|By Marketwired .||
|December 24, 2012 10:36 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/24/12 -- AuRo Resources Corp. (TSX VENTURE:ARU) -
The new AuRo management hereby responds to the dissident press release and Information Circular issued by the 'concerned shareholder', Mr. David Elliott.
The current new AuRo Management team wishes to reinforce their recommendation to vote in favor of the management director nominations, specifically: Mr. Len Davies, Mr. Douglas Dray, Mr. Mark Lawson and Mr. Mario Concha who have the experience and are committed to attracting a proven team of professionals to AuRo in order to maximize the property assets which we believe are extraordinary.
Management warns current shareholders that Mr. Elliott's group is responsible for putting into place the previous AuRo management, including Mr. John Gomez who was in charge of the company and responsible for the decisions that resulted in the problems that Mr. Elliott is complaining about.
AuRo Management wants to remind shareholders to vote their Management proxy in favor of the Management agenda items prior to 10 am (PST time) on Dec 31, 2012. Shareholder should disregard and NOT vote the dissident (green) proxy.
AuRo advises that a formal Court hearing was held on Friday December 21, 2012 before the British Columbia Supreme Court at which time the application of Andrew Williams, a broker with Haywood Securities Inc. was dismissed entirely. Not only were the application dismissed but also the Court ordered Andrew Williams to pay the Costs of AuRo and the named Directors. Andrew Williams is an associate of David Elliott who is also a broker at Haywood Securities Inc.
Present management of AuRo believes that the Court application by Andrew Williams was intended to temporarily financially cripple AuRo in an attempt by Andrew Williams and David Elliott to influence shareholders and to cause the shareholders to vote for directors nominated by David Elliott under a "dissident" information circular.
Please see the separate news release dated December 24, 2012 announcing the results of the litigation.
In connection with the dissident press release and information circular, Management of AuRo wishes to refer shareholders to the following open letter which directly responds to the dissident's accusations and claims.
Dear AuRo Resources Shareholders,
On December 12, 2012 Mr. Doug Dray, AuRo's CFO had a long conversation with Mr. David Elliott.
During the conversation they both agreed that AuRo is in need of a professional and seasoned team to step forward to lead the Company. Specifically to get the money efficiently spent to determine what AuRo's huge and strategically located Colombian assets have in the ground. Both agreed that the prior AuRo management had failed to do so. Mr. Dray stated that in the short period of time since the Nov 16, 2012 Board Meeting, when the new AuRo management had taken over, they had interviewed and had numerous discussions with individuals with exceptional track records in the market and that at this moment in time there was a large and excellent selection of available candidates.
None-the-less Mr. Elliott said that he wanted the current AuRo Board to agree to put three directors of his choosing on the information circular the 'key' part is Mr. Elliott wanted the AuRo Board to agree to this without Mr. Elliott revealing who the three proposed candidates were! Mr. Dray stated that in order for the Board to fulfill their fiduciary duties they would have to know their names so that they could do their due diligence. Mr. Elliott still refused to put forth his proposed candidates. Mr. Dray at least inferred that this is a ridiculous and an impossible request and then reminded Mr. Elliott that it was his group who put into place the prior AuRo management that we replaced on November 16, 2012 and that based on that 'problem' his blind-demand was unreasonable. Mr. Dray further explained his view that great teams require some patients to assemble, not hours or days that Mr. Elliott was proposing. Mr. Dray explained the last project he was involved with for 10 years, Sydney Resources, which became West Timmins Mining and subsequently bought out by Lake Shore Gold, occurred because they attracted the likes of Darin Wagner, Frank Hallam and Michael Jones which took some time to assemble, but their patients was rewarded as the share price increased over 3,000%. Mr. Dray expressed that it is this caliber of management that AuRo's assets are worthy of and quite simply requires some time to assemble (not hours). Later that same day Mr. Dray followed up with the following email to Mr. Elliott:
"...I am please we agreed on all the important points discussed. If you'd feel comfortable I would appreciate hearing any names of individuals you'd recommend for the Board. I can hold them in confidence if you so desire.
Please feel free to contact me any time."
So now on December 19th we finally get the unveiling of Mr. Elliott's proposed Board let us take a look! Of the four Elliott-proposed directors he lists an impressive 15 companies that they are involved in. Mr. Elliott rightfully knocks the prior AuRo management even though it is his group who is responsible for putting into place the previous AuRo management, BUT at this moment the question is: is Mr. Elliott's proposed Board any better than what he last put into place in AuRo Resources? With no disrespect to the gentlemen on this list, the return on investment of the 15 companies from Mr. Elliott's proposed Board is a median DECLINE of -87% very consistent to the -88.5% of the management team that Mr. Elliott last put forth in AuRo. (See table below).
---------------------------------------------------------------------------- Close % Proposed Director High 12/20/2012 DECLINE Date of High ---------------------------------------------------------------------------- Cyrus Driver Bellhaven Copper & 0.97 0.135 -86% 12/21/2010 Gold Inc. Superior Mining 0.5 0.02 -96% 11/27/2009 International Corporation Aldrin Resource 0.99 0.05 -95% 6/1/2010 Corp. Orko Silver Corp. 3.2 2.4 -25% 4/25/2011 Mira Resources 0.78 0.145 -81% 2/14/2011 Corp. Nevada Exploration 1.02 0.125 -88% 1/8/2008 Inc. Wind River Energy 0.7 0.025 -96% 3/7/2011 Corp. Cobra Venture 0.45 0.22 -51% 3/4/2008 Corp. Far Resources 0.19 0.05 -74% 8/22/2012 White Bear 0.3 0.04 -87% 11/24/2009 Resources Dr. Antony Harwood Endeavour Mining 2.74 2.03 -26% 12/5/2011 Corporation Montero Mining and 0.75 0.095 -87% 3/17/2011 Exploration Ltd. Scott McLean Transition Metals 0.45 0.12 -73% 1/17/2012 Corp. Peter Tegart Finlay Minerals 0.95 0.095 -90% 12/13/2011 Ltd. Nortec Minerals 0.38 0.045 -88% 2/22/2011 Corporation ---------------------------------------------------------------------------- Overall Proposed -87% 'Elliott-Team' Median Return: ----------------------------------------------------------------------------
Mr. Elliott further accuses the current AuRo Management of setting the record date (Nov 5) to exclude the voting of shares that Mr. Elliott and his group purchased. This is not at all the case. This record date was set by the PRIOR AuRo Management which Mr. Elliott and his group put in place and we subsequently removed on Nov 16! AuRo's PRIOR management also supported Mr. Elliott and his group by giving them 100% of last private placement (at the exclusion of all other willing investors)! Now compare that to the current AuRo Management - yes we are doing a private placement and it is hereby open to anyone who reads this, including Mr. Elliott!
The Board has considered the Dissident Shareholder Circular and after careful deliberation determined that it is based upon false allegations and misleading and slanted information and is intended to persuade you to willingly support them under the false premise of protecting shareholder value. Shareholders are right to ask why the Dissident Shareholder waited so long to file his Dissident Shareholder Circular just days before the Meeting. Mr. Elliott is hoping to catch shareholders off-guard with his surprise attack and no doubt hopes to disenfranchise shareholders. Mr. Elliot is attempting to take over your Company without compensation to the current shareholders.
Because of the limited time before the Meeting, the Board also recommends that shareholders vote the WHITE proxy as soon as possible, prior to the final deadline for voting on Monday December 31, 2012 at 10 a.m. PST. Please disregard the green dissident proxy.
1. If you want to participate in the private placement please contact AuRo Resources at 604-842-2916. 2. If you have any questions contact AuRo Resources at 604-842-2916. 3. If you want to have a successful company which will take the time to put the great management that AuRo deserves in place, then vote for Management's Information Circular. 4. If you have questions regarding how to cast your vote please contact our proxy solicitation agent, Georgeson Shareholder Communications Canada Inc.
North American Toll Free Number: 1-888-605-8407
Email: [email protected]
Don't get fooled again by Mr. Elliott!
Len Davies, CEO & President
AuRo Resources Corp.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
AuRo Resources Corp.
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jun. 28, 2016 07:30 PM EDT Reads: 325
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Jun. 28, 2016 07:15 PM EDT Reads: 239
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jun. 28, 2016 06:30 PM EDT Reads: 262
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Jun. 28, 2016 04:30 PM EDT Reads: 888
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Jun. 28, 2016 02:00 PM EDT Reads: 1,132
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Jun. 28, 2016 01:00 PM EDT Reads: 809
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jun. 28, 2016 12:45 PM EDT Reads: 952
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Jun. 28, 2016 12:00 PM EDT Reads: 1,136
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jun. 28, 2016 10:30 AM EDT Reads: 478
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Jun. 28, 2016 10:00 AM EDT Reads: 446
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
Jun. 28, 2016 10:00 AM EDT Reads: 389
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Jun. 28, 2016 09:45 AM EDT Reads: 444
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
Jun. 28, 2016 09:30 AM EDT Reads: 1,295
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Jun. 28, 2016 08:30 AM EDT Reads: 1,221
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
Jun. 28, 2016 08:00 AM EDT Reads: 474
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Jun. 28, 2016 08:00 AM EDT Reads: 1,344
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Jun. 26, 2016 05:00 PM EDT Reads: 1,349
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Jun. 26, 2016 05:00 PM EDT Reads: 1,260
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Jun. 26, 2016 04:00 PM EDT Reads: 1,313
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Jun. 26, 2016 04:00 PM EDT Reads: 1,394