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Technology Company Ubiquity, Inc. and Interim CEO, Chris Carmichael Stay Focused on Financial Reporting in Spite of Shareholder Criticism

ACCESSWIRE

By Ubiquity Inc.

IRVINE, CA / ACCESSWIRE / July 28, 2017 / Ubiquity, Inc. (OTC PINK: UBIQ) (“Ubiquity” or the “Company”), is a vertically integrated, technology-focused media company. Ubiquity’s portfolio of patents and intellectual property cover virtual, augmented, mixed and immersive reality as well as the Internet-of-Things, reacted today to the false allegations made in the July 28, 2017 press release written by Rodrick (Rory) Frueh, a Ubiquity Shareholder.

In a strange twist, Mr. Frueh who initially revealed to Ubiquity’s officers in September of 2016, the plan devised by Strategic Capital Management’s (SCM) to interfere with the audits for Ubiquity Inc., is now lashing out at the officers of the company for the audits being delayed.

Ubiquity regrets that our stockholders have had to suffer due to our inability to comply with our periodic and annual reporting requirements under the Securities Exchange Act of 1934. As we have publicly stated and have advised the SEC, we will do everything reasonably necessary to become compliant.

As previously reported by Ubiquity Inc., several of the largest shareholders asked Mr. Carmichael to step back in as Interim CEO. Mr. Carmichael, one of the largest creditors of Ubiquity and one of its larger shareholders himself had reservations about resuming the role. Carmichael agreed to step back into the role of chief executive, as the interim CEO, as part of the Ubiquity plan to restructure the company, resolve the outstanding note holder debt, fortify its management organization and restore timely financial reporting.

Since resuming the role as Interim CEO less than 30 days ago, the company has begun the process of becoming compliant in its financial reporting, filing its 10K for the period ending December 31, 2015 on June 23, 2017and its 10Q for the period ending March 31, 2016 on July 12, 2017. In addition Ubiquity successfully resolved a $7.7 million dollar default judgement by Gerald D.W. North in Illinois. The case against Ubiquity was dismissed for lack of personal jurisdiction over the defendant. Ubiquity argued that the court in Illinois, where the suit was filed, had no jurisdiction, as the contract was entered into in California.

Although Frueh has admitted that Ubiquity plans to hold a shareholder meeting once it is filings have been completed, he assails against Carmichael, and now has added Jordan and Garrison. Once again Frueh is attempting to support his unfounded allegations by attempts to discredit Ubiquity as much of his article is about the troubles of attorney Greg Jaclin whose legal issues have nothing to do with Ubiquity, its officers or directors and the resignation of its interim CEO Nicholas Mitsakos in August of 2016. Although neither Mr. Jaclin’s nor Mr. Mitsakos legal troubles have anything whatsoever to do with Ubiquity, many attempts, including the most recent attempt by Mr. Frueh, have been made to discredit Ubiquity and its management by these events.

Mr. Carmichael said, “I am as frustrated as Mr. Frueh is. Ubiquity cannot be diverted by the contentious claims of Mr. Frueh. Ubiquity must simply work towards the solutions rather than concentrate our efforts on the culprits who caused the prior delays. We are steadfast in our resolve to move forward and become fully compliant in our financial reporting.”

“I am shocked by Mr. Frueh’s comments in the press since he painstakenly detailed.

“I am disappointed with Mr. Frueh’s actions and am confused after previously listening to Mr. Frueh’s lengthy description of Strategic Capital Management’s plan to intentionally delay Ubiquity’s filings and discredit Ubiquity’s officers and directors,” stated Brenden Garrison.

“Mr. Frueh’s personal declaration about this matter speaks for itself,” stated Connie Jordan.

For accurate information or copies of the Ubiquity filings Shareholders are encouraged to contact the company at (949) 489-7600.

About Ubiquity

Based in Irvine, CA, Ubiquity is a vertically integrated, technology-focused media company. Ubiquity’s portfolio of patents and intellectual property covering virtual, augmented, mixed and immersive reality as well as the Internet-of-Things.

To find out more, visit our website at www.ubiquitycorp.com.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. In some cases, you can identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” “will,” “would” or the negative of these terms or other comparable terminology. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated, including, without limitation, the fact that: we are delinquent in filing our Form 10-K Annual Reports with the SEC and our required quarterly reports since September 30, 2015; our potential inability to raise additional funding as required to execute our business plan; the potential that our common stock may be permanently delisted from trading as a reporting company under the Exchange Act; the possibility that our creditors may sue on defaulted notes in excess of $3.0 million which could cause us to seek relief under the federal bankruptcy law; and the possibility that our common stock may never trade on any recognized securities exchange These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

Contact:
(949) 489-7600

SOURCE: Ubiquity Inc.

ReleaseID: 470004