***ALERT**** Pyng Technologies (PYT.V, PYNGF)****
VOTE NO ON THE ESCROW SHARE EXTENTION MAKE YOUR VOTE COUNT DON'T THOW AWAY YOUR PROXY
Please contact anyone that you know owns Pyng and personally explain the importance of the vote.
Also please go to hometown.aol.com and register so in the future the minority shareholders can contact you when items like this escrow share issue come up and you need to be informed. Encoruage your friends to register. We can be a powerful voice is we speak as one.
The reason this vote is significant is if the escrow shares expire Mike Jacobs will not be in control and will not be able to force his will on the shareholders he will have to work through the Board of Directors and shareholders. And the outstanding shares will be reduced by 3.75MM shares. Do not worry about Mike resigning he has a pretty big stake in Pyng with out the escrow share (300,000 shares were attained 1 week before the US Army's big announcement). So he is not going anywhere.
Judy and David have nothing to do with the Escrow Shares Mike Jacobs is the only Pyng management person involved.
In the following excerpt the Proxy would lead a reasonable person to believe that Judy Findlay and David Johnson are some how associated with the Esrow share issue that you are being asked to approve. THEY ARE NOT. This is clever ploy by Mike to trick shareholders into believing that if the ESCROW SHARES are not extended we risk losing Judy and David because they will no longer have an incentive to work for the success of Pyng. This total bull_hit they have no stake in the escrow issue. So I am asking all Pyng shareholders to Vote against the extension and return your proxy naming ED RICHMOND as your representative at the AGM. I would like to volunteer to keep a running total of the shares that will vote against the ESCROW EXTENTION. If you plan to vote against the escrow extension please email me at pyngmed@aol.com and I will report back the number of shares that I know will oppose.
I believe that 90% of disinterested shareholder would vote against this amendment if they could be contacted and understood the implication of this vote. Voting is easy for US shareholders just go to www.proxycanadavote.com and input your 12 digit control number found on the top right hand corner of your address label attached to the bottom left of the proxy sheet. To designate Edward Richmond as your proxy representative at the actual meeting you must also fax your actual completed proxy in to CIBC Mellon at 604-688-4301 by 3/14/03.
Excerpt from the Proxy:
In the event that the shareholders fail to approve the proposed amendment to the Escrow Agreement, the
Escrow Shares will be cancelled on May 10, 2003, the result being that the number of shares outstanding
will be reduced from 12,219,083 to 8,469,083. This will have the effect of increasing each shareholder’s
proportionate interest in Pyng Technologies; however, it will also result in management losing control of
Pyng Technologies as the Escrow Shares, while not tradable, do carry a vote. Management, in particular
Michael Jacobs, David Johnson and Judy Findlay, have led the Pyng companies to the successes to date.
It is this team of individuals that is needed to drive the Pyng companies into the future. |
