03:29:21 EDT Thu 13 Jun 2024
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Ciscom Corp
Symbol CISC
Shares Issued 53,563,833
Close 2024-05-22 C$ 0.085
Market Cap C$ 4,552,926
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Ciscom accuses DLT of falsifying shareholding

2024-05-23 10:38 ET - News Release

Mr. Paul Gaynor reports


Ciscom Corp. has provided an update to its shareholders and stakeholders about recent developments regarding its share ownership, as well as a business update.

As previously disclosed, on March 8, 2024, Ciscom formally alerted the Ontario Securities Commission (OSC) of its concerns regarding DLT Resolution Inc.'s alleged share ownership as both unqualified and unlawful, raising serious concerns about the accuracy of DLT's public disclosures. The company strongly disputed reported ownership and also observed that DLT had failed to comply with the necessary regulations and SEDI (System for Electronic Disclosure by Insiders) reporting requirements, all of which are crucial for shareholder protection.

On March 13, 2024, Ciscom issued a release cautioning investors regarding DLT's asserted share ownership, and advising that Ciscom was evaluating the activation of the shareholder rights plan announced on March 4, 2024. Ciscom further advised that it continued to question the legitimacy of DLT's claimed share ownership.

On May 3, 2024, DLT filed an early warning report and issued a press release stating that it had elected to unwind, in full, the previously announced share exchange transactions it entered into with certain shareholders of Ciscom, so that as of that date DLT no longer beneficially owned or exercised control or direction over any common shares of Ciscom. DLT reported that its decision to unwind the share exchanges followed a series of discussions with the OSC relating to applicable Canadian securities law requirements in connection with the share exchanges.

On May 7, 2024, Ciscom formally alerted the OSC that Ciscom remained concerned about the accuracy of DLT's asserted share ownership. Ciscom advised the OSC that despite DLT's May 3, 2024, release stating that it no longer owned or exercised control or direction over any common shares of Ciscom, Ciscom's records indicated that DLT did, in fact, continue to hold some Ciscom shares, and that additional shares were transferred to DLT on the date of the press release. In the same communication to the OSC, Ciscom reiterated its concerns that DLT's and its management SEDI filings regarding their Ciscom ownership were incorrect.

Focused on a solid business development

"Ciscom continues to move forward," said chair of the board Paul Gaynor. "We are focused on our corporate mandate and are concentrating on our core business of successfully investing, acquiring and managing companies in the ICT [information and communication technology] sector."

On May 10, Ciscom published strong first quarter 2024 results showing continued business growth in spite of a challenging retail market.

Also this month, Ciscom added bench strength to its board of directors with the addition of Stephen Lautens and Angel Valov, two industry-leading professionals.

"We are delighted to add Angel Valov and Stephen Lautens to our board," said Mr. Gaynor. "Both Stephen and Angel add strength, knowledge and valuable experience to Ciscom through their extensive history at senior levels of public companies. Mr. Valov is a finance professional with over 15 years of experience in all aspects of risk management and institutional money management, including with Canada's largest hedge fund manager. Mr. Lautens has worked internationally at the executive level and has participated in the successful development, growth and sale of a number of companies. With these additions, as well as Tracy Weslosky earlier this year, I feel the board has the talent, knowledge, expertise and energy to really move the company ahead."

Ciscom remains laser focused on building the business through sensible acquisitions. The company is concentrating on the ICT and marketing technology sectors. Potential target acquisition companies must meet specific guidelines and criteria that will ensure Ciscom makes only prudent and profitable purchases. This process requires time and proper due diligence review. Only qualified acquisitions will proceed.

Ciscom remains vigilant to ensure that shareholders' rights are protected while building a strong-performing business while respecting governance and ethics. Ciscom is also committed to providing accurate, updated and transparent information to its shareholders regarding the holdings in the company.

About Ciscom Corp.

Ciscom actively invests in, acquires and manages market-leading companies within the information and communication technology sector, targeting SMEs (small- and medium-sized enterprises) with proven profitability. This approach allows entrepreneurs to monetize their equity and continue contributing, enhancing shareholder value through acquisitions. As a leader in omnimedia, particularly in data-driven marketing, Ciscom, through its subsidiaries, optimizes advertising spend across platforms, ensuring high ROI (return on investment) and customer engagement. Strategic ICT acquisitions bolster service offerings and shareholder value, marking Ciscom as an emergent force in the data-driven technology market. Ciscom has two subsidiaries, namely Market Focus Direct and Prospect Media Group.

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