VANCOUVER, British Columbia, Feb. 13, 2019 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX.V - XLY) ("Auxly" or the "Company") is pleased to announce the appointments of Brian Schmitt as Chief Financial Officer, Jason Sonshine as Vice President, Strategy, and Carla Nawrocki as Vice President, Investor Relations of the Company.
Brian Schmitt, CFO, is an accomplished finance and accounting executive with approximately 30 years of experience in both private and publicly-traded companies. Most recently, Mr. Schmitt acted as the CFO at EnerCare Inc., where during his tenure with the company he played a large part in growing the company through acquisition and helped carve out their strategy, systems integration and operating plan. He also served as Vice President Planning & Administration for Wells Fargo Financial and held senior finance and accounting roles with Citi Financial and Ernst & Young. Mr. Schmitt is a Certified Public Account (CPA), a Chartered Accountant (CA) and a Certified Financial Analyst (CFA) charterholder.
Jeff Tung, who previously held the role of Chief Financial Officer and Chief Operating Officer, will continue to serve as the Company’s COO.
Jason Sonshine, VP, Strategy, has nearly a decade of legal and commercial experience and most recently served as Senior Counsel at Philip Morris International where he helped the company bring new products to market both in Canada and abroad. Mr. Sonshine’s expertise in navigating the heavily regulated tobacco industry gives the Company a competitive advantage as it accelerates its growth in the Canadian cannabis market. He holds a law (J.D.) degree from Queen’s University and a Bachelor of Arts degree from York University.
Carla Nawrocki, VP, Investor Relations, has extensive legal and capital markets experience, most recently serving as Director, Investor Relations at Hudbay Minerals Inc., where she helped the company communicate its corporate strategy to its institutional and retail shareholders. Prior to that, she practiced corporate and securities law for Hudbay and at Davies, Ward Phillips & Vineberg LLP. Ms. Nawrocki holds law (J.D.) and MBA degrees from the University of Western Ontario and the Richard Ivey School of Business.
Chuck Rifici noted “We are delighted that Brian, Jason and Carla have joined the Auxly family and look forward to their insight and contributions as we continue to execute on our strategic plan. We are very pleased with the strength of the management team that we’ve assembled here at Auxly.”
Auxly also announces that it has granted 1,150,000 options to purchase common shares of the Company (the "Options") to certain directors and officers of the Company pursuant to the Company’s stock option plan (the "Plan"). All Options will vest in equal tranches over the following four years and are exercisable at a price of $0.84 per common share. The Options have a term of five years and are subject in all respects to the terms of the Plan and the requirements of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
"Chuck Rifici" Chairman & CEO
Auxly is a vertically integrated cannabis company with diverse operations across Canada and Uruguay. The company was formed with the primary intent of providing financing solutions to cannabis licence applicants, and has evolved into a platform spanning the entire cannabis value chain. Auxly’s management believes that a vertically integrated model, adapted for the cannabis space, allows for substantive control over its operations through increased operational flexibility, economic resiliency and improved product margin dynamics in an effort to create long term shareholder value. Auxly currently operates three distinct, yet synergistic, segments:
• Upstream – Auxly’s diverse cannabis cultivation platform across its streaming partners, joint ventures and wholly-owned subsidiaries;
• Midstream – Auxly’s processing and development platform focused on the development of proprietary cannabis-derived products and related intellectual property to address consumer needs through its wholly-owned subsidiary, Dosecann; and
• Downstream – Auxly’s medical, recreational and international distribution platform.
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Notice Regarding Forward Looking Information:
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: the Company’s ability to successfully expand domestic and international operations and obtain new investment opportunities. There can be no assurance that the Company will realize the anticipated benefits from the Company’s business model.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.