Business
American Aires Inc. Announces Business Continuity and Governance Actions Following Special Committee Review
Toronto, Ontario--(Newsfile Corp. - August 29, 2025) - American Aires Inc. (CSE: WiFi) (OTCQB: AAIRF) (the "Company") today announced that its Board of Directors (the "Board") convened a Special Committee (the "Special Committee"), consisting of all directors other than Mr. Dimitry Serov ("Dimitry"), to review matters relating to Dimitry, the Company's Founder, President and Chief Product Officer, and a director of the Company.Preliminary FindingsThe Board has determined, that Dimitry engaged in
About this update from American Aires, Inc.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - August 29, 2025) - American Aires Inc. (CSE: WiFi) (OTCQB: AAIRF) (the "Company") today announced that its Board of Directors (the "Board") convened a Special Committee (the "Special Committee"), consisting of all directors other than Mr. Dimitry Serov ("Dimitry"), to review matters relating to Dimitry, the Company's Founder, President and Chief Product Officer, and a director of the Company.","length":475,"tagName":"p"},{"type":"text","content":"Preliminary Findings","length":20,"tagName":"p"},{"type":"text","content":"The Board has determined, that Dimitry engaged in serious misconduct and breach of his fiduciary duties and obligations as director and officer of the Company. More particularly, the Special Committee's investigation confirmed, among other things, that:","length":257,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"the Company was caused to make improper payments for consulting services to Mr. Igor Serov ("Igor"), Dimitry's father and a former consultant of the Company, after Igor's death on January 30, 2021, with such funds diverted for the benefit of Dimitry;","length":268,"tagName":"p"}]},{"val":[{"type":"text","content":"certain Company disclosures to the public regarding intellectual property ownership were false or misleading due to the unlawful actions of Dimitry;","length":148,"tagName":"p"}]},{"val":[{"type":"text","content":"Dimitry misappropriated intellectual property for personal benefit and against the best interests of the Company; and","length":117,"tagName":"p"}]},{"val":[{"type":"text","content":"Dimitry concealed that his wife, Jelena Tkačenko, held a 50% ownership interest in UAB Technano ("Technano"), the Company's exclusive manufacturer in Lithuania. By failing to disclose this arrangement, Dimitry created an undisclosed conflict of interest and positioned himself to receive economic gain on both sides of the Company's transactions with Technano.","length":378,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":911,"olType":false},{"type":"text","content":"(collectively, the "Misconduct").","length":43,"tagName":"p"},{"type":"text","content":"Despite the Misconduct, the Company confirms its business operations remain unaffected by...