TORONTO, Feb. 1, 2018 /CNW/ - Alternate Health Corp ("Alternate Health" or the "Company") (CSE:AHG) (OTC:AHGIF), an international, vertically-integrated medical cannabis company, is pleased to announce the appointment of Christopher Boling to the position of Chief Financial Officer, the appointment of Jim Griffiths to the position of Senior Vice President of Finance, the appointment of Michael Klipper to the role of Chief of Research and Product Development, and the issuances of common shares and incentive stock options.
"Following Alternate Health's excellent 2017, it is with excitement that we prepare for even greater success in 2018 with a strengthened financial and product development team," says Dr. Michael Murphy, CEO of Alternate Health. "These new appointments set the stage for rapid growth across all our verticals."
Christopher Boling was appointed as the Company's Chief Financial Officer effective January 25, 2018. He takes over from Jim Griffiths who has been appointed Senior Vice President Finance effective January 25, 2018. Mr. Griffiths continues to serve as a director of the Company. On the announcement, Griffiths commented: "Chris Boling's experience makes him ideally suited to be our CFO and I look forward to supporting him as I shift my focus to corporate finance and investor relations."
Mr. Boling has over 20 years of experience in senior financial leadership roles for global public firms like Textron and Pirelli S.p.A. For the last 5 years, Mr. Boling has been working at the CFO level for high-growth technology companies in additive manufacturing and solar energy, where he was responsible for establishing U.S. operations, managing a $250M credit facility, and preparing a public debt offering. Mr. Boling holds a BBA in accounting from the University of Georgia, an MBA from Berry College, and a CPA certification in the state of Georgia.
Chief of Research and Product Development
The Company is pleased to announce the appointment of Mr. Michael Klipper as Chief of Research and Product Development. Mr. Klipper is currently a director of the Company. A formulary chemist, entrepreneur, author, and fundraiser, Mr. Klipper is the Co-Founder of Cannabinoid Science International Corp. ('CSI') and a respected member of the International Cannabinoid Research Society ('ICRS'). Mr. Klipper is a Graduate of Farleigh Dickenson University.
CSI was established to develop precision made Cannabinoid based formulary compounds that can be manufactured world-wide and made available to individuals in need of healing. By collaborating with leading researchers in Biochemistry, Physics, Computer Science (systems biology), and Healthcare Services; CSI is committed to developing scientifically proven treatments, educating regulatory agencies, healthcare professionals, and patients, improving quality of life and health outcomes, while championing a paradigm shift in society.
Terms of Agreement with Cannabinoid Science International Corp.
Cannabinoid Science International Corp. ('CSI'), a company owned and controlled by Mr. Michael Klipper, will direct and oversee the research and product development for Alternate Health and its subsidiaries. CSI will direct the design and development of new CBD products, improve existing products and identify and develop research studies and protocol design for clinical research studies. Working with the Company's CEO, CSI will provide leadership and develop objectives for the Research and Development at Alternate Health.
The CSI agreement includes a payment of 250,000 common shares of the Company at a deemed price of $2.20 CAD per share, earned over a period of six consecutive quarters commencing in Q1 2018 and ending in Q2 2019.
CSI will receive the first 41,667 common shares for Q1 2018, with the balance of the 208,333 shares vested as to 41,667 shares per quarter for the next four fiscal quarters, and 41,665 shares for Q2 2019.
The common shares shall be deliverable by the Company to CSI within thirty (30) days of the end of each quarter. The share issuance will be subject to the required four months hold period legend, pursuant to the Policies of the regulatory authorities.
Pursuant to the terms of the agreement, the Company has granted 300,000 incentive stock options to CSI, for the right to purchase up to an aggregate of 300,000 common shares of the Company, exercisable at the price of CAD$2.20 per share for five years.
50,000 options vest in Q1 2018, with the balance of the 250,000 options vested as to 50,000 options per quarter for the next five fiscal quarters.
The stock options granted will be in accordance with the Company's Stock Option Plan and will have the required four months hold period legend, pursuant to the Policies of the CSE and regulatory authorities.
About Alternate Health Corp.
Alternate Health Corp. (CSE: AHG, OTCQB: AHGIF) Alternate Health has established multiple arms-length operations within the medical cannabis industry, each of which drives consumers, data and strategic opportunities to the company's other verticals. This sophisticated cross-integration of the company's enterprises has positioned Alternate Health as one of the only cannabis companies that delivers consistent revenue and intellectual property without growing, manufacturing or distributing the cannabis plant. Through its software solutions, data analytics, and patented delivery systems, Alternate Health's goal is to be the global authority on scientific and clinical support for cannabis in regulated markets. Alternate Health is well positioned to reinvest internal operating cash flow in its platform over the long term, creating an attractive investment profile for its shareholders.
Alternate Health resides in the cannabis sector along with companies like GW Pharmaceuticals, AXIM Biotechnologies Inc., Canopy Growth Corporation, and Aphria Inc. Alternate Health is differentiated from other cannabis companies by its focus on ancillary services for patients, healthcare professionals and regulatory providers rather than selling a commodity. For more information about Alternate Health Corp., visit www.alternatehealth.ca.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations, business prospects and financing plans, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements.
SOURCE Alternate Health Corp.
For further information: Investor Relations Contact: Nancy Goertzen, CPIR, +1.604.512.7122, [email protected]