/THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW./
CALGARY, Nov. 1, 2017 /CNW/ - Exito Energy II Inc. ("Exito") (TSX Venture: EXI.P) and Good Life Networks Inc. ("GLN") announce the resignation of Konstantin Lichtenwald as the Chief Financial Officer ("CFO") of GLN and the appointment of Andrew Osis as the CFO of GLN, effective October 5, 2017. Subject to the approval of the TSX Venture Exchange ("TSX-V"), Mr. Osis will be appointed as the CFO and Corporate Secretary of the issuer resulting from the proposed business combination between Exito and GLN (the "Resulting Issuer") instead of Mr. Lichtenwald. Mr. Lichtenwald will not be appointed to the board of directors of the Resulting Issuer.
Mr. Osis' 20-year career has included working as an investment banker and as a Chief Executive Officer, Chief Financial Officer, Director and advisor with large and small companies. Mr. Osis has been involved in financial and business transactions with an aggregate value of more than $25 billion. Mr. Osis formerly held positions as Vice President, Global Banking with RBC Dominion Securities Inc., one of Canada's largest investment banking firms, as well as positions with Peters & Company and Newcrest Capital where he focused on mergers, acquisitions, and equity and debt financings. Since leaving the investment banking industry, Mr. Osis has served on numerous boards of directors, and as Chief Executive Officer and Chief Financial Officer of public and private organizations, covering technology, media and entertainment, energy and oilfield services, manufacturing, life sciences, and other sectors.
Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to final TSX-V acceptance. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular prepared in connection with the transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Forward-looking statements relate to future events or future performance and reflect the expectations or believes regarding future events of management of Exito and GLN (the "Companies"). This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the completion of the Proposed Transaction. These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Important factors that may cause actual results to vary include without limitation; risks associated with any delays or difficulties encountered in respect of the proposed business combination transaction between Exito and GLN; the timing and receipt of certain approvals; delays in the receipt of requisite approvals and changes in general economic conditions or conditions in the financial markets. In making the forward‐looking statements in this news release, the Companies have applied several material assumptions, including without limitation: the receipt of necessary consents and approvals and satisfaction of all conditions precedent for the completion of the transaction, continuance and consolidation in a timely manner. Neither Exito nor GLN assumes any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in Exito's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE Exito Energy II Inc.
For further information: contact Brad Docherty, President, Chief Executive Officer and Director of Exito at (403) 472-5767 and Jesse Dylan, President, Chief Executive Officer and Director of GLN at (604) 341-8300.