Eyecarrot Fails to Make Proper Disclosure on AGM and Continues to Hide CEO Payments

Vancouver, British Columbia–(Newsfile Corp. – July 2, 2019) – Eyecarrot Innovations Corp. (“Eyecarrot”) continues to make poor and inadequate disclosure to its investors, including in preparation of its just-announced AGM.

The Company has taken several steps that appear intended to avoid scrutiny of significant allegations being made against its management. For example, CEO Adam Cegielski has paid $756,500 to himself and his wife Maja Zdziarski, yet the Company is seeking to push through its 2019 AGM and information circular filed on Sedar on June 7th, 2019 without having an audit on its financials prepared. This is concerning as the Company has failed to disclose or provide explanation on his $756,000 paid to Mr. Cegielski and his family and has falsely reported on the information circular only $120,000 has been paid to himself. Likewise, the company has failed to report to investors in the current information circular that Adam Cegielski who purports to be the CEO of Montego Resources Inc. is cease traded. Both Adam Cegielski and Rakesh Malhotra who purportedly are officers of the Company have failed to disclose this cease trade in the information circular.

David Schmidt a former Director of Eyecarrot has also disclosed that Adam Cegielski and Rakesh Malhotra have transferred funds by as much as $250,000 either directly or indirectly to Norton Rose for legal fees regarding Montego Resources from the Eyecarrot bank account. This represents a considerable misuse of funds when taking into account the $756,000 that the Company has provided not explanation for.

At the request of dissident shareholder 1205216 B.C Ltd. and to the benefit of all Eyecarrot investors, the company has had to make the following edits prior to the AGM:

  • Eyecarrot’s Notice of Meeting and Record Date, filed on SEDAR on May 28, 2019, states that the company will neither send proxy related materials directly to NOBOs nor pay for delivery to OBOs. Failing to do so would have been in contravention of the requirements of section 2.7 of NI 54-101;
  • Eyecarrot’s articles and requirements for the nomination of directors were not filed on SEDAR. Failing to do so was in contravention of the requirements of NI 51-102, section 12.1(1)(a).

Those issues would not have been addressed but for the intervention of 1205216 B.C Ltd.

“The continued lack of disclosure and mismanagement of this Company is extremely alarming. When a Company cannot follow or brazenly disregards basic rules of disclosure and governance, it is important that the Company change it leadership,” states 1205216 B.C Ltd.

For further information, please contact 1205216 BC LTD. at [email protected].

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46022

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