- Mr. Petron has a diverse and successful background scaling
global manufacturing, logistics and medical cannabis
operations.
- Most recently, Mr. Petron co-founded Alternative Medical
Enterprises LLC, and co-led the company through its December 2020 merger with Verano Holdings
LLC.
- Current Chairman, Simon
Langelier, has decided not to stand for re-election at the
Company's Annual General and Special Meeting of Shareholders, to be
held on June 10, 2021.
TORONTO, and RIONEGRO,
Colombia, May 13, 2021 /CNW/ - PharmaCielo Ltd.
("PharmaCielo" or the "Company") (TSXV: PCLO) (OTCQX: PCLOF), the
Canadian parent of Colombia's
premier cultivator and producer of medicinal-grade cannabis
extracts, PharmaCielo Colombia Holdings S.A.S., today announced
that proven operator and cannabis executive, Bill Petron, will stand for election as a
nominee to the board of directors (the "Board") at the
Company's Annual General and Special Meeting of Shareholders, to be
held on June 10, 2021 (the
"Meeting"). Mr. Petron has a comprehensive global background
in manufacturing, logistics and medical cannabis. If elected at the
Meeting, Mr. Petron has agreed to serve as Chairman of the
Board.
Current Chairman, Simon
Langelier, has decided not to stand for re-election at the
Meeting.
Simon Langelier, outgoing
Chairman of PharmaCielo Ltd. commented, "Over recent
months, PharmaCielo's management team, led by Henning, have
achieved key milestones to accelerate the Company's commercial
operations. The journey to this point has not been without its
challenges, but today, with the market shifting towards a global
outlook and both consumer product and pharmaceutical companies
coming to market, PharmaCielo is positioned for success."
Henning von Koss, CEO of
PharmaCielo Ltd. commented, "On behalf of the entire board
and management team, I would like to thank Simon for his invaluable
contribution and insight. Today, PharmaCielo is well positioned to
become a global cannabis supply chain partner. Over the last six
years Simon has played an important role."
Bill Petron added,
"The global cannabis landscape is set to change dramatically over
the next two years, with the opening of international markets and
U.S. legislative changes moving the industry towards a more typical
pharma or CPG1 operating structure. PharmaCielo is
uniquely positioned to capitalize on this accelerating shift, and
to become a lasting and valued partner to businesses that are
accustomed to a level of quality, expertise and scalability from
their suppliers that really doesn't exist in today's supply chain,
outside of what PharmaCielo has built. I very much look forward to
working with the rest of the very qualified board and management
team to scale the PharmaCielo platform while building lasting value
for shareholders."
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1 Consumer
Packaged Goods
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Background – Bill
Petron
Bill Petron is a highly respected
entrepreneur with a diverse background in manufacturing, logistics
and medical cannabis.
In 1999, Mr. Petron founded MSI Integrated Solutions
headquartered in Porto Alegre,
Brazil. This start-up designed and developed electrical
systems for the Latin American commercial off-road vehicle market,
supplying companies such as CNH, John Deere, Fiat Powertrain and
Mercedes. MSI was sold in 2006 with annual revenues that exceeded
$50 million.
In 2006, Mr. Petron founded Magnus Logistics Solutions Inc.
headquartered in Toronto, Ontario.
The start-up company managed the North American supply chains for
CNH Latin America and Fiat Powertrain Latin America. Magnus
supplied over 4,000 part numbers to six production facilities
located throughout Brazil.
In 2014, Mr. Petron co-founded Alternative Medical Enterprises
LLC ("AME") headquartered in Sarasota,
Florida. A license was acquired in Phoenix, Arizona and Mr. Petron ran the
vertical operations of the company in the state. In December 2020, AME merged with Verano Holdings
LLC and completed a public offering on the Canadian Securities
Exchange in February 2021 with a
valuation in excess of $6.0
billion.
Stock Option and RSU Grants
The Company also announces that on May
13, 2021 (the "Grant Date") the Board approved and granted
stock options ("Stock Options") as follows: 100,000 to Doug Bache, Chair of the Audit Committee, 50,000
to Claudia Jimenez, Director and
50,000 to Matteo Pellegrini,
Director.
In addition, the Board approved and granted 500,000 Stock
Options and 500,000 restricted share units ("RSUs") to Mr. Petron
effective as of the date of the Meeting and subject to Mr. Petron
receiving applicable TSX Venture Exchange (the "TSXV") and Company
shareholder approvals to join the Board.
Pursuant to Section 3.6(d) of Policy 4.4 of the TSXV, each
Stock Option is exercisable to acquire one common share of the
Company (a "Common Share") at a price of $2.15 per Common Share. All of the Stock Options
granted and conditionally granted are subject to a three year
vesting period and expire on the date that is five years from the
Grant Date.
The RSUs conditionally granted to Mr. Petron are also subject to
a three year vesting period and expire on the date that is five
years from the Grant Date. Each RSU entitles the holder to receive
one Common Share upon vesting.
The Stock Options and RSUs are governed by the rules of the TSXV
and respectively, the Company's fixed stock option plan and fixed
RSU plan approved by the shareholders May
23, 2019.
About PharmaCielo
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company,
headquartered in Canada, with a
focus on ethical and sustainable processing and supplying of all
natural, medicinal-grade cannabis oil extracts and related products
to large channel distributors. PharmaCielo's principal (and wholly
owned) subsidiary is PharmaCielo Colombia Holdings S.A.S.,
headquartered at its cultivation and processing centre located in
Rionegro, Colombia.
The board of directors and executive team of PharmaCielo are
comprised of a diversely talented group of international business
executives and specialists with relevant and varied expertise.
PharmaCielo recognized the significant role that Colombia's ideal location plays in building a
sustainable business in the medical cannabis industry, and the
Company, together with its directors and executives, is executing
on a business plan focused on supplying the international
marketplace.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as "expects", "is expected", "intends", "anticipates",
"believes", or variations of such words and phrases or state that
certain actions, events or results "may" or "will" be taken, occur
or be completed or achieved. Forward-looking statements in this
news release include, without limitation, statements with respect
to: Bill Petron's election to the
Board, Mr. Petron serving as the Chairman of the Board upon
election to the Board, the Company's ability to become a global
cannabis supply chain partner, changes in the global cannabis
landscape (including changes in the international market and U.S.
legislation moving the industry towards a more typical pharma or
Consumer Packaged Goods operating structure), the Company's ability
to capitalize on changes to the global cannabis landscape, the
vesting of the Stock Options and RSUs, Mr. Petron's election to the
Board receiving the applicable approval of the TSXV. The
forward-looking statements in this news release are necessarily
based on assumptions, including assumptions with respect to:
shareholders of the Company electing Mr. Petron to the Board, the
TSXV approving Mr. Petron's election to the Board, PharmaCielo's
ability to execute its business plan as currently contemplated,
PharmaCielo's ability to obtain necessary regulatory approvals for
the export of its products from Colombia and import of its products into other
countries, sufficient demand for the Company's products, that any
changes to cannabis legislation (including but not limited to
Colombian and U.S. cannabis legislation) will not negatively impact
the Company's business, that the Company will be able to locate and
retain necessary personnel to achieve its business goals,
PharmaCielo's ability to maintain its distribution contracts in
good standing and the accuracy of PharmaCielo's projections
regarding the market for cannabinoid products, matters affecting
the vesting of the Stock Options and the RSUs. Though management
believes that its assumptions are reasonable in the circumstances,
the actual results, performance or achievements of PharmaCielo's
business may be materially different from any future results,
performance or achievements expressed or implied by any
forward-looking statements herein. Forward-looking statements can
be affected by known and unknown risks, uncertainties and other
factors, including changes to PharmaCielo's development plans, the
failure to obtain and maintain all necessary regulatory approvals
relating to the export of cannabinoid products and the import of
these products into other countries, TSXV approval, the inability
to export or distribute commercial products through sales channels
as anticipated due to economic or operational circumstances, risks
associated with operating in Colombia, fluctuation of the market price for
the Company's products, risks associated with global economic
instability relating to COVID-19, risks related to retention of key
Company personnel, currency exchange risk, competition in
PharmaCielo's market and other risks discussed or referred to under
the heading "Risk Factors" in PharmaCielo's Annual Information Form
for the financial year ended December 31,
2019, which is available at www.sedar.com. Accordingly,
readers should not place undue reliance on forward-looking
statements. Except as required by law, PharmaCielo undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
SOURCE PharmaCielo Ltd.