TORONTO, Aug. 26, 2019 /CNW/ - Namaste Technologies
Inc. ("Namaste" or the "Company") (TSXV: N)
(FRANKFURT: M5BQ) (OTCMKTS: NXTTF) today announced that its board
of directors has named Meni Morim as
chief executive officer and appointed him to the Company's board of
directors. Meni has served as the Company's interim CEO since
February 4, 2019 and the Company's
Chief Product Officer since May of 2018.
"Meni has led Namaste through a period of significant change
where difficult decisions were required while preserving the key
attributes that make it an exciting Company," said Branden Spikes, Chairman of Namaste
Technologies. "After a thorough review process, the board has
concluded that Meni is the right leader to execute on the Company's
strategy and to proliferate its online marketplace. Meni has an
in-depth knowledge of the products, technology, and the vision to
see where and how the Company will be able to grow its presence and
revenue and rebuild its shareholder value."
"As Interim CEO, I took the helm at a critical moment facing
intense scrutiny and change but with the same passion and
confidence that attracted me to Namaste when I joined in 2018,"
said Morim. "In the last six months we have increased our focus on
the right business units and markets, made significant progress in
settling outstanding class action lawsuits, announced an array of
new licensed producers, added key staff and board members to help
us grow our business, and made key acquisitions to support
Namaste's expansion plans and go-to-market strategy. I will
continuously look at ways to strengthen the Company's performance
and management team and ensure we are all committed to the
Company's success. With the majority of these challenges behind us,
I am excited about the future and our ability to add new customers
and expand our marketplace. I expect to provide additional details
on the latter in the next few weeks."
About Namaste Technologies Inc.
Namaste Technologies powers the ultimate online customer
experience for medicinal cannabis and related products. Beginning
with NamasteMD.com, the Company's integrated telemedicine
application, Namaste connects medical clients with health care
practitioners to more readily issue and renew cannabis
prescriptions online. Featuring the first Canadian Medical
Sales-Only Licence, the Company's own Cannmart.com is your
'everything cannabis store' offering clients a large variety of
strains to fill their prescription needs. Namaste's unique
artificial intelligence (AI) engine incorporated in its platforms
and related Uppy App, completes our ecosystem by identifying the
right product and pairing to address specific medical cannabis
requirements. Namaste also provides vaporizers and accessories
across several platforms operating in several countries. Namaste's
global technology addresses local needs in a burgeoning cannabis
industry requiring smart solutions. For further information about
Namaste, please log onto www.Namastetechnologies.com
Information on the Company and its many products can be accessed
through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
NamasteVapes.ca
Everyonedoesit.ca
FORWARD-LOOKING INFORMATION - This news release contains
"forward-looking information" within the meaning of applicable
securities laws. All statements contained herein that are not
historical in nature contain forward-looking information.
Forward-looking information can be identified by words or phrases
such as "may", "expect", "likely", "should", "would", "plan",
"anticipate", "intend", "potential", "proposed", "estimate",
"believe" or the negative of these terms, or other similar words,
expressions and grammatical variations thereof, or statements that
certain events or conditions "may" or "will" happen. The
forward-looking information contained in this press release,
includes, but is not limited to, statements related to Mr. Morim's
ability to preserve the key attributes of the Company and his
ability to execute on the Company's strategy to proliferate its
online marketplace; the ability of the Company to increase its
presence in the marketplace, grow revenues and rebuild shareholder
value; the degree of progress made in obtaining court approval
of the settlement of outstanding class actions; the future
significance of recent acquisitions to the growth of the Company;
the effect of recent challenges on the future performance of the
Company; the ability of the Company to add new customers; and the
potential for additional details for expansion plans to be
communicated to the investing public, as well as the proposed
timing of such disclosure. The forward-looking information
contained herein is made as of the date of this press release and
is based on assumptions management believed to be reasonable at the
time such statements were made, including management's perceptions
of future growth, results of operations, operational matters,
historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances. While we consider these
assumptions to be reasonable based on information currently
available to management, there is no assurance that such
expectations will prove to be correct. By their nature,
forward-looking information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our
control, could cause actual results to differ materially from the
forward-looking information in this press release. Such factors
include, without limitation: risks relating to the Company's
ability to execute its business strategy and the benefits
realizable therefrom, risks specifically related to the Company's
international operations, and risks relating to the market price of
the Common Shares. Additional risk factors can also be found in the
Company's current MD&A and annual information form, both of
which have been filed under the Company's SEDAR profile at
www.sedar.com. Readers are cautioned not to put undue reliance on
forward-looking information. The Company undertakes no obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Forward-looking statements contained in
this news release are expressly qualified by this cautionary
statement.
Neither the 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 or has in any way approved or disapproved
of the contents of this press release.
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SOURCE Namaste Technologies Inc.