Midas Letter

Sean Dollinger Discusses Namaste Technologies Inc (CVE:N) Termination


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Sean Dollinger, Co-Founder and Former CEO of Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) (FRA:M5BQ) discusses the circumstances of his termination by the company’s Board of Directors. Dollinger explains that his termination was the result of a special committee led by Brandon Spikes and Laurens Feenstra. The committee was convened to investigate allegations made as part of a Citron Research short seller report released when Namaste was in the midst of a bought deal in the fall. Dollinger reveals the allegations were investigated by bodies such as the CSE, and no improprieties were found. Dollinger indicates the case is already being reviewed by the Ontario Superior Court.

Transcript:

James West:   We’re joined now by Sean Dollinger, founder of Namaste, Inc. Sean, welcome back.

Sean Dollinger:    Hey, thanks for having me on, James.

James West:   Sean, bit of a surprise, I’m going to say it – [laughter] – just a surprise, palace coup, I don’t know what you call it. The Board of Directors at Namaste has tried to terminate your contract. You’re initiating a legal response. I don’t want to jeopardize your legal response by asking the wrong thing, but first, let me just ask you: does the representations put out in the press release by the Board of Namaste as it currently stands, ex of you, is any of that accurate?

Sean Dollinger:    Well, let’s start off by going back to that it’s a special committee that went ahead and did this. Just for the record, obviously, as you said, I started this company from scratch with Kory Zelickson, who we co-founded this basically from my garage just five years ago, right? And you know, we’ve worked extremely hard, and over those years, we’ve put everything into it. And then this special committee obviously that was put together to make this decision, were two individuals, right? It’s basically Laurens Feenstra and Brandon Spikes, who joined the Board just last March.

But they haven’t really been involved with the day-to-day or understanding what this company is really all about. You know, like, for example, Branden Spikes, I’ve never even met him face to face. He was supposed to come in last Friday for the whole meeting and the interview to review all the findings, and he lost his passport while he was at the airport, and he doesn’t even come in for the meeting to meet face to face. And even our Board calls, the whole time on Board meetings, he would be busy, you know, doing other things.

And then Laurence, who works for Google, he was very bus

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Midas LetterBy James West and Ed Milewski