On July 8, 2017, Mr. Bayliss was given the professional courtesy of resigning and disengaging from CableClix or face termination of employment for cause and removal as an officer and director. On July 11, 2017, Mr. Bayliss indicated his choice would be to resign. Upon receiving the choice from Mr. Bayliss, CableClix began the process of identifying all corporate assets and intellectual property were in possession of Mr. Bayliss and contemplating the final terms and conditions of the resignation of a key insider who poses competitive risks to CableClix. Until these conditions are finalized and agreed to, this severance is not in effect and therefore no disclosure has been required. In the interim, Mr. Bayliss continues to be a fiduciary of CableClix (USA), Inc. His decision to communicate directly with the market through social media is not at the direction or approval of CableClix (USA), Inc. CableClix believes that Mr. Bayliss' actions are contrary to the fiduciary duty to protect and preserve shareholder value and corporate integrity. A full legal examination of his decision to use public forums to express his editorial views will begin immediately and CableClix will disclose the final terms of Mr. Bayliss' departure at an appropriate time. CableClix management implores Mr. Bayliss to cease and desist any further behavior that is in direct violation of his current fiduciary obligations.
While CableClix's original business plan was developed in 2013 on the basis of a set top box and the state of the over-the-top (OTT) market at that time, the market and competitors has changed significantly since that time. After conducting independent third-party research beginning in late 2016 and the beginning of 2017, CableClix concluded that its limited resources should be directed toward the development of a product that could function as a stand-alone application capable of running on multiple platforms, to which Mr. Bayliss objected. A team of seasoned developers were hired and have been developing the product since January of 2017 under the capable leadership and proven track record of Chief Product Officer, Cauri Jaye despite Mr. Bayliss' refusal to participate in the development. This product is currently open to alpha testing and has a significant number of test users who have opted into testing program. The results of this testing period will enable us to ensure the product is tailored to the state of the market today.
CableClix thanks the shareholders who have elected to stay the course with our company and vision. As stated in previous press releases, the public is encouraged to rely solely on information from official press releases, reports, and statements made by authorized CableClix parties and through recognized media outlets.