TORONTO, Feb. 21, 2019 /CNW/ - Distinct Infrastructure Group Inc. ("Distinct" or the "Company") is providing an update.
The Company announces that Messrs. Joe Lanni and Alex Agius, its former Co-Chief Executive Officers, are no longer employed by the Company. Messrs. Lanni and Agius remain directors of the Company.
The Company also announces the appointment of Sean Weir as its Interim Chief Executive Officer. Mr. Weir was recently the President of WRC Timber, a holding company that has controlling interest in White River Forest Products, Hornepayne Lumber and Hornepayne Power with combined annual revenues in excess of $200 million. Prior to WRC Timber, he was President and Chief Executive Officer of eCycle Solutions, a privately owned Canadian electronics business that focuses on diverting old electronics from landfill and recovering the valuable commodities in the old devices. During his tenure at eCycle, he was instrumental in improving the company's profitability and took the company from special loans to cash-flow self-sufficiency.
Further to its press release of February 13, 2019, where the Company stated that "its prior audited and unaudited financial statements for the year ended December 31, 2017 and the three quarterly periods ended March 31, June 30 and Sept. 30, 2018 should no longer be relied upon", the Ontario Securities Commission (the "OSC") has noted Distinct in default. As a result of the default, the OSC has issued a cease trade order dated February 15, 2019 (the "CTO"). In addition, the TSX Venture Exchange ("TSXV") has suspended the Company's shares from trading through the facilities of the Exchange. The TSXV also issued a bulletin dated February 19, 2018 advising that upon the revocation of the CTO, trading in the Company's shares will remain suspended until such time that the Company meets the continuous listing requirements of the TSXV.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities legislation. Distinct is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Distinct cannot assure investors that actual results will be consistent with these forward looking statements.
SOURCE Distinct Infrastructure Group Inc.
For further information: John Nashmi, Chief Financial Officer, Distinct Infrastructure Group, Email: [email protected]