[PRESS RELEASE] – TORONTO, June 11, 2025 – MediPharm Labs Corp., a pharmaceutical company specialized in precision-based cannabinoids, announced that the Superior Court of Justice – Ontario has fully dismissed the application (CV-25-00743454-00CL) issued by Apollo Technology Capital Corp. and Nobul Technologies Inc. (together, the “applicants”) against the company on May 16, 2025.
The applicants sought an order from the court, amongst other things, appointing a third-party independent chair to preside over the annual and special meeting of shareholders of the company on June 16, 2025. The applicants argued that MediPharm has a “design or plan to invalidate proxies” and that the company had acted improperly warranting the appointment of a third-party independent chair.
The court dismissed the application in full.
In doing so, the court found that a third-party independent chair was not required in the circumstances as there was no evidence or indication that MediPharm’s proposed meeting chair would act unfairly at the meeting.
Regarding the conduct of Apollo’s principal, Regan McGee, the court found:
“The evidence shows that Mr. McGee has threatened to release a draft press release which, among other things, compared [MediPharm CEO David] Pidduck to known serial killers. Press releases have also been issued by Mr. McGee or the applicants, which accuse MediPharm and the board of securities fraud, breach of fiduciary duty and running a corrupt election process to entrench themselves. Mr. McGee has threatened to sue the board by way of a derivative action for breach of fiduciary duty and associated damages because of the rejection of the $3.4 million offer and has commenced a lawsuit against MediPharm, two of its senior officers and directors, as well as the company’s external litigation firm (Tyr LLP) and counsel (James Bunting) which claimed $50 million in damages. Mr. McGee, repeated the allegations set out in the lawsuit in the dissident circular and then abandoned and withdrew the claim against Tyr LLP and Mr. Bunting, and agreed to terms of settlement that included a declaration by Mr. McGee that Tyr LLP and Mr. Bunting are not in a conflict of interest in acting for MediPharm, that they had not misused confidential information, that Mr. McGee would not disparage Mr. Bunting or Tyr LLP and provided a full release to Tyr LLP and Mr. Bunting.”
The company remains committed to a fair shareholder meeting process, in compliance with its constating documents and all applicable laws.
We encourage shareholders to please vote using ONLY the GREEN proxy or GREEN voting instruction card and to support each of the director nominees recommended by MediPharm’s Board of Directors and the other matters being considered at the meeting. To ensure your proxy is counted at the meeting, submit it well in advance of the June 13 proxy cut-off.
MediPharm urges shareholders to vote only using the GREEN proxy or GREEN voting instruction form in support of all of the company’s nominees and resolutions.
To ensure your vote is counted, shareholders are encouraged to proactively contact their broker to obtain their 16-digit control number associated with the GREEN management proxy. Once received, you can cast your vote by visiting www.medipharmlabsagm.com.
You may receive materials or outreach from the dissident—please disregard any such communications and vote only using the GREEN proxy in support of the company’s nominees.
The Superior Court of Justice – Ontario dismissed the proceeding related to the company’s annual and special meeting of shareholders. Read More
