FREDERICTON, New Brunswick, March 10, 2020 (GLOBE NEWSWIRE) -- Trius Investments Inc. (TRU-H.V) (“Trius”) is pleased to announce the following updates.
Board of Directors
Effective March 9, 2020, Trius has appointed Peter Van Dijken to its Board of Directors (the “Board”), subject to regulatory approval by the TSX Venture Exchange (“TSXV”).
Mr. Van Dijken is currently the President of Green Boy Group, a Los Angeles-based company that specializes in the supply of non-GMO and organic food ingredients to distributors and food manufacturers in the US and Canada. He is also the owner of Green Boy Products, which sells plant-based protein powders directly to consumers online and locally via retail in California. As such, Mr. Van Dijken has extensive knowledge on food trends in the nutritional, health and wellness space. He previously practiced as an attorney at law in Amsterdam, the Netherlands, for four years, before pursuing his current career as an entrepreneur in the food industry in the US. Mr. Van Dijken studied at Columbia Law School and Amsterdam Law School and holds a Bachelor of Law and two Master of Law degrees (cum laude).
Trius also announces that Yousuf Soliman has simultaneously resigned from the Board, in order to devote additional time to his primary business interests.
Joel Freudman, President and CEO of Trius, commented: “We are pleased to add Peter Van Dijken to our Board, and believe he can help Trius source and evaluate potential investments and transactions in the healthcare and wellness industry across North America. At the same time, we have been extremely fortunate to have had Yousuf Soliman on our Board for nearly two years, during which time he has contributed valuable input on financial analysis and corporate governance. We wish Yousuf all the best with his main business projects.”
Management Services Agreement
Trius has entered into a management services agreement dated March 9, 2020 (the “MSA”) with Resurgent Capital Corp. (the “Manager”) for executive management and venture capital markets advisory services. In substitution for paying salary directly to Trius’ President and CEO, under the MSA Trius will pay the Manager $7,500 monthly. In addition, if Trius successfully completes a corporate M&A transaction with an arm’s length counterparty, the Manager will, subject to any applicable regulatory approvals, earn a one-time performance bonus, payable entirely in Trius shares, having an aggregate value of 5% of Trius’ deemed valuation for purposes of such transaction.
The Manager is the largest shareholder of Trius. In addition, the Manager’s investment decisions are controlled by its President, Joel Freudman, who also serves as President and CEO and a Director of Trius. As such, the MSA constitutes a non-arm’s-length contract, and so in accordance with Trius’ Code of Business Conduct, the MSA was reviewed and approved by an ad hoc committee comprised of the two independent directors of Trius.
About Trius Investments Inc.
Trius is an investment issuer searching for new business opportunities and/or investments, with a focus on established, revenue-generating businesses. Trius’ common shares trade on the NEX Board of the TSX Venture Exchange under the symbol “TRU.H”.
Trius is a portfolio company of Resurgent Capital Corp. (“Resurgent”), a merchant bank providing venture capital markets advisory services and proprietary financing. Resurgent works exclusively with high-potential public and pre-public micro-capitalization Canadian companies.
For further information, please contact:
President & Chief Executive Officer
Trius Investments Inc.
Phone: (647) 880-6414
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Generally, forward-looking information can be identified by the use of words and phrases such as “plans”, “expects” “schedules”, “estimates”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken or occur. Forward-looking information in this press release includes statements regarding the appointment of a new director, Trius’ strategic plans, potential transactions and transaction criteria, and MSA compensation relating to a potential transaction. This forward-looking information consists of disclosure regarding possible events, conditions or results and is based on numerous assumptions that Trius’ management believes to be reasonable in the circumstances, including that Trius will be able to successfully execute its business plan and proposed transactions or investments, and that all necessary regulatory approvals will be obtained.
The forward-looking information in this press release is subject to a number of risks and uncertainties that may cause Trius’ actual results or performance to differ materially from those expressed or implied by such forward-looking information, including but not limited to: challenges in sourcing and executing transactions, on favourable terms or at all; volatility in financial markets and economic conditions; TSXV regulatory approval processes; and other risks described in Trius’ continuous disclosure documents. There can be no assurances that the forward-looking information in this press release will prove to be accurate, as actual results and future events may differ materially from those anticipated by such information. Accordingly, investors should not place undue reliance on such forward-looking information. Trius does not undertake to update any forward-looking information in this press release, except as may be required by applicable securities laws.