Glance Warns That Shareholder Value Was Entirely Wiped Out in a Technology Company Chaired by Dissident Monique Imbeault

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VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (CSE:GET.CN) (OTCQB:GLNNF) (FKT:GJT) (“Glance” or the “Company”) today warned that shareholder value was entirely wiped out in the bankruptcy of the Canadian technology company XL-ID Solutions Inc. (“XL-ID”), for which dissident nominee Monique Imbeault was Chair of the Board.

In this news release Glance is providing details of the XL-ID bankruptcy that were omitted from a proxy circular filed on May 11, 2018 by dissident leader Penny Green (the “Dissident Circular”). Glance believes the details are important for its shareholders as they cast their votes in the contested election for Glance’s Board of Directors.

With regard to Ms. Green’s trading allegations, they are not supported by the facts. As Glance has previously stated, this is a red herring declaration and it should not distract shareholders from Ms. Green’s with regard to her Glance share ownership. Glance will discuss the matter in detail later in this news release.

Glance shareholders should carefully consider the implications of Ms. Green’s imperfect disclosure in this proxy contest on behalf of herself and her dissident nominees. With that track record, can shareholders rely on them to provide full, true and plain disclosure about Glance?

The bankruptcy of XL-ID (the “Imbeault XL-ID Bankruptcy”) took place less than two years after XL-ID went public on the TSX Venture Exchange. XL-ID announced its intention to file a bankruptcy proposal after citing a continued deterioration of its “precarious liquidity and financial position” as well as continued “negative operating cash flows, ongoing working capital deficits and cash shortfalls.”

In the Imbeault XL-ID Bankruptcy, all outstanding shares of XL-ID were effectively “cancelled for no consideration” according to a Material Change Report filed by XL-ID on February 13, 2014. The report adds “Trading in XL-ID shares has been halted, and XL-ID will be delisted from the Exchange and will apply to cease to be a reporting issuer shortly.”

Glance notes with concern that Ms. Imbeault played a dual role in the Imbeault XL-ID Bankruptcy. In addition to being Chair of XL-ID, she was Chief Executive Officer of the sole secured creditor of XL-ID. Her dual role was not disclosed in the Dissident Circular and is important because the interests of shareholders and creditors are not aligned in a bankruptcy.

How can Glance shareholders be confident that they would not share the fate of XL-ID shareholders with the dissident nominees at the helm? The risk is clear, given the dissident nominees’ history of corporate insolvencies combined with Ms. Green’s established cursory due diligence, excessive spending, disclosure irregularities and proclivity for expensive stock promotion.

As Glance has noted, in this proxy contest most of the dissident nominees have served as directors of companies that went bankrupt or became insolvent during their tenure. None of Glance’s nominees have done so.

The Dissident Circular states that the creditors of XL-ID “overwhelmingly voted to accept” the Imbeault XL-ID Bankruptcy proposal. On a separate page, as if there was no connection to the Imbeault XL-ID Bankruptcy, the Dissident Circular lists Ms. Imbeault as “” CEO of General Financial Corporation (“GFC”).

What is missing from Dissident Circular, and what Glance uncovered by researching the Imbeault XL-ID Bankruptcy, is the following:

Certain key facts about Glance’s financing announcement last November support a conclusion that Glance’s Chief Executive Officer Desmond Griffin and director Larry Timlick acted appropriately with regard to their trading. Ms. Green was aware of these key facts last November, but she omitted them from the Dissident Circular and her news release dated May 16, 2018.

Given these key facts, Glance can state with confidence that Mr. Griffin and Mr. Timlick acted appropriately with regard to their trading. At the same time, Glance is concerned that Ms. Green would devote an entire news release to the trades while omitting these key facts.

In a news release dated May 16, 2018, subsequent to the Dissident Circular, Ms. Green attempts to distinguish herself as a buyer of Shares while criticizing Mr. Griffin and two other insiders for selling Shares. Meanwhile Ms. Green omits that:

Ms. Green also criticizes Glance’s Chief Technology Officer Angela Griffin for her trades, but mistakes the date. SEDI filings show that Ms. Griffin’s trades were on November 28, 2017, after the announcement of the Bought Deal.

Ms. Green has remained silent about Glance’s criticism except for claiming ignorance of Glance’s trading blackout policy and accusing Glance of laying a “trap” for her by secretly implementing that policy. The truth, as disclosed by Glance (but not by Ms. Green), is that the policy was approved by the Board with Ms. Green in attendance.

Ms. Green’s May 16, 2018 news release is the second she has issued since the start of the proxy contest in which she proclaims herself as a buyer of Shares while omitting her much larger sales of Shares. Out of fairness to shareholders, Glance believes Ms. Green should have mentioned her sales as well as her purchases.

Glance has never criticized Ms. Green simply for having sold Shares. Subject to compliance with Glance’s policies and applicable securities laws, officers and directors are entitled to do so. But Glance has criticized Ms. Green for not providing full, true and plain disclosure about her changes in Glance ownership. Glance stands by that criticism.

Glance urges shareholders to read its proxy fight materials filed on SEDAR (www.sedar.com) and on Glance’s website at and then vote only the proxy Glance’s five nominees. 

If Ms. Green’s dissident nominees are elected, it would be a risky proposition for Glance to have a Board consisting of nominees with a history of corporate bankruptcy, combined with Ms. Green’s established cursory due diligence, excessive spending, disclosure irregularities and proclivity for expensive stock promotion.

The choice is clear. Protect your investment.

Vote only the form of proxy well in advance of the proxy voting deadline on June 8, 2018 at 2:00 p.m. (Pacific time).

Shareholders with questions about voting their Shares should contact DF King at 1-855-487-9247 (toll free) or by email at . The meeting will be held at 1200 Waterfront Centre, 200 Burrard Street, Vancouver, British Columbia, on June 12, 2018, at 2:00 p.m. (Pacific Time).

Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards and interact with merchants. Glance offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing.  Glance has also recently purchased a blockchain solution and is working on a rewards-based cryptocurrency.

For more information about Glance, please go to

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Globe Newswire: 15:51 GMT Friday 18th May 2018

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