LAVAL, QC, May 10, 2019 /CNW Telbec/ - Neptune Wellness
Solutions Inc. ("Neptune" or the "Corporation") (NASDAQ:
NEPT) (TSX: NEPT), announced that it has settled regarding
certain claims made by the Corporation's former chief executive
officer (the "Former CEO") against the Corporation in respect of
the termination of his employment with the Corporation.
Pursuant to the agreement entered, Neptune agrees to issue
600,000 common shares from treasury (in accordance with securities
regulation) and transfer 2,100,000 shares of Acasti Pharma Inc.
held by the Corporation to the Former CEO. In addition, Neptune
agrees to reimburse nominal legal fees. Neptune receives full and
final release on all procedures in connection with this case. The
Former CEO was claiming the payment of approximately $8,500,000 and the issuance of equity instruments
as severance entitlements under his employment contract.
About Neptune Wellness Solutions Inc.
Neptune Wellness Solutions specializes in the extraction,
purification and formulation of health and wellness products.
Bringing decades of experience in the natural products sector to
the legal cannabis industry, Neptune is licensed by Health Canada
to process cannabis for the production of cannabis extracts and
oils at its 50,000 square foot facility located in Sherbrooke, Quebec. Leveraging its scientific
and technological expertise, Neptune acts as a service provider to
license holders as part of a multi-phase growth strategy focused on
the development of value-added and differentiated products for the
Canadian and global cannabis markets. Neptune's activities also
include the formulation, development and commercialization of
turnkey nutrition solutions and patented ingredients such as
MaxSimil®, and of a variety of marine and seed oils. Its
head office is located in Laval,
Quebec.
Forward-Looking Information
This press release may contain forward-looking information that
is based on certain assumptions and involves known and unknown
risks and uncertainties and other factors that could cause actual
events to differ materially from current assumptions and
expectations. These statements should not be read as guarantees of
future performance or results. Such statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from those implied by such statements. A more complete
discussion of the risks and uncertainties facing the Corporation
appears in the Corporation's Annual Information Form and continuous
disclosure filings, which are available on SEDAR's website at
www.sedar.com. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. The Corporation disclaims any intention or
obligation, except to the extent required by law, to update or
revise any forward-looking statements as a result of new
information or future events, or for any other reason.
Neither the Toronto Stock Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Toronto Stock Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Neptune Wellness Solutions Inc.