Vancouver, British Columbia--(Newsfile Corp. - December 20, 2019) -Wolfpack Brands Corporation (the "Company") is pleased to announce that the Company has appointed Richard Buzbuzian to serve as Chief Executive Officer. The Company is also pleased to announce that it intends to amend its articles to change its name to "Wolf Capital Corporation" or such other name as determined by the board of directors.
The Company also wishes to announce the resignation of Mr. Koby Smutylo as Chief Executive Officer. In connection with the resignation of Mr. Smutylo, the Company entered into certain ancillary agreements providing for, among other things, the surrender of 30,000,000 common shares of the Company to treasury, the termination of a consulting agreement with a company controlled by Mr. Smutylo in accordance with its terms and the disposition of certain nil value intellectual property rights of the Company to Mr. Smutylo for no additional consideration.
The disposition of the intellectual property rights to Mr. Smutylo constituted a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on the exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a)(1), respectively, of MI 61-101 in respect of the related party transaction on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the intellectual property rights exceeded 25% of the Company's "market capitalization" (as calculated for the purposes of MI 61-101).
For further information please contact:
Richard Buzbuzian, President and Executive Chairman
Wolfpack Capital Corporation
700, 595 Burrard Street
Vancouver, BC V7X 1S8
Phone: (647) 501-3290
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