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ZenaTech Inc. Requisitions a Shareholder Meeting to Change the Board of Directors of Boardwalktech Software Corp.

Newsfile Corp•01/10/2026•13:49 ET
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Key Highlights

  • ➤ZenaTech (ZENA) requisitions meeting to replace Boardwalktech’s board with its nominees
  • ➤Share price fell from $0.125 to $0.03, erasing over $5 million in market capitalization
  • ➤Revenue declined 39% to US$3,640,540 in 2026 from US$5,971,622 in 2024
  • ➤Boardwalktech breached secured debt covenants and faces going-concern uncertainty
  • ➤ZenaTech plans immediate financing and four new sales channels for Boardwalktech

Expert Statements

Shaun Passley, President and CEO of ZenaTech

“The technology does not need to change. The distribution behind it does.”

James A. Sherman, CFO and Corporate Secretary of ZenaTech

“The Company’s technology, Verity, is positioned today as a financial services product. The obligation it automates is not confined to financial services: every public company and regulated institution is required to test its internal controls and retain the evidence, and the substantial majority still do so manually.”

Craig Passley, Corporate Secretary and director of ZenaTech

“Construction is among the largest industries in the economy and one of the last running on ungoverned spreadsheets. A project budget is edited by the developer, the contractor, the subcontractors and the lender, revised weekly, with no reliable record of who changed what. That is the condition Velocity was built for, and the Company sells nothing into the sector today.”

* It is time to convert Boardwalktech Software Corp. (the "Company") into a serious, professional, technology company operated to create value for all shareholders based on sales growth, profitability and focused leadership. The company's focus seems to be on constant small-ticket dilutive financings that keep the Company barely afloat, thus distracting the leadership from executing on a growth strategy. * The Company's finances are in dire straits, the Company has violated financial covenants under its secured debt facility on more than one occasion and the Company's auditors have stated that there is material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern. We cannot operate a successful company that is on a lifeline. * ZenaTech, as the largest shareholder of the Company, has had multiple conversations with the Company and has observed the management's lack of motivation to consider fresh ideas that can spur growth, even though the Company operates with little to no growth capital investment and no diversification plans despite revenue decline. ZenaTech has a proven track record through 30+ acquisitions in less than 2 years and reported Q12026 revenue growth of 640% year over year. * Boardwalktech has some interesting technology and some high-end clients. However, ZenaTech believes the Company's technology has been highly under-utilized and does not believe the technology is being used effectively or efficiently and there is substantial room for growth on a number of fronts. Management has demonstrated little to no creativity to expand the horizons of current technology offerings. Boardwalktech Software Corp. is averse to proactive growth strategies and cross-selling outside of their comfort zone; ZenaTech can create catalytic growth levers. * ZenaTech believes in its ability to revive Boardwalktech and plans to invest substantial capital in Boardwalktech's Sales and Marketing, and Business Development muscle to build a formidable business and won't sit by while the company continues to flounder, or worse, become insolvent. ZenaTech has global presence, tens of thousands of customers across various vertical and sub-verticals, experience in dealing with blue-chip clients and has demonstrated its ability to successfully scale a business. * ZenaTech has requisitioned a meeting of shareholders of the Company to, among other things, replace the Company's board of directors with its nominees and plans to file and deliver a dissident information circular with proxy forms in due course to solicit proxies in connection with the Meeting in compliance with applicable securities laws. * Each ZenaTech nominee proposed for election has the experience with technology required to create new verticals for growth, new customer segments, increased sales, new geographies and to increase the value of the Company and its share price for the benefit of every shareholder.

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