PharmaCielo Announces Bill Petron, a Global Operations and Cannabis Veteran, to Stand for Election as a Nominee for Chairman of the Board
- 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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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.
Henning von Koss, CEO, +1 416-864-6116, PharmaCielo.com; Media Relations: International: Gal Wilder, Cohn & Wolfe, +1 416-602-4092, [email protected]; Colombia: Giselle Díaz Bermúdez, SPR Group, + 57 310 859 5468, [email protected]; Investor Inquiries: [email protected]
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