American Aires Inc. Announces Business Continuity and Governance Actions Following Special Committee Review
American Aires (OTCQB: AAIRF) announced significant governance actions following a Special Committee review of misconduct by founder Dimitry Serov. The investigation revealed that Serov engaged in serious breaches of fiduciary duties, including improper payments of CAD $230,000 to his deceased father, misappropriation of intellectual property, and undisclosed conflicts of interest involving the company's manufacturer Technano.
The Board has suspended Serov from his positions as President and Chief Product Officer and demanded immediate actions including his resignation, repayment of consulting fees, surrender of 1,777,778 common shares, and transfer of patent rights to the company. Despite these developments, the company maintains its business operations remain unaffected, with key supplier and customer relationships intact.
American Aires (OTCQB: AAIRF) ha annunciato importanti provvedimenti di governance a seguito della revisione da parte di un Comitato Speciale su comportamenti illeciti del fondatore Dimitry Serov. L'indagine ha rilevato che Serov ha compiuto gravi violazioni dei doveri fiduciari, incluse consistenti erogazioni improprie di CAD $230.000 al padre deceduto, l'appropriazione indebita di propriet脿 intellettuale e conflitti di interesse non dichiarati con il produttore dell'azienda, Technano.
Il Consiglio ha sospeso Serov dalle cariche di Presidente e Chief Product Officer e ha richiesto misure immediate, tra cui le sue dimissioni, il rimborso dei compensi da consulenza, la riconsegna di 1.777.778 azioni ordinarie e il trasferimento dei diritti sui brevetti all'azienda. Nonostante questi sviluppi, la societ脿 afferma che le operazioni commerciali non risultano compromesse e che i principali rapporti con fornitori e clienti restano intatti.
American Aires (OTCQB: AAIRF) anunci贸 medidas significativas de gobierno corporativo tras la revisi贸n de un Comit茅 Especial sobre conductas indebidas del fundador Dimitry Serov. La investigaci贸n revel贸 que Serov incurri贸 en graves incumplimientos de sus deberes fiduciarios, incluyendo pagos impropios de CAD $230,000 a su padre fallecido, la apropiaci贸n indebida de propiedad intelectual y conflictos de inter茅s no divulgados con el fabricante de la compa帽铆a, Technano.
La Junta suspendi贸 a Serov de sus cargos como Presidente y Chief Product Officer y exigi贸 acciones inmediatas, como su renuncia, la devoluci贸n de honorarios de consultor铆a, la entrega de 1.777.778 acciones ordinarias y la transferencia de los derechos de patente a la compa帽铆a. A pesar de estos hechos, la empresa sostiene que sus operaciones comerciales no se han visto afectadas y que las relaciones clave con proveedores y clientes permanecen intactas.
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鞚挫偓須岆姅 Serov毳� 靷灔 氚� Chief Product Officer 歆侅棎靹� 鞝曥鞁滍偆瓿� 歃夑皝鞝侅澑 臁办箻毳� 鞖旉惮頄堨溂氅�, 靷瀯, 旎劋韺� 靾橃垬耄� 氚橅櫂, 1,777,778欤� 氤错喌欤�鞚� 氚橅櫂 氚� 韸鬼棃甓岇潉 須岇偓搿� 鞚挫爠頃� 瓴冹潉 鞖旍箔頄堨姷雼堧嫟. 鞚措煬頃� 靷晥鞐愲弰 攵堦惮頃橁碃 須岇偓電� 鞓侅梾 頇滊彊鞐愲姅 歆�鞛レ澊 鞐嗢溂氅� 欤检殧 瓿店笁鞐呾泊 氚� 瓿犼皾瓿检潣 甏�瓿勲弰 鞙犾霅橁碃 鞛堧嫟瓿� 氚濏様鞀惦媹雼�.
American Aires (OTCQB: AAIRF) a annonc茅 des mesures de gouvernance importantes 脿 la suite d'un examen par un comit茅 sp茅cial concernant des manquements du fondateur Dimitry Serov. L'enqu锚te a r茅v茅l茅 que Serov s'茅tait rendu coupable de graves manquements 脿 ses devoirs fiduciaires, notamment des paiements indus de 230 000 CAD 脿 son p猫re d茅c茅d茅, l'appropriation de propri茅t茅 intellectuelle et des conflits d'int茅r锚ts non divulgu茅s impliquant le fabricant de la soci茅t茅, Technano.
Le conseil d'administration a suspendu Serov de ses fonctions de pr茅sident et de Chief Product Officer et a exig茅 des mesures imm茅diates, y compris sa d茅mission, le remboursement des honoraires de conseil, la remise de 1 777 778 actions ordinaires et le transfert des droits de brevet 脿 la soci茅t茅. Malgr茅 ces faits, la soci茅t茅 affirme que ses activit茅s commerciales ne sont pas affect茅es et que ses relations cl茅s avec fournisseurs et clients restent intactes.
American Aires (OTCQB: AAIRF) gab nach einer 脺berpr眉fung durch ein Sonderkomitee im Zusammenhang mit Fehlverhalten des Gr眉nders Dimitry Serov bedeutende Governance-Ma脽nahmen bekannt. Die Untersuchung ergab, dass Serov schwere Verletzungen treuh盲nderischer Pflichten begangen hat, darunter unangemessene Zahlungen in H枚he von CAD $230.000 an seinen verstorbenen Vater, die Veruntreuung geistigen Eigentums und nicht offengelegte Interessenkonflikte mit dem Hersteller Technano.
Der Vorstand hat Serov von seinen 脛mtern als President und Chief Product Officer suspendiert und sofortige Ma脽nahmen gefordert, darunter seinen R眉cktritt, die R眉ckzahlung von Beratungshonoraren, die Herausgabe von 1.777.778 Stammaktien und die 脺bertragung von Patentrechten an das Unternehmen. Trotz dieser Entwicklungen betont das Unternehmen, dass der Gesch盲ftsbetrieb nicht beeintr盲chtigt sei und die wichtigen Lieferanten- und Kundenbeziehungen intakt bleiben.
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Toronto, Ontario--(Newsfile Corp. - August 29, 2025) - American Aires Inc. (CSE: WiFi) (OTCQB: AAIRF) (the "Company") today announced that its Board of Directors (the "Board") convened a Special Committee (the "Special Committee"), consisting of all directors other than Mr. Dimitry Serov ("Dimitry"), to review matters relating to Dimitry, the Company's Founder, President and Chief Product Officer, and a director of the Company.
Preliminary Findings
The Board has determined, that Dimitry engaged in serious misconduct and breach of his fiduciary duties and obligations as director and officer of the Company. More particularly, the Special Committee's investigation confirmed, among other things, that:
the Company was caused to make improper payments for consulting services to Mr. Igor Serov ("Igor"), Dimitry's father and a former consultant of the Company, after Igor's death on January 30, 2021, with such funds diverted for the benefit of Dimitry;
certain Company disclosures to the public regarding intellectual property ownership were false or misleading due to the unlawful actions of Dimitry;
Dimitry misappropriated intellectual property for personal benefit and against the best interests of the Company; and
Dimitry concealed that his wife, Jelena Tkačenko, held a
50% ownership interest in UAB Technano ("Technano"), the Company's exclusive manufacturer in Lithuania. By failing to disclose this arrangement, Dimitry created an undisclosed conflict of interest and positioned himself to receive economic gain on both sides of the Company's transactions with Technano.
(collectively, the "Misconduct").
Despite the Misconduct, the Company confirms its business operations remain unaffected by these developments. Key supplier and customer relationships remain in place, and the Company has a perpetual non-exclusive license to operate under the intellectual property misappropriated by Dimitry, and the Company continues to operate without interruption. The Board and management are fully committed to the Company's growth strategy and ensuring that the day-to-day operations proceed without disruption.
Board Demands and Status
Despite the Company's best efforts to remedy the Misconduct with Dimitry's cooperation, as of the date hereof, no agreement has been reached. As such, effective immediately, Dimitry has been suspended from his positions as President and Chief Product Officer of the Company, with pay, pending completion of the Special Committee's investigation.
The Board has made clear to Dimitry that in an effort to ameliorate this Misconduct and protect the Company and its shareholders, the following must occur:
Immediate Resignation. Dimitry must immediately resign from the Board.
Repayment of Consulting Fees. Dimitry must immediately initiate repayment of the consulting fees paid to Igor after his death, totaling approximately CAD
$230,000. Cancellation of Shares. Dimitry must immediately surrender 1,777,778 common shares of the Company (valued at approximately CAD
$120,000 at the time of issuance) that were issued in 2023 in respect of Igor's consulting services.Transfer the misappropriated Patent Rights to the Company. Dimitry must immediately transfer, or cause to be transferred, the ownership of International Patent Application No. PCT/IB2019/058334 and its national-stage filings in the U.S. (now granted), European Patent Organization (application pending) and Canada (application pending), together with any and all associated rights, to the Company.
Continuing Investigation
The Board has resolved that Dimitry's Misconduct represents a profound breach of trust, marked by undisclosed conflicts of interest, bad faith dealings, and efforts to improperly benefit on both sides of the Company's key business arrangements, and cannot be tolerated. The Board is committed to ensuring that these unlawful actions are addressed decisively and transparently in order to safeguard the Company and its shareholders.
As such, the Board is continuing to investigate and evaluate all of Dimitry's actions as an officer and director of the Company, as well as all available rights and remedies available to the Company as a result of the Misconduct. The Company will continue to keep shareholders and the market informed of any material developments. The Company remains firmly committed to transparency, accountability, and the highest standards of corporate governance.
Related Party Disclosure
The Board has determined that Dimitry's undisclosed beneficial interest in Technano, the Company's exclusive manufacturer, together with his involvement in prior consulting payments and intellectual property assignments, constitutes related-party dealings under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Any future arrangements with Dimitry or Technano, including with respect to any future manufacturing agreements, repayment obligations, intellectual property assignments, or other settlement terms, will constitute "related party transactions" under MI 61-101.
The Company expects to rely on exemptions from the formal valuation requirements in section 5.5(b) of MI 61-101 on the basis that no securities of the Company are listed on a specified market. The Company also expects to rely on the exemption from the minority approval requirement in section 5.7(1)(a) of MI 61-101 on the basis that the fair market value of any such transactions does not exceed
The Board, consisting of all directors other than Mr. Serov, will review and approve any related-party transactions before they are entered into, in accordance with MI 61-101.
Forward-Looking Information
This press release contains forward-looking statements, including, without limitation, statements regarding: the implementation, timing and effectiveness of governance measures; the recovery of amounts under the Company's repayment demands, including the promissory note; the Company's ability to secure and enforce exclusive ownership of its intellectual property rights; the negotiation, execution and performance of manufacturing arrangements with Technano; and the anticipated benefits of these corrective actions for business continuity, governance oversight, and shareholder value.
Forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual outcomes to differ materially from those expressed or implied. Such risks include, but are not limited to: the outcome of potential or actual litigation and regulatory proceedings; the enforceability of agreements with Mr. Serov, Technano or other related parties; the timing, validity and completeness of intellectual property transfers; Technano's compliance with manufacturing and pricing commitments; the availability, reliability and quality of product supply; and the Company's ability to rebuild governance credibility, restore stakeholder confidence, and protect shareholder value. Additional risks are described in the Company's continuous disclosure filings available under its profile on SEDAR+.
Forward-looking statements are made as of the date of this press release. The Company does not undertake to update any forward-looking statements, except as required by applicable securities laws.
No securities regulatory authority has approved or disapproved of the contents of this press release. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold within the United States absent registration or an applicable exemption. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or in any other jurisdiction where such offer, solicitation or sale would be unlawful. We seek safe harbour.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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