Medipharm Labs issues letter to shareholders in response to Apollo plan

The letter read in part, “Dissident shareholder Apollo Technology Capital Corp. has published a plan for MediPharm, approximately two weeks after launching their proxy campaign. The Dissident Plan offers little reassurance that Apollo has given serious thought to what they would do if their campaign were successful. In this letter we provide our response to Apollo’s plan, and an update on other important matters relating to the vote. To begin, it is necessary to state that Apollo’s campaign to seize control of MediPharm is nothing less than an attack against your Company. We do not believe the dissidents are the well-intentioned and successful business leaders they portray themselves to be. They appear to be a group that descends on companies with sizeable cash balances and other assets that they believe to be vulnerable, parlaying a small and recently obtained ownership position into full control of the board, and then redirecting resources for their own personal benefit at the expense of the other shareholders. We are concerned that they may be misleading shareholders into supporting them while obscuring their true goals. They appear to be counting on shareholder disinterest and low voter turnout allowing their small ownership position to have an outsized influence. Please remember that your support is essential, and every vote matters when the future of the Company is at stake. Apollo now issues news releases almost daily. While they have expressed concerns about the information we are bringing to light, in reality, we are simply presenting facts from publicly available information that reveal a questionable track record. Informing shareholders about risks is part of the Board’s duty to act in the best interest of the Company. We believe there are significant risks to MediPharm’s business if this group takes control. The Company is concerned about the prospect of losing customers, suppliers, partners and employees. The consistent feedback we have received from these groups, as well as shareholders, has been very blunt. Many have expressed concerns about their willingness to continue their business relationships with Apollo. The Chair’s letter to shareholders we distributed on May 11, 2025 recounted the business transformation engineered by CEO David Pidduck and his team since 2022. Today we are better positioned than ever to capitalize on our unique pharmaceutical grade capabilities, growing international business and financial strength. Could Apollo reverse the significant progress MediPharm has made over the past three years?… As shareholders, you are receiving conflicting information from both sides of this proxy contest. The Board recognizes that it is you as shareholders who decide the future leadership and control of the Company. Apollo has not presented a serious plan. That, along with their track record, leaves us to conclude that their true objective is to take control of the Company’s cash and assets without offering a premium or credible long-term plan. We urge you to protect your investment and vote the GREEN proxy.”