CEA Industries Inc. Announces New CFO
March 15 2022 - 9:15AM
CEA Industries Inc. (NASDAQ: CEAD), a leader in controlled
environment agriculture (CEA) systems engineering and technologies,
announced today the appointment of Ian K. Patel as Chief Financial
Officer and Treasurer of the Company, effective March 11, 2022.
“Ian brings a proven track record of delivering
results and accelerating growth, and our Board of Directors and I
are thrilled to welcome him to the executive management team,” said
Tony McDonald, CEA Industries Chairman and CEO. “Ian’s extensive
experience advising and leading organizations in their finance
activities will serve our company and our shareholders well.”
Mr. Patel has extensive experience as a
financial leader, having held several executive roles in the energy
sector and investment companies and spearheading improved processes
to their financial models and risk management compliance.
“I am excited to step into the CFO role at CEA
Industries to support the company in its continued execution of its
strategic plan, to accelerate growth and to deliver value to its
shareholders,” said Mr. Patel.
Biographical Details
Ian Patel was most recently the Consultant CFO
for Maxwell Financial Labs, Inc., a B2B SAAS mortgage servicer. At
Maxwell he advised the company on their accounting and risk
management processes, long and short-term financial models and led
their capital raising efforts for subsidiary businesses.
Prior to Maxwell, he served as Vice President of
Finance, Treasury and Investor Relations for Fourpoint Energy LLC,
a $5 billion multi-strategy energy enterprise. At Fourpoint Energy
he led finance, planning and risk management.
Before Fourpoint Energy, Mr. Patel served as CFO
at True Oil Company, LLC / S&A Resources LLC, a private
equity-backed oil and gas company. Prior to True Oil he was
Director of Investment Banking at Citigroup Global Energy where he
provided strategic advice to energy companies on issues including
capital structure, M&A, and debt/equity capital raises.
Other positions Mr. Patel has previously held
include Investment Banking Associate for Goldman Sachs & Co.,
and Corporate Lawyer, Mergers and Acquisition, for Debeovoise &
Plimpton, LLP.
Mr. Patel holds an MBA from The Wharton School
and a Juris Doctorate from Harvard Law School.
About CEA Industries Inc.
CEA Industries Inc. (www.ceaindustries.com), is
home to industry leaders in controlled environment agriculture,
with complementary and adjacent companies added to its portfolio
when aligned with the company’s growth initiatives. As the global
environment for indoor cultivation continues to grow, CEA
Industries was formed to embrace companies that support these
ecosystems.
Headquartered in Louisville, Colorado, CEA
Industries knows that growth is a team sport. Through future
partnerships and mergers and acquisitions, both financial and
strategic, CEA Industries will continue its pursuit of companies
that bring accretive value to its customers and investors.
Safe Harbor Statement
This press release contains statements of a
forward-looking nature relating to future events. For example, when
we discuss the expected use of proceeds, we are using
forward-looking statements. These forward-looking statements are
subject to the inherent uncertainties in predicting future results
and conditions. These statements reflect our current beliefs, and a
number of important factors could cause actual results to
differ materially from those expressed in this press release,
including the factors set forth in “Risk Factors” set forth in our
annual and quarterly reports filed with the Securities and Exchange
Commission (“SEC”), and subsequent filings with the SEC. Please
refer to our SEC filings for a more detailed discussion of the
risks and uncertainties associated with our business, including but
not limited to the risks and uncertainties associated with our
business prospects and the prospects of our existing and
prospective customers; the inherent uncertainty of product
development; regulatory, legislative and judicial developments,
especially those related to changes in, and the enforcement of,
cannabis laws; increasing competitive pressures in our industry;
and relationships with our customers and suppliers. Except as
required by the federal securities laws, we undertake no obligation
to revise or update any forward-looking statements, whether as a
result of new information, future events or otherwise. The
reference to CEA
Industries Inc.’s website has been provided as a
convenience, and the information contained on such website is not
incorporated by reference into this press release.
Contact Information:Jamie EnglishVice President, Marketing
Communicationsjamie.english@surna.com(303) 993-5271
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