Glance Sets Record Straight in Response to Dissident Circular

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WARNS SHAREHOLDERS ABOUT DISSIDENTS’ BANKRUPTCY AND INSOLVENCY RECORDS TERMINATES DISSIDENT SPIROS MARGARIS AS A GLANCE ADVISOR VANCOUVER, B.C., May 16, 2018 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (CSE:GET.CN) (OTCQB:GLNNF) (FKT:GJT) (“Glance” or the “Company”) today set the record straight with regard to a news release and proxy circular filed on May 11, 2018 by dissident Penny Green (the “Dissident Circular Materials”). The Dissident Circular Materials once again demonstrate that Ms. Green cannot be relied on for full, true and plain disclosure. “Glance can continue to create real value for shareholders with Glance’s current management under the supervision of Glance’s five highly qualified nominees for the Board,” said Desmond Griffin, Chief Executive Officer. “We are strengthening our technology team, expanding internationally, and focusing on a tiered Software as a Service subscription monthly revenue strategy along with our strategy to generate revenue from advertising, promotions, transaction fees, license fees and our blockchain platform.” Bankruptcies and the termination of Mr. Margaris’ advising relationship Glance cautioned shareholders that the majority of Ms. Green’s dissident nominees have served as directors of companies that went bankrupt or became insolvent during their tenure. Moreover, none of them have disclosed experience in software development. Other than Ms. Green, none of them are shareholders. It would be a risky proposition for Glance to have a Board consisting of nominees with a history of corporate insolvencies, combined with Ms. Green’s established cursory due diligence, excessive spending, disclosure irregularities and proclivity for expensive stock promotion. Glance also announced that it has terminated dissident nominee Spiros Margaris as a Glance advisor for a number of reasons, among them his failure to advise Glance that he was a director of a company that became insolvent during his tenure. Glance has uncovered this material fact through its own due diligence; it was not included in the Dissident Circular Materials or disclosed directly by Mr. Margaris. Mr. Margaris has not provided advice to Glance for a number of months. It has also become evident that Mr. Margaris has close business associations with an individual who has been disciplined by Canadian securities regulators. Glance’s nominees have excellent qualifications Glance urges shareholders to vote for the Company’s five nominees, who have excellent qualifications and more than 50 board years of collective experience as directors of publicly traded companies. Glance’s nominees also have deep collective experience in Software as a Service (“SaaS”), Glance’s technology category. For board renewal, Glance has nominated a new candidate, Steven Cadigan, a former VP Talent for LinkedIn Corporation. Through his long and successful career in human resources for technology companies, and his deep relationships in Silicon Valley, he brings significant value to the Board of Directors of the Company (the “Board”) that none of the dissident nominees have. For continuity, Glance has also nominated four incumbent directors including: Mr. Griffin, a co-founder of Glance who originally developed the intellectual property that forms the core of Glance’s software technology. He has a track record of success at Glance and before that as the CEO of the mobile payments company PayByPhone; Kirk Herrington (Chair of the Board); an expert in computer software and technology business strategy; James Topham, a former KPMG technology audit partner; and Larry Timlick, with more than 25 years of sales leadership roles in the technology sector. Unlike the dissident nominees, Glance’s nominees have not served as directors of companies that went bankrupt during their tenure. Glance has the right strategy Contrary to the Dissident Circular Materials, Glance has the right strategy and vision, which is to create value for shareholders by developing, as quickly and efficiently as possible, Glance’s cutting-edge software technology and related business. Glance also has the ability to enter new vertical markets and develop early-stage revenue from those vertical markets, with agreements to license its technology to third parties. The technology, Glance Pay, has the potential to serve a large international market and Glance is convinced it will deliver significant value to shareholders. Among recent progress, Glance has: Strengthened its technology team with recent senior hires of employees formerly with such companies as Microsoft, Electronic Arts and Just Eat, an on-line food order and delivery service; and Announced signing multiple merchants in San Jose, California and has announced new office openings in London, U.K. and Melbourne, Australia, demonstrating its international commitment. Central to Glance’s technology development is a new version of an app that allows merchants to self-provision Glance’s services on their own mobile devices, w...