Kim Daeyoung, CEO of CITech, "Firmly Responding to Hostile M&A Forces"

CI Tech, a digital kiosk specialist company, announced on the 14th that it will firmly respond to hostile takeover (M&A) forces.

Kim Daeyoung, CEO of CI Tech, stated in a message titled "A Letter to CI Tech Shareholders" posted on the company website on the 12th, "Recently, a specific group with malicious intent is attempting a hostile M&A against the company," adding, "Various defamatory rumors, malicious articles, and multiple lawsuits have caused significant disruption to the company's core operations."

He said, "In response, the management and employees of CI Tech have determined that they can no longer overlook this and will take a firm stance against these hostile forces," emphasizing, "We will actively refute malicious articles to correct the facts and will proceed with legal actions regarding any illegal matters without delay."

He explained, "Thanks to the interest and consideration of our shareholders, the company has achieved remarkable growth, becoming a global company exporting to 43 countries worldwide in the hi-fi audio business," adding, "We have moved out of deficit and are experiencing significant growth in sales and profits."

CI Tech's strong stance against hostile M&A forces is closely related to the fact that the company cannot afford to lose this rare management opportunity due to attacks from unwanted malicious groups.

CI Tech is showing remarkable performance in the hi-fi audio business sector. Exports recorded 4.4 billion KRW in 2021, but last year, exports surged by 157% to 11.3 billion KRW, shipping products to 43 countries worldwide.

Kim Daeyoung, CEO of CI Tech, said, "Lee Hakyoung, CEO of Hunter House, known as an M&A expert, is more accurately described as a corporate raider based on his past actions," and added, "Before shaking the company with malicious intent, as the second-largest shareholder, he should take more interest in the company's growth and development."

Kim also stated, "Some reports suggest that the second-largest shareholder is accelerating management disputes by joining forces with minority shareholders, but this is completely untrue," emphasizing, "The company will enhance shareholder value through normal management activities with the support of the majority of minority shareholders."

Earlier, CI Tech disclosed on the 24th of last month that Lee Hakyoung filed a provisional injunction to inspect and copy accounting books and other documents. Currently, Lee Hakyoung holds a total of 12.13% of CI Tech shares, including 6.11% (2.84 million shares) personally and 6.02% through the related party Hunter House, making him the second-largest shareholder. He had also filed and later withdrawn a provisional injunction to inspect the actual shareholder register in March.

This content was produced with the assistance of AI translation services.