Technology Company Ubiquity, Inc. and Interim CEO, Chris Carmichael Refute Unfounded Claims by a Shareholder
Irvine, CA Ubiquity, Inc. (OTCBB: 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 17, 2017 press release written by Rodrick (Rory) Frueh, a Ubiquity Shareholder.
Mr. Frueh who falsely claims that he is the holder of the majority of the shares in Ubiquity Inc., (whose holdings are actually 4.21%) and that he was somehow coerced into signing a “statement of support” for Mr. Carmichael’s appointment as Interim CEO, signed by Frueh May of 2017. This unfounded allegation comes almost 2 months after Frueh freely endorsed the re-appointment and the publication of the 8K and press release on June 22, 2017. One can only speculate as to why so much time has passed since Frueh signed the document in May and the subsequent 8K was filed on June 22, 2017 and Frueh is now making these unfounded allegations.
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.
Mr. Frueh, who frequently drops by the Ubiquity offices in Irvine CA, has been one of Carmichael’s largest supporters. The conversations surrounding the reappointment began in mid-May after Frueh met personally with the company’s auditors and sent a text message of support and encouragement to Mr. Carmichael who was considering the reappointment. Mr. Garrison said “Mr. Frueh personally reviewed and signed the document in support of the move to appoint Mr. Carmichael to Interim CEO. He then offered a quote for the press release that would be filed with the 8K to be incorporated into the release.” Mr. Garrison went on to say “I followed up with Mr. Frueh in an e-mail to ensure the quote was correct and asked for any edits he might have.” Garrison went on to explain. “Frueh had ample opportunity and time to express any miss-giving’s he might have had prior to the filing of the 8K and press release on June 22, 2017.” Mr. Frueh’s support came as no surprise to Ubiquity and is staffers, as Mr. Frueh has willingly provided assistance and affidavits in other matters concerning Ubiquity.
Under section 302 of the Securities and Exchange Commission’s Sarbanes-Oxley act of 2002 the CEO and CFO of the company are required to sign the company’s annual 10-K report.
Attempting to support his unfounded allegations against Mr. Carmichael, Frueh 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 have referred Mr. Frueh’s unfounded allegations to counsel for review. Ubiquity cannot be distracted by the unfounded allegations of Mr. Frueh. We have challenging issues to solve which require serious attention and the Ubiquity team has to stay focused and not become distracted by those who seek to impede our progress.”
For accurate information or copies of the Ubiquity filings Shareholders are encouraged to contact the company at (949) 489-7600.
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.
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.
Source: Ubiquity Inc.
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