TORONTO, ON / ACCESSWIRE / June 8, 2023 / A group of concerned shareholders (the "Concerned Shareholders") of Tenet Fintech Group Inc. ("Tenet" or the "Company"), who are leading the initiative to replace certain members of Tenet's Board (the "Incumbent Directors") at the Company's upcoming annual general meeting to be held June 27, 2023 (the "Meeting"), are issuing this statement in response to the Company's press release dated June 7, 2023 (the "Company's Release").
The Incumbent Directors' statements regarding the AMF investigation have already been addressed on several occasions. The Concerned Shareholders do not intend to respond to those statements nor repeat their previous statements on this issue. Restating this matter is just another attempt by the Company to obfuscate the fundamental issues of the Incumbent Directors' poor performance and misconduct, which have caused significant damage to the Company.
The Incumbent Directors are mistaken about the independence requirements applicable to Tenet - Tenet is a "venture issuer" under applicable securities laws and not a senior issuer. As such, it is exempt from many of the independence requirements otherwise applicable to senior issuers. Moreover, the Canadian Securities Exchange does not consider it is appropriate to prescribe a higher threshold for its listed issuers than that prescribed by applicable corporate law or securities laws. Consequently, the Concerned Shareholders' nominees for election to the Board meet the independence requirements for a board of directors of a venture issuer. Unfortunately, this misunderstanding of the regulations is yet another example of the Incumbent Directors' incompetence and their attempts to obfuscate the real issues facing the Company, and the importance of replacing them on Tenet's Board.
In addition, the Incumbent Directors' statement in the Company's Release that Mr. Joseph has failed to repay an outstanding promissory note to the Company is misleading. This amount related to the reimbursement of withholding taxes associated with Mr. Joseph's exercise of stock options to acquire common shares in the Company. Due to the unexpected nature of the transaction, those amounts were recorded as loans and the repayment terms were still being negotiated as of Q1 2023. This has been publicly disclosed in the Company's MD&A for Q1 2023.
The Concerned Shareholders continue to fully support Mr. Joseph and disagree with the misleading statements made against him by the Incumbent Directors to date. The Company's Release demonstrates the continued incompetence and misconduct of the Incumbent Directors and the need to vote against them and for the Concerned Shareholders' nominees at the upcoming Meeting on June 27, 2023.
For more information on this news release, please contact:
The Concerned Shareholders of Tenet Fintech Group Inc.
info@tenetagm2023.com
(705) 887-6331
www.tenetagm2023.com
SOURCE: Cavalcanti Hume Inc
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