AnalytixInsight Appointment of New Interim Chief Executive Officer and Corporate Update

TORONTO, April 17, 2024 (GLOBE NEWSWIRE) -- AnalytixInsight Inc. (“AnalytixInsight”, or the “Company”) (TSX-V: ALY) announces the appointment, effective immediately, of Scott Urquhart as the Company’s interim President and Chief Executive Officer. Mr. Urquhart replaces the Company’s former Interim President and Chief Executive Officer, Natalie Hirsch, whose employment with the Company has been terminated, effective immediately.

This news release was unanimously approved by a majority of the Board of Directors of the Company (the “Board”) at a duly called and conducted meeting of the Board held earlier today. Such meeting was attended by three of the Company’s five directors, constituting a quorum and the majority of the Board, namely Chaith Kondragunta, Jith Veeravalli and Prakash Hariharan.

At today’s meeting, the Board received an interim report and recommendations of the special review committee of the Board formed on April 11, 2024 (the “Special Review Committee”). As disclosed in the Company’s news release dated April 12, 2024, the Special Review Committee has been mandated to investigate certain management and governance issues alleged or identified through recent activities at the Company. The Special Review Committee consists of Messrs. Kondragunta and Veeravalli.

At today’s meeting, the Board resolved to terminate, effective immediately, Natalie Hirsch’s employment with the Company for cause. Such termination was recommended to the Board by the Special Review Committee, based upon its unanimous view that it was untenable, and contrary to the best interests of the Company, to permit Ms. Hirsch to remain employed by the Company in circumstances where she has been ignoring Board instructions and issuing unauthorized and misleading public disclosure related to the Company, contrary to the Board’s written instructions.

The appointment, effective immediately, of Mr. Urquhart as the Company’s interim President and Chief Executive Officer was also unanimously recommended by the Special Review Committee. Mr. Urquhart’s appointment is subject to acceptance by the TSX Venture Exchange of his personal information form.

Mr. Urquhart served as the Company’s Vice President of Corporate Development for seven years until June of 2023. Prior to that, Mr. Urquhart held several roles in finance and M&A, including as Vice President, Investment Banking at a Canadian investment banking and securities brokerage firm. Mr. Urquhart’s significant experience in the capital markets, M&A, operations, marketing and sales, combined with his background and knowledge of the Company and its business, make him uniquely well positioned to lead the Company through this transition.