The asset management agreement revision controversy escalates: YZi Labs demands BNC withdraw false accusations and claims the so-called "secret subsidiary agreement" is a smear campaign.

YZi Labs issued a statement regarding the proposed amendments to the asset management agreement signed with 10X Capital Asset Management LLC by the board of CEA Industries (BNC), strongly denying any obstruction of the amendments and accusing the BNC board of "distorting facts and misleading shareholders." Alex Odagiu, an investment partner at YZi Labs, stated that the board acknowledged the need to "reduce management fees, shorten the term, and optimize termination clauses" in the asset management agreement, but that attempts to blame YZi Labs and a so-called "secret side agreement" for the delay in the amendments were blatant fabrications. YZi Labs demanded that the BNC board immediately and publicly retract its false accusations regarding the "secret side agreement" and "YZi Labs' obstruction of the amendments," ensure that directors associated with 10X recuse themselves from related discussions and decision-making, and fully disclose the proposed amendments and the final agreement text to all shareholders before signing. YZi Labs also reserved the right to take further legal action against current board members and stated that it would continue to pursue the board's disclosure responsibilities. (Globalnewswire)