Vancouver, British Columbia--(Newsfile Corp. - October 23, 2024) - SkyChain Technologies Inc. (TSXV: SCT.H) (the "Company") provides an update on litigations involving Bill Zhang and individuals associated with him.
As disclosed in our financial statements and Management Discussion and Analysis since November, 2022, the litigations were commenced after Mr. Zhang ceased to be a director and CEO of the Company.
The first claim was filed in the Supreme Court of British Columbia against Bill Zhang, Mr. Zhang's spouse and others. This litigation concerns matters that were discovered after Mr. Zhang ceased to be a director and CEO of the Company.
The second claim was filed in Manitoba against Mr. Zhang and other individuals that Mr. Zhang is associated with. The Manitoba Court has granted a charge against a property owned by one of the defendants in the Manitoba litigation.
Examinations for discovery are scheduled to proceed in November, 2024 and the current actions of the dissident shareholders may be motivated by a desire to stop those discoveries from proceeding. In this respect, the dissident's Competing Information Circular for the annual and special shareholder meeting scheduled for November 7, 2024 is signed off by a long-time close associate of Mr. Zhang and the proposed nominees do not appear to have any requisite experience.
Management is of the view that the concerns about the conduct of Mr. Zhang while he was a director and CEO of the Company are in the interest of shareholders and intends to continue to pursue both pieces of litigation.
About Skychain Technologies Inc.
Skychain Technologies Inc. is a Vancouver based company providing crypto/data centre and NFT and valued added services. To learn more, visit skychaintechnologiesinc.com
ON BEHALF OF THE BOARD OF DIRECTORS
Don Gordon, President and CEO
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Contact: 604-617-7221
info@skychaintechnologiesinc.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfill such forward-looking statements and the Company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.
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