Zylotech's ex-CEO fights to remain on Board

Nicholas Sikitois, the former CEO of Australian security surveillance developer, Zylotech, has sent CRN an exclusive document detailing his defence to shareholders, of ‘irregular transaction' to WNA Systems Pty Limited.

The document comes as the company has called a shareholders’ meeting, to be held on 2 February, to vote on the removal of Sikitois from Zylotech’s board.

Previously he claimed, to CRN, the board’s decision to dump him was a “set-up”.

In the statement, Sikiotis, claimed WNA Systems is a distributor of wireless systems and accessories, with clients throughout Australia.

He stated that his wife has a non-controlling share and is a director of the company.

“WNA provides significant tender support to Zylotech free of charge and provides significant warranty and backup,” he said.

“All of these factors support prior public statements that the services and purchases were charged at commercial rates.

“Zylotech has never incurred material expenditure with WNA – average spend has been approximately $65,000 a year – and has typically on-sold these for a significant margin.”

Sikiotis is at a loss to explain why the ‘new directors’ want him dumped from the company.

Although he wants to work with the new directors towards resolving these matters, in a way that preserves shareholder value.

“The new directors have not shown they have significant security industry experience or hold the legally required licenses to conduct Zylotech’s business,” claimed Sikiotis.

Sikiotis said he is fighting to remain on the company’s board because he was the founder and driver for Zylotech’s main business.