PesoRama has a proven and vetted team that has placed the company on a solid path to further succeed. The Dissidents threaten this progress with vague promises.
Vote using only Management's YELLOW Proxy by 1:00 p.m. (Calgary Time) on Monday, December 7, 2020.
For more information or if you require voting assistance, contact PesoRama's proxy solicitation agent, Laurel Hill Advisory Group at 1 (877) 452-7184 or by email at firstname.lastname@example.org. Visit www.pesorama.ca for more information.
Calgary, Alberta--(Newsfile Corp. - December 5, 2020) - PesoRama Inc. ("PesoRama" or the "Corporation") is pleased to announce its recent positive achievements have placed the Corporation in a solid position for long-term growth. The current management team has been able to flourish and achieve this without the obstructions and self-serving interference of Rahim Bhaloo, the Corporation's former CEO who was terminated for cause. It was Mr. Bahloo who stalled PesoRama's growth and in his absence the Corporation has thrived.
Unfortunately, Mr. Bhaloo is threatening PesoRama's positive progress by making grandiose and empty promises to gain control of the Corporation once again. Should Mr. Bahloo take over, shareholders will be left with an empty shell. The executive team and many other employees have indicated they will not work with Mr. Bahloo and refuse to be placed in a volatile working environment again.
Vote for a Proven Team That Has and Will Continue to Deliver
When making a voting decision, shareholders should consider the following facts that the current management team offers and has executed on.
✓ Strength of PesoRama's Management Team. The current management team of proven operators has successfully established itself in Mexico. This team posses well-respected Canadian expertise and approaches to discount retail which distinguishes it from all existing competitors in Mexico and Latin America.
✓ Successful Retail Expansion. The strong leadership and hard work of PesoRama's management team contributed to the Corporation persevering throughout the challenges brought on by COVID-19. Instead of reversing course and closing stores during the hard times that have impacted communities and the business world, PesoRama grew and pursued the opening of eleven stores, including 3 new stores in the last five weeks. In addition, store sales are returning to pre-COVID projected levels.
✓ Management's Solid Plan Benefits of ALL Shareholders. The PesoRama team is committed to delivering and optimizing shareholder value including financing and listing options, and further retail expansions. These objectives are in place and will only be implemented at the right time and in the best interests of shareholders.
✓ The Dissidents Threaten PesoRama's Positive Momentum with Empty Promises and an Unknown Team
PesoRama's growth was stalled under Mr. Bhaloo's leadership and tenure; he had no meaningful involvement in PesoRama's successes. After his termination, PesoRama has flourished; however, Mr. Bhaloo's latest actions threatens PesoRama's advancement to the detriment of shareholders once again. Shareholders should consider the following concerns that Mr. Bhaloo has failed to disclose.
x Uncertain and Dilutive Strategy. Mr. Bhaloo is pushing for a flawed, uncertain, and unviable strategy that if implemented, will seek to dilute and significantly prejudice shareholders.
x Conflicted Dissident Board Serving Only Mr. Bahloo's Interest. Voting for the dissident board slate is effectively the same as voting exclusively for Mr. Bhaloo. The dissident board slate lacks necessary independence and governance. One nominee is Mr. Bhaloo's "yes" man who rubber stamps his financial misdeeds, and two others are his paid lawyers. Mr. Bhaloo's hand-picked slate lacks necessary independence and will only serve to enhance his own interests to self deal and enrich himself at the expense of all shareholders, as he has done in the past leading to his termination with cause. Shareholders must question whose interests this dissident slate will serve.
x Mr. Bhaloo's Failed Listing Track Record. Mr. Bhaloo's failed track-record includes two failed listing attempts to successfully complete a listing while acting as PesoRama's CEO. Mr. Bhaloo makes lavish promises but provides no concrete plan on how to execute them. Without a definitive plan, shareholders cannot trust Mr. Bhaloo's empty promises.
x Phantom Dissident Executive Team. Mr. Bhaloo has indicated that he has an experienced team in Mexico; however, he has yet to identify his team by name, or disclose their credentials to shareholders. An inexperienced team, with no established expertise and track record, will surely fail in its attempts to steward PesoRama and manage its complexities.
x Loss of PesoRama's Executive Team. PesoRama's operational stability and forward progress will be jeopardized should Mr. Bhaloo return to PesoRama in any capacity. The current executive team, which is responsible for all of PesoRama's growth and operational leadership, have expressed their unwillingness to work with, or for, Mr. Bhaloo and have indicated they will immediately depart PesoRama if he is allowed to rejoin the Corporation in any capacity.
Vote Today to Protect Your Investment in PesoRama
The management nominees have a far greater stake and interest in PesoRama's future and forward success than the Dissident Nominees. They have the interests of ALL shareholders.
Vote via the internet, by fax or by telephone as applicable, by following the instructions found on your YELLOW proxy or voting instruction form. The proxy voting deadline is 1:00 p.m. (Calgary time) on Monday, December 7, 2020. Shareholders who have previously voted using the Dissidents' proxy or voting instruction form, but now wish to support the Management nominees, have the right to change their vote by simply recasting their vote using the YELLOW proxy or voting instruction form.
For More Information or Voting Assistance, Please Contact the Corporation's Proxy Solicitation Agent:
Laurel Hill Advisory Group
Toll-Free in North America: 1-877-452-7184
Outside North America: 1-416-304-0211
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69608