|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.
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningful and actionable insights. In his session at @ThingsExpo, Paul Turner, Chief Marketing Officer at...
Nov. 30, 2015 01:45 PM EST Reads: 431
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, demonstrated examples of com...
Nov. 30, 2015 01:45 PM EST Reads: 426
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment process from development to production scenarios using Docker containers.
Nov. 30, 2015 01:12 PM EST
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 30, 2015 01:00 PM EST Reads: 536
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 30, 2015 12:45 PM EST Reads: 342
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them to design hosted applications.
Nov. 30, 2015 11:45 AM EST
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and technology requirements that will drive the Internet of Things from hype to reality.
Nov. 30, 2015 10:45 AM EST Reads: 462
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessions, I wanted to share some of my observations on emerging trends. As cyber security serves as a fou...
Nov. 30, 2015 10:30 AM EST Reads: 353
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now all corporate assets – people, objects, and spaces – can share information about themselves and thei...
Nov. 30, 2015 10:00 AM EST Reads: 290
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Yet a closer inspection at the data reveals less than half of these cloud projects involve production...
Nov. 30, 2015 09:00 AM EST Reads: 506
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true change and transformation possible.
Nov. 30, 2015 08:00 AM EST Reads: 565
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" in this scenario: microservice A (releases daily) depends on a couple of additions to backend B (re...
Nov. 30, 2015 07:00 AM EST Reads: 468
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 30, 2015 07:00 AM EST Reads: 382
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application delivery by allowing increasingly popular Mobile Backend-as-a-Service (mBaaS) platforms to quickly crea...
Nov. 30, 2015 06:00 AM EST Reads: 388
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound effect on the world, and what should we expect to see over the next couple of years.
Nov. 30, 2015 05:30 AM EST Reads: 494
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, wil...
Nov. 30, 2015 04:00 AM EST Reads: 608
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNub’s Data Stream Network.
Nov. 30, 2015 04:00 AM EST Reads: 350
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk was on IBM Cloudant, Apache CouchDB, and ...
Nov. 30, 2015 03:45 AM EST Reads: 440
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context with p...
Nov. 30, 2015 02:00 AM EST Reads: 449
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Nov. 30, 2015 02:00 AM EST Reads: 451