Peter Derycz, Bristol Fund to nominate slate for Research Solutions board

Peter Derycz, Bristol Investment Fund and certain of Bristol Fund’s affiliates, who collectively beneficially own approximately 20% of Research Solutions’ outstanding shares, issued an open letter from Mr. Derycz to RSSS shareholders regarding why change is needed at RSSS and the Group’s intention to nominate a full slate of director candidates to RSSS’ board of directors at RSSS’ 2023 annual meeting of shareholders. Derycz said, “As the Founder, Executive Chairman and one of the largest shareholders of Research Solutions, and as the previous President and Chief Executive Officer, I write to you now with a heavy heart due to the current state of the Company. I believe our Company is at a critical juncture and is in urgent need of change at both the board and management level in order to put the Company back on the right path. While I have repeatedly voiced my concerns to other members of the Company’s board of directors, their inaction and lack of urgency have compelled me to bring these matters to your attention…I have repeatedly shared my disappointment and my view that the status quo cannot continue with my fellow directors. Their response has been to express unwavering commitment for Mr. Olivier in the apparent hope that by continuing to blindly support him, things will somehow eventually improve. Now after years of poor performance, I believe that maintaining the status quo is no longer tenable and change is needed immediately to right the ship. I believe this change needs to include the replacement of directors who have refused to hold Mr. Olivier accountable and take the actions that are necessary at the Company. Accordingly, I intend to nominate a majority slate of highly qualified and seasoned director candidates to the Board for election at the Company’s 2023 annual meeting of shareholders, including: Paul Kessler, founder of Bristol Investment Fund Ltd., one of RSSS’s largest shareholders; Jan Peterson, scholarly and scientific information industry veteran with decades of experience and a former director of the Company; Alan Urban, the Company’s former high performing CFO has 20 years’ experience in the information industry and over 30 years’ experience in corporate finance and accounting; Michael Breen, the Executive Chairman and interim CEO of GT Biopharma; Andrew Ritter, a successful artificial intelligence and healthcare technology entrepreneur; and Myself, Peter Derycz, Executive Chairman and former President and CEO of the Company….We have concluded that it is unlikely shareholder value will be created unless there is a refresh of the current Board and CEO. All shareholders will benefit from a refreshed Board and CEO that are aligned and focused on the critical importance and urgency of creating shareholder value. All shareholders will benefit from a refreshed Board that will hold the CEO accountable for creating shareholder value by executing on an effective and greatly improved investor relation program, properly managing SG&A expenses, focusing on revenue growth, critically evaluating the SaaS acquisition strategy and associated costs, returning capital to shareholders, and inspiring and re-engaging with current and potential new shareholders.”