Quisitive Acknowledges Announcement of Shareholder Intention to Requisition Meeting

TORONTO, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Quisitive Technology Solutions, Inc. (“Quisitive” or the “Company”) (TSXV: QUIS), a premier Microsoft Solutions Provider and Payment Solutions Provider, acknowledges the announcement made by certain shareholders, including Shawn Skelton, Elmcore Group Inc. c/o Felix Danciu, Jason Hardy and Scott Hardy (the “Dissident Shareholders”), that they intend to requisition a special meeting of the Company’s shareholders (the “Special Meeting”).

Quisitive cautions all shareholders that it has not yet received any formal requisition for a Special Meeting from the Dissident Shareholders. However, the announcement by the Dissident Shareholders indicates that such requisition will be to consider the replacement of three of the five current members of the Board of Directors of the Company (the “Board”). To be successful, the Dissident Shareholders will require the approval of a special majority of 2/3 of the votes cast at the Special Meeting.

The Company also announces that it has a special committee comprised of independent directors (the “Special Committee”) and the Special Committee will supervise the process to ensure that any action taken regarding the Dissident Shareholders’ concerns is in the best interests of the Company. The Special Committee has also engaged William Blair & Company, LLC as financial advisor to assist in its review of strategic alternatives available to the Company.

Both the Company and the Board remain committed to constructive dialogue and engagement with all shareholders. The Company has repeatedly tried to engage the Dissident Shareholders in a constructive dialogue about the best interests of the Company since they were first made aware of their concerns on September 15, 2023. However, the Dissident Shareholders have refused to engage in any meaningful discussions and have instead demanded control of the Board. The Dissident Shareholders rely upon their own unwillingness to engage in meaningful discussions to support a claim of entrenchment. The Board wishes to clarify that such a claim is categorically false. The Board had advised that all strategic directions would be considered in the context of a discussion, if the Dissident Shareholders will show up to talk; they have not.