Voip-Pal’s Board of Directors Has Rejected a Formal Offer from Dr. Gil Amelio and Associates to Purchase CEO Emil Malak’s Shares and Take Over Control of the Company
April 16, 2019 -- Voip-Pal.com Inc. (“Voip-Pal”, “Company”) (OTCQB: VPLM) announced that at a meeting of the Board of Directors on April 15, 2019, the Directors of Voip-Pal unanimously rejected a formal offer from Dr. Gil Amelio and his associates to take over management of the Company. Part of the offer provided options to purchase only the stock owned by Voip-Pal’s CEO, Emil Malak. Fully exercised, the options would have paid Mr. Malak approximately $150 million for his shares of Voip-Pal stock.
Voip-Pal’s Board of Directors including CEO, Emil Malak, carefully considered the offer but unanimously voted to reject this proposal; however, the Company is open to further discussions with Dr. Amelio. Voip-Pal is actively pursuing the sale of all of Voip-Pal’s shares, on behalf of the more than 4,500 shareholders, not just the shares owned by Mr. Malak.
Dr. Amelio has held prominent positions with various technology companies, including serving as the CEO and Chairman of Apple Computer (1996-1997), President, CEO and Chairman of National Semiconductor, and President of Rockwell Communication Systems. He has also served on the board of directors of several companies including Apple (1994-1996), AT&T (1995-2013) and Interdigital. He received a Bachelor’s Degree, Master’s Degree, and Ph.D. in physics from the Georgia Institute of Technology. Dr. Amelio has been awarded 16 patents and a 17th is pending.
Renowned patent and IP expert William Sweet is one of Dr. Amelio’s associates on this proposal. According to Gil Amelio, Mr. Sweet and his team have conducted extensive research on Voip-Pal’s patent portfolio.
Emil Malak, Voip-Pal CEO, stated “We have great respect for Gil Amelio and his team, and we are very pleased to know they see such value in our patents or they would not have tendered this offer. We are currently focused on our legal appeal to the recent Alice 101 decision as well as finalizing our strategy to move forward in Europe. In the meantime, we are working diligently to add to our patent portfolio with patent continuation applications. Patience is a virtue.”