Business
Wi2Wi Settles Garnishment Proceedings with Former CEO
TORONTO, ON / ACCESSWIRE / May 23, 2019 / Wi2Wi Corporation ("Wi2Wi" or the "Company"), anno...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Settles Garnishment Proceedings with Former CEOTORONTO, ON / ACCESSWIRE / May 23, 2019 / Wi2Wi Corporation (\"Wi2Wi\" or the \"Company\"), announces that the garnishment proceedings initiated against it by its former CEO have been settled. The garnishment proceedings were commenced following the decision of the Supreme Court of Canada in Wilson v. Alharayeri, 2017 SCC 39 holding two former Wi2Wi directors personally liable for corporate oppression. On October 29, 2018, Ontario Superior Court has ruled in favor of the Company's former CEO in garnishment proceedings against Wi2Wi and ordered the Company to pay the sum of CAD 962,219.63 plus accrued interest to the Sheriff in the city of Toronto pursuant to the notice of garnishment (the Ontario Court Decision). The former directors are no longer affiliated with Wi2Wi.As part of the settlement Wi2Wi agreed to pay a lump sum of CAD 500,000 and, subject to regulatory approval, issue 4,000,000 common shares from treasury at a deemed price of CAD0.075 per common shares to its former CEO. For further information, please contact:Dawn LeederChief Financial Officer608 203 [email protected] TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About IoT and M2MEssentially, IoT and M2M describe the network of physical objects or \"things\" embedded with electronics, software, sensors, and network connectivity, which enables these objects to collect and exchange data. Driven by several factors including the growth in the availability of Broadband Internet, which reduces the cost of connecting, and the related increase in Wi-Fi capabilities as well as sensors built into myriad technologies, this has been described as the \"perfect storm\" for the IoT. Almost any device with an on and off switch that can be connected to the Internet (and/or to each other) - anything from cell phones, coffee makers, washing machines, headphones, lamps, wearable devices, cars, as well as machine components in the engine of a jet airplane or the drill of an oil rig. According to analyst firm Gartner, by 2020 there will be over 26 billion connected devices. Others think this figure could be too conservative by a factor of four.About Wi2Wi CorporationWi2Wi is a ver...