VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 14, 2017) - Valens GroWorks Corp. (CSE:VGW)(VGW.CN) (the "Company" or "Valens") is pleased to announce that Mr. Mark Doucet has joined the Company as its President.
Mark Doucet has more than 25 years of senior executive experience. He has been involved in and advised on capital markets, infrastructure, commercial real estate, precious metals and other industries both foreign and domestic. Past service includes: President of a US junior exploration company, President of a business/government relations company, Founder and President of a wireless application company, and Vice President for several Canadian junior exploration companies, an international government/business consulting firm and an Atlantic Canada restaurant franchise. Mark served as Financial Officer and Development Planner for the privatization and redevelopment of Toronto's Pearson International Airport. Mark and his wife have two boys, and reside in Ottawa.
Mark commented "Valens GroWorks Corp. has vastly superior products and people completely motivated to realize their vision of excellence by leading this quickly evolving industry. Drawing on this vision, I am passionately energized to help the Valens GroWorks team become an industry leader in this space."
Rob van Santen, the Company's CEO and Chair commented "I am particularly pleased that a seasoned and visionary leader like Mark has chosen our Company and its team as his vehicle to enter into this rapid-growth sector as the repeal of prohibition looms in Canada. The industry is in transition from the legacy world of commercial marijuana -- legal, quasi-legal, gray market, illicit -- to the future, which will see a fully institutionalized market."
The Company is granting stock options to acquire an aggregate of one million common shares in the capital of the Company at an exercise price of $1.40 per common share, expiring on the fifth anniversary of the grant (collectively, the "Stock Option"). The Stock Option vests in stages over the course of two (2) years with 12.5% to vest immediately and a further 12.5% to vest in each three-month period thereafter, and is exercisable quarterly after 12 months, with the balance after 24 months from the Commencement Date. The Stock Options are being granted in accordance with the Company's stock option plan, and are subject to regulatory approval.
About Valens GroWorks Corp.
Valens GroWorks Corp is a Canadian Securities Exchange listed company with an aggressive acquisition strategy in progress, providing management, consulting, testing and support services to domestic and international licensees, as well as financing the buildout of established, fully-licensed operations pursuant to its investment in Arizona. The Company seeks to capture a broad spectrum of medical marijuana users, as well as recreational users once legalized, in pursuit of its ambitious seed to sale and farm to pharma objectives.
The Company's wholly-owned subsidiary, Valens Agritech Ltd. ("VAL"), is a post-inspection applicant awaiting the granting of a Controlled Drugs and Substances Dealer's Licence for the cultivation and processing of marijuana. Based in the Okanagan Valley of British Columbia, VAL anticipates participation in selective clinical trial programs researching the efficacy of medical cannabis.
The Company is about to close the signed Share Exchange Agreement (SEA) with Supra THC Services Inc. ("Supra") which will become a wholly-owned subsidiary. Supra holds a Health Canada Dealer's Licence and is providing sector-leading analytical services for Licensed Producers and ACMPR patients.
On behalf of the Board of Directors,
VALENS GROWORKS CORP.
(signed) "Robert van Santen"
Chief Executive Officer
Notice regarding Forward Looking Statements
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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