ABcann Global Corporation (TSX-V:ABCN)
(“
ABcann” or the “
Company”) today
announces key additions to the Company’s leadership team, that are
expected to accelerate the execution of its business plan and
growth strategy.
“We are pleased to welcome two outstanding
individuals to ABcann and believe their domestic and global
business experience will be a significant asset to the Company,”
commented Paul Lucas, Chair of ABcann’s board of directors. “They
both have strong track records and I look forward to leveraging
their expertise as we establish a distinctive position in the
fast-growing global cannabis industry.”
Appointment of Mr. Richard Fitzgerald to
the Board of Directors
The Company is pleased to announce the
appointment of Mr. Fitzgerald as a director of the Company,
effective immediately. He most recently served as an executive
advisor to Maison des Futailles Inc., a wine and spirits company.
Prior to that he held positions as President and Director of Maison
des Futailles. Mr. Fitzgerald previously served as the Canadian
President of Mark Anthony Brands, one of North America’s most
successful alcoholic beverage companies, with brands including
Mike’s Hard Lemonade®.
Mr. Fitzgerald was Chairman of Diageo Canada
Inc. until 2008, having previously served as Executive Director of
Diageo’s Global Commercial Roadmap Initiative, and as President and
CEO of Diageo for eight years. During his tenure, he was
responsible for Diageo’s global category-leading brands, including
Smirnoff®, Johnnie Walker®, Baileys®, and Guinness®
in Canada.
Earlier in his career, Mr. Fitzgerald served as
CEO of United Distillers Canada and as a director of Guinness North
America. Prior to his experience in the adult beverage sector, he
held various marketing and sales positions at Benson & Hedges,
the Phillip Morris affiliate in Canada.
“I am thrilled to be joining ABcann’s board of
directors at this important time in its development, and at the
opportunity to contribute to its future growth,” Mr. Fitzgerald
commented. “I look forward to leveraging my experience,
particularly in the alcoholic beverage sector to establish a unique
position for ABcann in the current medical cannabis market, and to
prepare the Company for future success in the adult-use
market.”
Appointment of Dr. Michael Bumby as
Chief Financial Officer
The Company has appointed Dr. Michael
Bumby as the Chief Financial Officer of the Company, effective
December 1, 2017. He brings extensive public company CFO, global
pharmaceutical, and M&A experience to ABcann. Dr. Bumby
succeeds Jenny Guan, who has been appointed Vice President and
General Manager, Napanee Operations.
Dr. Bumby has almost 20 years of experience in
the pharmaceutical industry, most recently as CFO of international
specialty pharmaceutical company, Merus Labs International Inc.
(TSX:MSL) (NASDAQ:MSLI), where he was instrumental in
strengthening financial planning and analysis, business
development, internal controls and budget management, and was part
of the strategic review core team that facilitated the acquisition
of Merus by Norgine B.V. in July 2017 for approximately $342
million.
Dr. Bumby previously had a diverse 14-year
career at Eli Lilly, including serving in its Corporate Finance
& Investment Banking groups at Lilly’s global headquarters
in Indianapolis, where he led international business
development activities for early and late stage assets, and serving
as regional CFO for Lilly’s Czech Republic and Slovak subsidiaries
based in Prague. He holds a Doctor of Veterinary Medicine
from the University of Guelph, and an MBA from
the University of Toronto.
“Joining ABcann provides a unique opportunity to
be part of an industry that is evolving in so many fascinating
ways,” said Dr. Bumby. “I look forward to being part of an
entrepreneurial and agile team with a strong foundation of
producing high-quality pharmaceutical-grade cannabis and an
ambitious vision for growth.”
“ABcann is delighted to welcome Dr. Bumby
and Mr. Fitzgerald to the ABcann team,”
said Barry Fishman, Chief Executive Officer of the Company.
“We believe their enthusiasm, entrepreneurial spirit and
expertise will add significant depth and breadth to our
organization and accelerate the execution of our global growth
strategy in both the medical and adult-use markets.”
Related to these announcements, the Company has,
subject to the approval of the TSX Venture Exchange (the
“TSXV”), agreed to, among other things: (i) grant
Dr. Bumby 600,000 stock options, and Mr. Fitzgerald and certain
other directors of the Company an aggregate of 139,166 stock
options; and (ii) issue Dr. Bumby 400,000 common shares as an
initial stock grant, which will vest in six equal installments
every six months for three years. Each of the options granted is
exercisable into one common share in the capital of the Company
until November 14, 2022 at a price of $1.16 per share, being the
closing price per share on the TSXV on November 14, 2017. The
options will vest quarterly over 36 months for Dr. Bumby and
quarterly over 12 months for Mr. Fitzgerald and the other
directors.
Appointment of Mr. Barry Fishman to the
Board of Directors
The Company is also pleased to announce the
appointment to the Company’s board of directors of Barry Fishman,
who joined the Company as Chief Executive Officer effective October
1, 2017.
About ABcann Global Corporation:
ABcann holds production and sales licenses from
Health Canada. Its flagship facility in Napanee, Ontario contains
proprietary plant-growing technology, centred on its
specially designed, environmentally-controlled growing chambers.
This approach results in the production of pharmaceutical-grade
cannabis products.
The Company is expanding its cultivation
capacity and pursuing partnership and product development
opportunities domestically, as well as in select international
markets, such as Germany, Australia and Israel.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Barry Fishman”
Barry Fishman Chief Executive Officer and Director
For further information, please contact Barry
Fishman at barry.fishman@abcannglobal.com or Aaron Keay at
aaron@abcannglobal.com.
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.
Disclaimer for Forward-Looking
Statements
Certain statements in this release are
forward-looking statements, which are statements that are not
purely historical. Forward-looking statements include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Forward-looking statements in this news
release include statements relating to: the expected timing of
appointment of Dr. Bumby as CFO; equity grants to be made to Mr.
Fitzgerald and Dr. Bumby; and the expected impact on the Company’s
operations from the appointments of Messrs. Fitzgerald, Bumby and
Fishman. Such statements are subject to risks and uncertainties
that may cause actual results, performance or developments to
differ materially from those contained in the statements,
including: (i) that the TSXV may not approve some or all of the
appointments or the compensation payable; (ii) that the Company may
not experience the expected benefits from the appointments of the
new directors and officers; (iii) changes to applicable legislation
or regulatory requirements; and (iv) other factors beyond the
Company’s control. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if
they do occur, what benefits the Company will obtain from them.
Readers are urged to consider these factors, and the more extensive
risk factors included in the Company’s filing statement dated March
31, 2017, which is available on SEDAR. Any forward-looking
statements in this news release speak only as at the date hereof
and the Company disclaims any obligation to update any of such
forward-looking statements, except in compliance with applicable
securities laws.
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