Buzz Capital Inc. Announces Proposed Appointment of New Directors and Transfers in Escrow Share Positions
Toronto, Ontario--(Newsfile Corp. - June 1, 2023) - Buzz Capital Inc. (TSXV: BUZ.P) ("Buzz" or the "Company"), a capital pool company (a "CPC") as defined under Policy 2.4 of the TSX Venture Exchange (the "Exchange"), announces that, subject to regulatory consent, it proposes to effect certain changes in management and transfers of certain escrow share positions.
Change of Management and Appointment of New Directors and Officers
The following persons are being proposed as new directors and officers of Buzz:
James W. Longshore (Director)
Mr. Longshore has more than 25 years of business investment experience in resource companies. He is currently, and has been since 2015, the Chief Executive Officer and a director of Xtra-Gold Resources Inc. (TSX: XTG), a producing gold mining company with operations in Ghana, West Africa. He is also a director of another CPC, High Mountain 2 Capital Inc. Mr. Longshore has also been a director of Good2Go2 Corp., a CPC which successfully completed a Qualifying Transaction in 2020 and became Leveljump Healthcare Corp. (TSXV: JUMP).
Gregory M. Prekupec (Director, CEO and CFO)
Mr. Prekupec is a corporate and franchise lawyer by background that has focused on the hospitality industry, financial technology, blockchain, and cryptoassets. He is also an entrepreneur and business advisor with a deep interest in disruptive technology and emerging markets. Since January 2014, Mr. Prekupec has practiced corporate and franchising law at Dipchand LLP. In addition to a career in law, Mr. Prekupec is an advisor to multiple venture-backed fintech companies where he helped raise funds, as well as establish key relationships. His experience covers business and regulatory strategy, franchising, venture capital and investing, and private corporate finance. Mr. Prekupec received his J.D. from Bond University, in Australia and is called to the bar in Ontario. He is a member of the Law Society of Upper Canada, the Canadian Franchise Association and the Society of Trust and Estate Practitioners. Mr. Prekupec is also currently a director and CEO of another CPC, Draxos Capital Corp. (TSXV: DRAX).
Brian MacIntosh (Secretary)
Mr. MacIntosh is the principal of Sunnylea Capital Inc., a private Alberta company that provides contractual expertise and structured capital for new business development and sales initiatives. Mr. Macintosh has led a number of private companies which were acquired by senior telecom companies such as AT&T and Telus. He is also a past executive board member with YPO, a global organization of over 34,000 CEOs in over 150 countries. With a strong understanding of both SMB & Enterprise markets, Mr. MacIntosh brings the full force of 25 years of comprehensive hands-on management and operational expertise to bear on all engagements.
Upon approval of the foregoing appointments, Mr. Chuck Rifici will resign as director, CEO and CFO while Mr. Hugo Alves will be resigning as Secretary. Messrs. Brett Wilson and Lorne Gertner will remain as directors.
Messrs. Rifici and Alves are stepping down from the Corporation at this time to focus their attention on other business ventures they are currently engaged in. The Corporation would like to thank them for their service and wishes them well in their future endeavours.
Escrow share transfers
In conjunction with the change of management, it is proposed that an aggregate of 2,400,000 escrowed shares currently held by Messrs. Rifici, Alves and a third party seed shareholder will be transferred to the incoming directors and officers.
Disinterested Shareholder Approval
In addition to Exchange approval, the proposed changes of management and escrow transfers require approval by a majority of disinterested shareholders. Shares of the Corporation which are held by interested parties to the change of management and escrow share transfers will not be eligible to provide their approval. The Company will be seeking disinterested shareholder approval by way of written consent.
About Buzz Capital Inc.
Buzz is a capital pool company pursuant to the Policy, and in accordance with the Policy, until the completion of its Qualifying Transaction (as defined in the Policy) Buzz's principal business is the identification and evaluation of companies, businesses or assets with a view to completing a Qualifying Transaction. Investors are cautioned that trading in the securities of a capital pool company is considered highly speculative.
For further information please contact:
Buzz Capital Inc.
Chuck Rifici, CEO
Telephone: 613-366-3631
Email: chuck@rifici.com
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168420
