Voxtur Shareholders for Accountability Remain Committed to Reform

PLYMOUTH, Minn., July 24, 2024 /CNW/ - July 24, 2024, the Voxtur Shareholders for Accountability¹ ("we", "us", or "our") of Voxtur Analytics Corp. (TSXV: VXTR) (OTCQB: VXTRF) ("Voxtur" or the "Company"), reiterate our concerns with respect to the Company following the results of the Company's annual and special meeting of shareholders held on June 28, 2024 (the "Meeting"). We accept the results of the Meeting but for the reasons set forth below, we remain committed to our objective of maximizing Voxtur shareholder value.

The essential facts remain the same:

1.      We believe that Voxtur lacks a coherent strategic business plan.

In its press release dated June 21, 2024, the Company made vague assurances regarding: (i) the execution of a business strategy over the past fourteen months to maximize shareholder value and (ii) the engagement of a financial advisor in January 2024 to evaluate strategic options for the Company. We reiterate that these purported efforts have yet to yield any positive results for Voxtur shareholders. The Company also failed to provide concrete details regarding the substance of such business strategy being executed or the strategic options being evaluated. To reiterate, over the past fourteen months, the trading price of the Voxtur shares has declined by over 60% and trading volume of the Voxtur shares has declined by over 88%.² As a result, our overarching concern about Voxtur's board of directors (the "Board") and management team (collectively with the Board, the "Incumbents") to develop and execute a coherent strategic business plan for the Company remains unchanged.

2.      Voxtur's current management team lacks any significant experience in the U.S. residential mortgage market.

We believe the Incumbents lack the necessary experience to execute a business plan to turn around the Company's results. The Incumbents do not appear to have the track record or experience in the U.S. residential mortgage market that would suggest the past performance of the Company will be corrected going forward.

3.      Voxtur's corporate structure remains costly relative to the size of the underlying business.

The Incumbents have presided over Voxtur's cost structure which appear to have negatively impacted Voxtur's stock price. In our view, in order to appropriately manage the Company's capital structure – most importantly, its loan obligations – the Company's corporate cost structure must be significantly reduced for the Company to turn around its deteriorating financial situation.

On the topic of Voxtur's debt obligations and the risks associated with the Company defaulting on its loan obligations due to a change of control, Voxtur still has not filed copies of its material credit agreements on SEDAR+.  If, as Voxtur's management alleges, the credit agreement was material enough to cause a default due to a change of control, then the credit agreement ought to be filed on SEDAR+. We reiterate our demand for the Company to publicly file the credit agreements so that all Voxtur shareholders have an opportunity to review their contents and form their own opinions regarding Voxtur's credit risk (if any).

Our Position Going Forward

We want Voxtur to succeed. The concerns we have raised are our views and are driven by our position as a significant shareholder of Voxtur. Our ownership stake in Voxtur will continue to increase as Voxtur issues us additional shares payable under the purchase agreement for the membership interests of Blue Water Financial Technologies Holding Company, LLC. As such, our interests parallel that of the other Voxtur shareholders: the maximization of shareholder value.

We believe that Voxtur ought to embrace transformational governance reforms to reverse the negative trajectory of the Company. Only time will tell if the results of the Meeting materially improve shareholder value or reaffirm our concerns. Either way, as Voxtur shareholders, the Voxtur Shareholders for Accountability will continue to hold the Board accountable to all Voxtur shareholders for the performance of the Company.

Disclaimer

The information contained or referenced herein is for information purposes only in order to provide the views of the Voxtur Shareholders for Accountability and the matters which the Voxtur Shareholders for Accountability believe to be of concern to shareholders described herein. The information is not tailored to specific investment objections, the financial situations, suitability, or particular need of any specific person(s) who may receive the information, and should not be taken as advice in considering the merits of any investment decision. The views expressed herein represent the views and options of the Voxtur Shareholders for Accountability, whose opinions may change at any time and which are based on the analyses of the Voxtur Shareholders for Accountability.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable securities laws. In general, forward-looking information refers to disclosure about future conditions, courses of action, and events. Forward-looking information in this press release may include, but is not limited to, statements of Voxtur Shareholders for Accountability regarding: (i) the Voxtur re-elected Board's ability to develop and execute a business plan for the benefit of Voxtur shareholders, (ii) the concerns around the Company's cost structure, (iii) the future of the Company's business and financial condition post-Meeting, and (iv) the intention of the Voxtur Shareholders for Accountability going forward. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the use of any of the words "anticipates", "believes", "expects", "intends", "plans", "will", "would", and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations of the Voxtur Shareholders for Accountability and currently available information. Forward-looking statements are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. The Voxtur Shareholders for Accountability undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities legislation.

SOURCE Voxtur Shareholders for Accountability

Further Information: For further information with respect to the matters in this press release, please contact Nicholas H. Smith by email to: [email protected].