Comments on David Barr's PenderFund: the Only Voice Still Defending 67% Value Destruction

When Offered a Seat, Our Nominee Found a Board That Cannot Answer Basic Questions About Its Own Business

BRIDGETOWN, BARBADOS , March 18, 2026 /CNW/ -- OneMove Capital Ltd. ("OneMove"), a major shareholder of Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company"), today responded to the Company's continued campaign of misleading shareholders rather than addressing its record of value destruction.

The Board's inability to recognize that two and one are not the same number is unfortunately consistent with the same lack of analytical rigor that has defined its stewardship of the Company. This is a Board that has overseen a 34 percentage point collapse in Adjusted EBITDA margins, while increasing S&M and R&D spending by more than 6x without generating commensurate returns. Free cash flow has declined by 60%. ROIC has fallen from nearly 100% to effectively zero. The Company has missed its own Rule-of-40 target for eight consecutive quarters, and has now abandoned the target entirely. If this Board cannot count to two in a settlement negotiation, shareholders should not be surprised that it has been unable to track basic KPIs, manage the fiscal picture, or hold management accountable for years of broken promises. The pattern is the same whether it involves director math or financial oversight: a persistent unwillingness, or inability, to engage with the facts in front of them.

OneMove is setting the record straight. Here are the facts:

• OneMove has pushed for a settlement from day one. We have consistently proposed the appointment of two of our highly qualified nominees so the real work of fixing this Company can begin. The Board countered with one of our nominees and one of their choosing. That is not what we proposed, and the Board knows it. It is gamesmanship and entrenchment at shareholders' expense. Two is not one.
• Our nominee was offered a seat and turned it down. That should tell shareholders everything. After asking basic questions about strategy and the challenges facing the business, our nominee was alarmed by the Board's lack of understanding and absence of urgency. Seven weeks into a CEO search, there was no finalized candidate profile. Despite each director having served for more than a year, the Board continues to claim they have "just arrived" and need more time. Our nominee concluded that joining this Board alone would not be effective. Meaningful change requires more than one voice in a room that does not want to listen.
• OneMove has no desire to control this Board. We want independent directors with the skills, experience, and urgency to fix this mess, not PenderFund employees installed as Chair to preserve the status quo.
• There has been no internal refresh: every change has been the result of OneMove's efforts. The CEO departure, the Chairman stepping aside, the so-called "strategic review", none of it happened until OneMove applied pressure. Left to its own devices, this Board did nothing.
• The Board is pointing fingers instead of fixing problems. Rather than addressing 67% value destruction, collapsing margins, and broken promises, the Board is attempting to make this personal. Shareholders see through it.
• Disruption is exactly what Sylogist needs. The Board calls it "stability", but shareholders call it complacency. Six years of "stability" produced 67% value destruction, a 57% valuation discount to peers, and a company that underperforms on every key operating metric. The status quo is not working.
• PenderFund's David Barr stands alone in defending the indefensible. Shareholders have told us that Mr. Barr would rather mislead investors by attempting to blame OneMove for Dye & Durham's challenges, where Engine Capital was in charge, than answer for PenderFund's own track record at Sylogist: a 52% stock decline since their nominee joined the Board. Outside of Mr. Barr, OneMove has heard overwhelmingly from shareholders, and the message is clear: change is needed now.

The belated departure of Barry Foster, who oversaw 67% value destruction during his tenure as Chairman and resisted stepping down at every turn, is long overdue, not a gesture of goodwill. Shareholders should not mistake a forced exit for voluntary renewal.

OneMove remains wholly committed to providing shareholders their right to elect a Board they can trust, and looks forward to speaking directly with shareholders leading up to the May 12 Annual and Special Meeting.

About OneMove Capital Ltd.
OneMove Capital Ltd. is a private investment firm focused on unlocking value in technology-enabled businesses through disciplined governance, strategic oversight, and long-term shareholder alignment.

Information in Support of Public Broadcast Exemption under Canadian Law
The information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable corporate and securities laws. Shareholders of the Company are not being asked at this time to execute a proxy in favour of OneMove's director nominees or in respect of any other matter to be acted upon at the Meeting. In connection with the Meeting, OneMove intends to file a dissident information circular in due course in compliance with applicable corporate and securities laws. Notwithstanding the foregoing, OneMove has voluntarily provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 -- Continuous Disclosure Obligations ("NI 51-102") and has filed a document (the "Document") containing disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of OneMove's director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Document is hereby incorporated by reference into this press release and is available under the Company's profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is 5290 1A Street S.W., Calgary, Alberta, T2S 1R8.

The costs incurred in the preparation and mailing of any circular or proxy solicitation by OneMove and any other participants named herein will be borne directly and indirectly by OneMove. However, to the extent permitted under applicable law, OneMove intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of OneMove's nominees at the Meeting.

Once formal solicitation of proxies in connection with the Meeting has commenced, proxies may be revoked in accordance with subsection 148(3) of the Business Corporations Act (Alberta) by a registered holder of common shares of Sylogist ("Common Shares"): (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing that is signed by the shareholder or an attorney who is authorized by a document that is signed in writing: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Meeting or any adjournment or postponement of the Meeting is to be held, or (ii) with the chair of the Meeting on the day of the Meeting or any adjournment or postponement of the Meeting; or (c) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Common Shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary.

This press release and any solicitation made by OneMove is, or will be, as applicable, made by OneMove, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of OneMove who will not be specifically remunerated therefor. In addition, OneMove may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf.

Disclaimer for Forward-Looking Information
Statements contained herein that are not historical facts constitute "forward-looking statements" and "forward-looking information" (together, "forward-looking statements") within the meaning of applicable securities laws that reflect OneMove's current expectations, assumptions, and estimates of future events, performance and economic conditions. Such forward-looking statements rely on the safe harbor provisions of applicable securities laws. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that the Company's securities will trade at the prices that may be implied herein, and there can be no assurance that any opinion or assumption herein is, or will be proven, correct. Words and phrases such as "anticipate," "believe," "create," "drive," "expect," "forecast," "future," "growth," "intend," "hope," "opportunity," "plan," "confident," "restore," "reduce," "potential," "proposal," "unlock," "upside," "will," "would," and similar words and phrases are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements concerning: the anticipated financial and operating performance of the Company; the Company's growth, cash flow, and operating margins; the conduct and outcome of any strategic review; the outcome of the CEO search; the filing of a dissident circular and the timing thereof; the outcome of the Meeting; and the Company's go-forward strategy. Such forward-looking statements are not guarantees of future performance or actual results, and readers should not place undue reliance on any forward-looking statement as actual results may differ materially and adversely from forward-looking statements. All forward-looking statements contained herein are made only as of the date hereof, and OneMove disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which OneMove hereafter becomes aware, except as required by applicable law.

Media Contacts

ASC Advisors
Taylor Ingraham / Steve Bruce
tingraham@ascadvisors.com / sbruce@ascadvisors.com
203 992 1230

SOURCE OneMove Capital Ltd.