Skychain Technologies Inc. Provides Update on Litigation Review and Corporate Matters
Rhea-AI Summary
Skychain Technologies (OTC:SKTCF) provided an update on its review of litigation, historical records, and corporate obligations. The board completed its assessment of a prior matter involving former CEO Ningtao (Bill) Zhang and, based on available records, found no evidence of wrongdoing or basis to continue that claim.
The broader review covers ongoing litigation, potential claims, historical transactions, recovery of corporate documentation, and verification of financial obligations. Skychain is working to regain full access to banking and financial systems, aiming to restore governance, financial transparency, and regulatory compliance.
AI-generated analysis. Not financial advice.
Positive
- Board finds no evidence of wrongdoing by former CEO after review
- Company formally ends previously initiated claim involving former CEO
- Structured review underway of litigation, records, and obligations
- Stated priority on restoring governance and financial transparency
Negative
- Broader litigation and records review remains incomplete and ongoing
- Full access to banking and financial systems still being secured
Vancouver, British Columbia--(Newsfile Corp. - May 13, 2026) - Skychain Technologies Inc. (TSXV: SCT.H) (the "Company" or "Skychain") provides an update regarding its ongoing review of litigation matters, historical records, and corporate obligations.
As part of the board's previously announced review process, the Company is assessing both ongoing and historical legal matters involving the Company. This includes a review of prior litigation and any outstanding or potential claims.
Based on its review of recovered corporate records to date, primarily covering the period from 2018 through 2022, the board has completed its assessment of a previously initiated matter involving former Chief Executive Officer Ningtao (Bill) Zhang. Following this review, the board determined that the available records do not support the allegations underlying the prior claim and do not provide a basis for the continuation or re-initiation of such proceedings.
The board further notes that, based on the information currently available, it has not identified evidence of wrongdoing by Mr. Zhang in connection with the matters reviewed. Accordingly, the Company does not intend to pursue any further action in respect of this matter.
The board notes that its broader review remains ongoing and is subject to the availability of additional records, including those not yet recovered or accessed.
In parallel, the Company is reviewing outstanding financial obligations, including historical payables and other commitments. Efforts are underway to secure full access to the Company's banking and financial systems in order to verify balances, trace transactions, and address any outstanding matters as appropriate.
The Company's broader review continues to include:
Assessment of ongoing litigation and potential claims
Verification of historical transactions and financial records
Recovery of additional corporate documentation and system access
Evaluation of appropriate next steps based on findings
The board's priority remains the restoration of proper governance, financial transparency, and regulatory compliance. The Company will provide further updates as material information becomes available.
About Skychain Technologies Inc.
Skychain Technologies Inc. is a public company listed on the TSX Venture Exchange NEX Board under the symbol SCT.H.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297227