Morning, everyone. My name is Philip Murray, and as Chairman of VOTI Detection Inc., I will chair this annual and special meeting of shareholders. The meeting will now come to order, and I will ask Campbell Stuart to act as secretary and Julien Lavalliere of the TSX Trust Company to act as scrutineer of the meeting. For those shareholders who have connected via the webcast, we ask that you use the Q&A feature to identify yourselves. It is important to do so in order to establish attendance and quorum at the meeting. Simply click on the Q&A tab, enter your name, and click Submit. I would now ask the secretary to read the notice calling the meeting. Thank you, Mr. Chairman. Notice of annual and special meeting of shareholders. Notice is hereby given that the annual and special meeting, the meeting of the shareholders of the holders of common shares of VOTI Detection, Inc. will be held via webcast and conference call facilities only on Friday, April 30, 2021, at 11:00 A.M. Montreal time. The following matters will be considered at the meeting. One, to receive the audited consolidated financial statements of the corporation for the year ended October 31, 2020. Two, to elect directors of the corporation for the ensuing year. Three, to appoint auditors of the corporation for the ensuing year and to authorize the directors to fix the auditors' remuneration. Four, to consider, and if deemed advisable, adopt by an ordinary resolution of the disinterested shareholders approving the stock option plan of the corporation. Five, to transact such other businesses may properly be brought before the meeting or any adjournment or adjournments thereof. Only shareholders of record at the close of business on March 19, 2021 will receive a notice of the meeting and will be entitled to vote in person or by proxy at the meeting. By order of the board, signed Philip Murray, Chairman, Montreal, March 24, 2021. Thank you very much. I would now ask the secretary to produce proof of mailing to the shareholders the notice calling for this meeting. I have proof and affidavit of such mailing of the notice. I will put this in the records of the company. Thank you very much. For the record, the proof of service of the notice calling the meeting has been duly filed, and I direct a copy of the proof of service to be kept by the secretary with the record of this meeting. I'm advised that there is a quorum present. I will ask the scrutineer if his report is ready at this particular time. Yes, Mr. Chairman. The undersigned scrutineer hereby reports that the shareholders and proxy holders present at this meeting represent in person or by proxy 9,266,047 common shares, being 33.62% of the total 27,560,965 common shares of VOTI Detection Inc. This is signed in Brossard this 30th day of April, 2021. Julien Lavalliere from TSX Trust Company. Thank you very much. I will now declare the meeting to be regularly called and properly constituted for the transaction of business. The first item of business, as indicated by the Secretary earlier, is the presentation of the audited consolidated financial statement of VOTI Detection Inc. for the year ended October 31st, 2020. As these statements have been provided to all shareholders, I would ask that the formal reading of the auditor's report be dispensed with unless any shareholder otherwise wishes. There being no request for reading, I would ask Michael Ickman, who is the corporation's CFO, to review the statements and answer any questions that you may have. Thank you, Mr. Chairman. We released our year-end results for the fiscal year 2020 on February 23rd, which included our financial statements along with our management discussion and analysis, and held a conference call with analysts and investors to review our results on the following day, February 24th. As we all know, 2020 was a huge challenge, not only for VOTI, but our industry peers as well. We reported year-end revenues of CAD 19 million, down from CAD 28.4 million in fiscal 2019, gross margin of 30% versus 36%, and adjusted EBITDA of CAD -2.9 million versus CAD -721,000. More importantly, our fourth quarter numbers were a bright spot in our year-end performance, clearly indicating that there was a light at the end of the tunnel. We also ended the year with a significant improvement in our cash position. As you have all seen, our first quarter results reported in March position the company for a rebound in financial performance in the current fiscal year. Our full financial statements are available on both our VOTI Detection website as well as on SEDAR. I would be very happy to take any questions related to any of these statements at this time. The floor is now open for questions, and please note that the floor will close whenever there is a 15-second period without any shareholder intervening. Thank you very much, Michael. Thank you, Mr. Chairman. With no additional questions, I turn it back to you, Mr. Chairman. Okay, thank you. It is now in order to proceed with the election of the directors of the corporation. The board is composed of six directors who are being nominated for re-election, as set out in the information circular. This is David Crevier speaking. I'm a shareholder of the company, and I nominate Marc-André Aubé, James Cherry, Karna Gupta, Neil Hindle, Philip Murray, and Rory Olson. Thank you very much, Mr. Crevier. As there are no other nominations, I therefore declare those nominated to be duly elected to hold office until the next annual meeting or until their successors are elected or replaced in accordance with the law. The next item of business is the appointment of the auditors. This is Campbell Stuart. I'm a shareholder of the company. I move that Deloitte LLP Chartered Accountants be appointed auditors of the corporation until the next annual meeting or until a successor is appointed at a remuneration to be fixed by the directors who are hereby authorized to fix such remuneration. Again, David Crevier here. I second the motion. Thank you very much. I now call for a vote. If anyone present has not voted by proxy and wishes to do so by telephone, please use the special telephone number and PIN specified for voting in the Notice of Meeting included in the meeting materials. Please be sure to give the attendant your 12-digit control number given at the top of the form of proxy sent to you. Again, we'll wait for approximately 15 seconds to see if there are any further votes. Mr. Secretary, are there any further votes to inform the scrutineer? There are no further votes. Therefore, the motion is carried. The next item on the agenda is the approval by ordinary resolution of disinterested shareholders of the corporation's stock option plan. I note that insiders of the corporation are excluded from voting on this issue. I would ask the secretary to explain the resolution, which is included in item 11 of the information circular, and answer any questions that you may have. Thank you, Mr. Chairman. As mentioned by the chairman, on page 11 is an explanation of the information circular. I should say there is an explanation of the stock option plan, which I will briefly recap. The corporation stock option plan is a rolling stock option plan, permitting the grant of incentive stock options to purchase up to the number of common shares that is equal to 10% of the issued common shares of the corporation at the time of grant. These are available for grant to the employees, directors, officers, and consultants of the corporation and its subsidiaries. Also there is an additional restriction. The number of common shares issued or issuable to the corporation's insiders, with any one-year period under the plan, when combined with the corporation's other security-based arrangements, being the DSU and RSU plans, they must not exceed 20% of the total then issued outstanding common shares as of the date of the grant. As mentioned, the plan is a rolling stock option plan and therefore must be approved by the shareholders each year at the corporation's annual general meeting. The stock option plan was initially approved by the shareholders of the corporation's AGM held on April 30, 2019, and again in its amended version at its annual general meeting held on April 28, 2020. A copy of the full text of the plan is available upon request to me, the Secretary of the Corporation. To get to the meet of the matter or the resolution itself, the shareholders will be asked to consider, and if deemed appropriate, pass an ordinary resolution approving the plan. In order to be validly adopted, the resolution must be approved by a majority of the votes cast by the disinterested shareholders present at the meeting. The number of insider shares, which are controlled by insiders is approximately 17.3% of the issued and outstanding common shares as at the record date. As at the record date, there were 2,085,000 options outstanding under the plan. Here is the text of the resolution as set out in the information circular. Resolved as an ordinary resolution of the disinterested shareholders. One, that the corporation's stock option plan is hereby ratified, confirmed and approved. And two, that any director or officer of the corporation is hereby authorized to perform on behalf of the corporation to do such things and to sign, execute, and deliver all such documents that such director or officer may, in his or her discretion, determine to be necessary or useful in order to give full effect to the intent and purpose of this resolution. Um, if there are any questions about this, uh, please, uh, um, let me know. If I don't see anything or hear anything in the next, 15, 20 seconds, I will assume there are none. Assuming there were no questions, I will ask a mover for the motion, please. Okay. David Crevier speaking. I hereby move the resolution as set out in the information circular. Do we have a seconder? Uh, yes, Campbell Stuart. Okay. I will now call for a vote. If anyone present has not voted by proxy and wishes to do so by telephone, please use the special telephone number and pin specified for voting in the notice of meeting included in the meeting materials. Please be sure to give the attendant your twelve-digit control number given at the top of the form of proxy sent to you. And I will ask the secretary to monitor and inform the scrutineer if there are, uh, any votes in the next, uh, 15, 20 seconds. Uh, Mr. Chairman, there are no additional votes. Thank you very much. The motion is carried. Ladies and gentlemen, this concludes the official portion of the annual and special meeting of shareholders, which I now declare to be at an end. I would ask Rory Olson, the President and CEO of the Corporation, to give a presentation to shareholders on the current activities of the Corporation and to answer any questions that you may have. Mr. Olson, please. Thank you very much, Mr. Chairman. Fellow shareholders, thank you for participating in our third annual meeting of shareholders. As you all know, fiscal 2020 was a very difficult and challenging year for our company. There aren't very many books out there titled How to Manage in a Global Pandemic. However, I'm sure that a lot of books will be written about this exact topic in the coming years. Throughout fiscal 2020, we operated under unforeseen and extremely challenging circumstances brought about by the ongoing COVID-19 crisis and the resulting slowdown in the global economy. Our whole industry was impacted, and all of our competitors were forced to adjust as well. Thanks to the agility and resilience of our employees, suppliers, and customers, we continued to operate throughout the pandemic under these very challenging circumstances. As you all know, we were designated as an essential service, and as a result, we were able to operate throughout the lockdown period. I am very proud to say that VOTI took very focused, strategic, and decisive actions throughout the pandemic year, actions that we are now benefiting from. While our full year results reflected the unique environment brought on by the pandemic, and while we still face challenges, our fourth quarter results that we announced at the end of February finally provided a signal of light at the end of the tunnel. We followed up at the end of March with very solid first quarter results, reporting CAD 6.3 million in revenue, which was a very notable level of sales as it surpassed the pre-pandemic revenue reported in the first quarter of fiscal 2020 of CAD 6 million, and was also our highest reported quarterly revenue since the third quarter of fiscal 2019. At the same time, we re-reiterated our positive outlook for fiscal 2021, an expectation of a return to pre-pandemic revenues and positive adjusted EBITDA for the full year. Of course, this is barring, among other things, any unforeseen negative impact or escalation of COVID-19. In addition, we are forecasting positive cash flow from operations for the full year of fiscal 2021. This forecast results from the success of our restructuring initiative taken throughout fiscal 2020, as well as our benefits of our technological innovations put in motion when we became a public company two years ago. Over the past two years, we have been promising to disrupt the X-ray scanning market through innovation. We are starting to deliver on that promise. Two of our premier initiatives were the development of VotiINSIGHTS, our web-based platform for centralized and remote management of VOTI Detection's scanners, as well as our new MATRIX Series of scanner. The MATRIX Series represents the convergence between technological improvement, cost savings, and a push towards the software model for high margin repeat business. These two initiatives are already having an important and positive impact on the company's performance. In addition, through a focused objective of shoring up our cash position at the end of the year with a significant improvement in our cash position through the cutting of operating costs, capital injections from shareholders, and the leveraging of available government programs. We are also expecting to successfully close a CAD 4 million capital raise in the coming weeks. The funds raised will result in a significant improvement in our overall financial position moving forward. The initiatives that we have taken, particularly on the cost-cutting front, along with the solid foundation that has been laid, our backlog, our leading technology, places us in a position to significantly grow our operations on a global basis in the coming years. Like so many companies all around the world, the pandemic took a very heavy toll on our operations. Through the success of a combination of aggressive mitigating strategies and initiatives, we emerged with 2020 as much as a much leaner and stronger organization than we were going into it. We are primed to return to a story of growth through disruption achieved via technological innovation. We continue to identify and aggressively go after new verticals. As you all know, two years ago, we initiated a strategic targeting of North American professional sports venues. The results have been extremely impressive. Body scanners are now installed in 35 North American professional sporting facilities. Our latest installation was completed during the first quarter. In January, we announced a partnership with the Pacers Sports & Entertainment, an integrated sports and entertainment company with operations that include the Indiana Pacers, the Indiana Fever, Fort Wayne Mad Ants, Pacers Gaming, Pacers Foundation, and operations of Bankers Life, uh, Fieldhouse. Voti is providing an enhanced security and screening process for guests attending Bankers Life Fieldhouse events, uh, with the introduction of 15 VOTI MATRIX scanners installed in December of 2020 that are designed to X-ray bags and purses for guests entering the fieldhouse that eliminate the need for direct staff contact and expedite the entrance process. Additionally, the partnership saw the Pacers as the first professional sporting team to leverage Voti INSIGHTS, our anal-analytics platform. Uh, in fact, the Pacers were one of three first-line customers for VotiINSIGHTS in our recently announced first quarter. Our success in the sports and entertainment vertical shows no sign it's slowing down, as we have seen continuing additions to our client roster. It's also very important to note that there are still a number of very exciting verticals that we have identified, uh, on a global basis that we feel that we can penetrate over the next two years. We are actively pursuing these potential areas of growth, uh, as we move forward. In conclusion, I cannot be prouder of the resolve and resilience that characterized our company over the past twelve months. I wanna take this opportunity to thank the management team, all of the employees, you, our shareholders, and our board of directors for all of the efforts, uh, of the past year. Uh, I thank you very much. That concludes, uh, my remarks. I will, uh, turn back the meeting to, uh, Phil Murray. Thank you very much, uh, Rory. The floor is now open for any questions that you have of our CEO. And please note that the floor will be closed whenever there is a 15 or 20-second delay without any shareholder, uh, intervening. Are there any questions, uh, for Mr. Olson at this time? There being no questions for Mr. Olson, I would conclude the meeting just by making a brief comment that on behalf of my fellow directors, I wanna thank all of the shareholders for your patience and commitment during this very difficult period. It has been a year unlike any other, and, um, as we look forward, we're optimistic that things will get back to normal. And, you know, when we sat here last year, uh, we never thought that we would be sitting here this year, uh, still meeting remotely. Um, but that is the case. But I think the way things are evolving, uh, the vaccines getting out, uh, that next year at this time we'll be meeting in person, and, uh, we're all very much hoping for that. Thanking Rory and the entire management and his colleagues on the entire Voti team. Their work has been really quite incredible during this, uh, unprecedented time. And, uh, we really, really thank them all for their, for their efforts. This concludes our annual meeting, uh, ladies and gentlemen, and, uh, we'll declare this meeting to be closed at this time. Thank you all very, very much for participating. Ladies and gentlemen, this concludes your conference call for today. We thank you participating and ask that you please disconnect your lines.
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