iCreate founder Tyrone Wilson resigns
Embattled founder, director, and chief executive officer of iCreate Limited Tyrone Wilson has resigned from the company effective yesterday amidst delays in the company’s financial reports to the Jamaica Stock Exchange (JSE).
His departure comes following a tumultuous year in which the founder was reported to the JSE and Financial Services Commission by an anonymous group called JSE Investors United and experienced delay in its acquisition of Visual Vibes.com Limited, which was only consummated on May 31. The company also changed chief financial officers in April and saw the departure of chief operating officer and deputy CEO Toni Cooke on June 30, mere months after being appointed on February 9. iCreate also called off its plans to acquire the Kevin Frith-led Ideas Execution Limited on June 8 in a JSE release.
As a result of Wilson’s resignation, iCreate Chairman Arlene Martin has been seconded to serve as interim president and CEO while Ivan Carter becomes the interim chairman of the board of directors.
“The board of directors expresses sincere gratitude to Wilson for his visionary leadership and dedicated service as president & CEO and director. Going forward, he will be an available resource to the company,” a release on the leadership change stated.
iCreate listed on the Junior Market of the JSE on January 31, 2019 after raising $69.7 million. Since listing, its issued share capital has breached the $500 million issued share capital limit following a series of debt conversions. The company announced on Monday that its second-quarter report was delayed due to the acquisition of Visual Vibe, impacting the completion of the unaudited financial statements. iCreate requested an extension to submit its report on or before August 31.
On Tuesday, the company announced that its audited financial statements should be published on or before September 30 and its annual report will be published within 15 days after that submission. iCreate’s audited financial statements were due from March 30, with its annual report to have been submitted by April 30. This has opened the company to possibly being suspended or delisted from the Junior Market under the JSE’s financial reporting requirements and rule 505.
Wilson was listed as a connected party to Kyntire Holdings Limited and eMedia Interactive Group Limited in the company’s fourth-quarter report. Both entities own 52.40 per cent of iCreate.
The unaudited 2022 balance sheet published in February’s fourth-quarter report showed total assets of $852.93 million, but the first-quarter report in May had $697.93 million as total assets for the 2022 period. iCreate’s revenue was $136.05 million for 2022, including net profit of $22.83 million. The status of iCreate’s $80-million investment in The Chalet real estate development is unknown at the moment.
iCreate’s last reported first-quarter numbers revealed a 36 per cent drop in revenue to $29.81 million, with net profit being cut by three-fourths to $2.51 million. iCreate’s assets up to March 31 closed the period at $708.19 million with equity of $521.03 million, inclusive of $610.74 million in issued share capital. iCreate’s stock price was down 42 per cent year to date to $1.03 on Thursday, which left it with a market capitalisation of $968.68 million.