Why Alan P. Qureshi Supports the Voxtur Shareholders for Accountability
PLYMOUTH, Minn., June 21, 2024 /CNW/ - A group of shareholders (the "Voxtur Shareholders for Accountability", "We", "Us", or "Our") of Voxtur Analytics Corp. (TSXV: VXTR) (OTCQB: VXTRF) ("Voxtur" or the "Company"), further to our press release of June 19, 2024, regarding the call to reconstitute the board of directors of Voxtur (the "Board") at Voxtur's Annual General and Special Meeting (the "AGSM") scheduled to be held virtually on Friday, June 28, 2024 at 9:00 a.m. (Eastern Time), we release a letter to Voxtur shareholders, the text of which is set out below.
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June 21, 2024
Why I Support the Voxtur Shareholders for Accountability Initiatives
My name is Alan P. Qureshi, and I founded Blue Water Financial Technologies ("Blue Water") with my wife, Ellen. Together, we started Blue Water and grew it into a successful Mortgage Asset technology platform. Subsequently, we sold it to Voxtur in 2022. I have 25 years of senior leadership experience in mortgage technology and proven credentials for leading and growing organizations profitably.
I appreciate the opportunity to share my thoughts on my decision to support the Voxtur Shareholders for Accountability and explain why my interests align with ALL shareholders.
As a significant shareholder, I am aligned with all Voxtur shareholders. I currently own approximately 31.5 million shares, which is approximately ~4.4%1 of Voxtur's common shares (on an undiluted basis), and in the future, I am entitled to receive additional common shares associated with the acquisition of Blue Water. Any suggestion that I am not aligned with Voxtur shareholders is baseless. In addition to me and my wife, the employees at Blue Water also received shares in return for our sale to Voxtur. I am committed to building value for all shareholders.
Blue Water is a key asset to Voxtur's success. Gary Yeoman has made it clear that Blue Water is a key asset and contributor to Voxtur's bottom line. I agree. I also believe that several other assets and technologies within Voxtur have significant potential under new leadership. To unlock this potential, we need a team with deep-rooted experience building and governing mortgage and technology companies.
The existing management team and Board have failed to create value. The existing Board and management team have had ample time to execute a turnaround plan and make the Company successful. Yet, under current leadership, the stock has been on a constant downward trajectory since May 2022 (the last time the stock traded above CAD $1). The current Board and management team have failed the shareholders, and I believe there is a new path forward that can grow shareholder value.
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As at May 17, 2024 (the record date for the AGSM) Voxtur reports that it had 721,276,024 common shares issued and outstanding.
A More Constructive Path Forward
It is time for new leadership to step in to turn Voxtur around, cut corporate expenses, restore profitable operations, and create a path for growing net income by developing and executing a strategic vision for the Company. As fellow shareholders, our interests are aligned – to maximize value for the benefit of all shareholders.
I believe that we, along with all Voxtur shareholders, have an aligned interest in supporting the business, building equity value, and growing the Company. I also believe that there are underutilized assets and that the corporate expense burden significantly impacts the Company's ability to fund itself. At some point, we all believed enough in the Company to invest in it; now, we must protect and enhance that value.
While Gary has demonstrated the ability to lead acquisitions, manage banking relationships, and garner support from various shareholders, I believe that Gary is not the operator we need for the next chapter. I am grateful for his contribution and effort thus far.
On the other hand, as a candidate for CEO, I will be committed to: (i) transparency in communication, (ii) accountability for results, (iii) delivering a cohesive strategy for the business (with the Board nominees proposed by the Voxtur Shareholders for Accountability), (iv) driving a culture of partnership and collective enrichment, and (v) executing on a growth plan for Voxtur.
In closing, I am ready to work for all shareholders and rebuild the trust and focus that have been a cornerstone of employee engagement, retention, and results at Blue Water. We need and want this for the rest of Voxtur, and I hope you will join the Voxtur Shareholders for Accountability in advocating for these changes.
Yours very truly,
Alan P. Qureshi
Additional Information | Information in Support of Public Broadcast Exemption
The following information is provided in accordance with Canadian corporate and securities laws applicable to public broadcast solicitations. The Voxtur Shareholders for Accountability are relying on the exemption under section 9.2(4) of NI 51-102 and section 112 (1.2) of the OntarioBusiness Corporations Act to make this public broadcast solicitation.
This solicitation is being made by the Voxtur Shareholders for Accountability and not by or on behalf of the management of Voxtur. The registered office address of Voxtur is located at 543 Ridout Street N, London, Ontario, Canada, N6A 2PB.
The Voxtur Shareholders for Accountability have filed this press release containing the information required by section 9.2(4)(c) of NI 51-102. On June 19, 2024, the Voxtur Shareholders for Accountability filed the Information Document containing the information required by section 9.2(6) of NI 51-102 and Form 51-102F5 - Information Circular in respect of the Shareholder Nominees on the Company's profile on SEDAR+ at www.sedarplus.ca.
The Voxtur Shareholders for Accountability may solicit proxies in reliance upon the public broadcast exemption to the solicitation requirements under applicable Canadian corporate and securities laws, conveyed by way of public broadcast, including through press releases, speeches or publications, and by any other manner permitted under applicable Canadian laws. All costs incurred for the solicitation will be borne by the Voxtur Shareholders for Accountability.
Disclaimer
The information contained or referenced herein is for information purposes only in order to provide the views of the Voxtur Shareholders for Accountability and the matters which the Voxtur Shareholders for Accountability believe to be of concern to shareholders described herein. The information is not tailored to specific investment objections, the financial situations, suitability, or particular need of any specific person(s) who may receive the information, and should not be taken as advice in considering the merits of any investment decision. The views expressed herein represent the views and options of the Voxtur Shareholders for Accountability, whose opinions may change at any time and which are based on the analyses of the Voxtur Shareholders for Accountability.
This press release contains forward-looking information within the meaning of applicable securities laws. In general, forward-looking information refers to disclosure about future conditions, courses of action, and events. Forward-looking information in this press release may include, but is not limited to, statements of Voxtur Shareholders for Accountability regarding (i) the AGSM, including the intention of the Voxtur Shareholders for Accountability to solicit proxies in connection therewith, (ii) the proposed reconstitution of the Board, (iii) the future of the Company and (iv) matters relating to the Company, including its business, operations, financial condition and strategic plan. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the use of any of the words "anticipates", "believes", "expects", "intends", "plans", "will", "would", and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations of the Voxtur Shareholders for Accountability and currently available information. Forward-looking statements are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. The Voxtur Shareholders for Accountability undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities legislation.
