sylogist.

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