Namaste Announces Change of Year-End to Nov 30th and Option Issuance
VANCOUVER, Aug. 7, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (CSE: N), (FRANKFURT: M5BQ), (OTCMKTS: NXTTF) is pleased to announce that that its board of directors has resolved to change the Company's fiscal year-end from August 31st to November 30th effective immediately, by extending the 2018 fiscal year to 15-months in order to facilitate efficiencies in the administration, accounting and production of the annual audited financial statements.
Subject to the terms of the Company's Stock Option Plan, Namaste's board of directors has also approved the issuance of 265,000 options to certain directors and consultants of the Company. All options are exercisable at a price of $1.39 per common shares for a period of five years. The options will vest in quarterly installments over a two-year period.
Management Commentary
Sean Dollinger, President and CEO of Namaste comments: "We are very pleased to have changed the fiscal year-end date to November 30th. We have focused much energy and resources to reinforce and expand our finance team led by our new CFO Kenneth Ngo, and this change will be impactful for efficient financial operations of the company."
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
"Sean Dollinger"
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: [email protected]
Further information on the Company and its products can be accessed through the links below:
NamasteTechnologies.com
NamasteMD.com
NamasteVapes.ca
Everyonedoesit.ca
Forward-Looking Information
This press release contains forward-looking information based on current 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. Although such statements are based on management's reasonable assumptions. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release.
SOURCE Namaste Technologies Inc.
Sean Dollinger, Chief Executive Officer, Direct: +1 (786) 389 9771, Email: [email protected]
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