iCreate Limited, in response to media releases by Sagicor that it is released from receivership wishes to clarify that at all times it challenged the Sagicor Investment’s right to call the bond as well as the receivership.  Sagicor is aware that the settlement was made subject to these challenges. We have arrived at this position after a legal review of the appropriate documentation and numerous communication between our Attorneys Henlin Gibson Henlin and the Attorneys representing Sagicor Investments Jamaica Limited and the purported receiver.

Background:

iCreate Limited has enjoyed a longstanding and mutually beneficial relationship with Sagicor Investments. As pioneers in our field, Sagicor was one of the first institutional investors and also led our IPO, demonstrating their confidence in our vision during our nascent entrepreneurial days. Over the years, open dialogue and efficient management of investment obligations characterized our association – especially with Sagicor being a top 5 shareholder in our company.

However, in recent times, a seismic shift occurred in our dealings with Sagicor, marked by a sequence of events culminating in the decision by Sagicor Investments Jamaica Limited to place iCreate in Receivership.

The sudden receivership has raised significant concerns within iCreate Limited, particularly regarding the motive behind this drastic action as prior to the purported appointment of Ken Tomlinson as Receiver, best efforts were made by me personally, to engage Sagicor, which were ignored.

Next Steps:

1. It is important to note that once we got notice of the purported receivership we immediately sought legal representation and engaged the services of Henlin Gibson Henlin (HGH), led by Kings Counsel, Georgia Gibson Henlin.
2. iCreate contends that Sagicor Investments Jamaica Limited's Appointment of Receivership is invalid, a stance clearly communicated to Sagicor by our legal team. A letter was sent to the Receivers to halt their actions against iCreate Limited.
3. Contrary to public perception, iCreate has continued to manage its operations independently since the Notice of Appointment of Receivership. The company remained under our control, operating on a normal day-to-day basis.
4. After our legal argument was outlined by our Attorneys to Sagicor’s Attorneys, a Deed of Settlement, Release & Indemnity was subsequently sent by Sagicor's legal representative to our legal team. However, after careful consideration of the terms outlined, we rejected the agreement, opting instead to pay out the bond in full, without settlement.

Legal Action:

iCreate Limited, authorized by its Board of Directors, is set to file a lawsuit against Sagicor Investments Jamaica Limited in respect of the illegal and invalid appointment has resulted in severe damages to iCreate, its subsidiaries, its Directors, and the continuity of our business ventures. As a result, we intend to seek damages in the Court of Law to rectify the financial and reputational repercussions incurred.

Legal documents, meticulously drafted by our Legal Counsel, Georgia Gibson Henlin, and the HGH team, are currently being finalized for filing in the Supreme Court of Jamaica.

Conclusion:

Despite outstanding amounts, iCreate Limited has demonstrated an unwavering commitment to open communication with Sagicor throughout the challenging period, including the global pandemic. Our dedication to transparency, justice, and upholding our rights remains steadfast.

We want to thank our shareholders for their patience as we chart our way into becoming a digital and creative group of companies along with other strategies to grow.

Between 2021 to today, we have achieved the following results:

• Completion of the acquisition of GetPaid Group, this company contributed to approximately 50% of our revenues in audited 2022 results.
• Taken a majority stake in a real estate development in St. Ann to boost profitability and growth. Approximately US$1m has been invested in the project and the broader team is taking steps to expand the development beyond the 8 units initially planned.
• Acquisition of Visual Vibe.com Limited. We consider this our biggest of them all and as part of the acquisition, we have brought on a strategic investor in Visual Vibe who invested over US$1.4M to assist in the completion of the acquisition. Visual Vibe today has shown an immediate impact for the group and we have further plans for the business to increase shareholder value across the board.
• On the Governance side, we have strengthened our oversight. We are in the process of appointing an external corporate governance committee that will be providing support to the iCreate team and Board of Directors.
• As we chart our way forward, we are targeting more acquisitions and having conversations with other investors who are keen on supporting iCreate as we move to become a strong digital and creative group of companies.

Shareholders of iCreate remains confident In the company, its leaders, the Directors and the strategic plans the company is embarking on to enhance shareholder value. We believe in fair business practices where larger companies must seek to foster mentorship and guidance of smaller enterprises to allow them to hone their craft and innovation as opposed to implementing the big stick policy.

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About iCreate Limited:

iCreate Limited, listed on the Jamaica Stock Exchange, Junior Market is a Digital & Creative Group of Companies with interest in digital and creative training, advertising, e-commerce and more.