VANCOUVER, May 21, 2019 /CNW/ - Hempco Food and Fiber Inc. (TSX.V: HEMP) ("Hempco" or the "Company") today announced that the Company has appointed John Ross, previously Chief Financial Officer of the Company, as Interim Chief Executive Officer, effective immediately, following receipt by the Board of Directors of notice provided by Diane Jang.
Joel Watson, Chairman of the Board, stated, "We are pleased that John has agreed to take on the role of Interim CEO during this important transition period as we go through the process, pending shareholder approval, of being acquired by Aurora Cannabis."
Mr Ross, a financial management professional with over 30 years of public and private company experience. Mr. Ross has broad international experience working with high-growth companies. He has a proven track record in streamlining operations to accelerate growth, increase efficiencies and drive improvement sin profitability. Prior to his appointment as Interim CEO at Hempco, Mr. Ross was Chief Financial Officer of the Company. Mr. Ross will lead the Company as it transitions, pending shareholder approval, from public company to wholly owned subsidiary of Aurora Cannabis, a global leader in the Cannabis industry.
For more than 12 years Hempco has been a trusted and respected pioneer, innovator and provider of quality, hemp-based foods, hemp fiber and hemp nutraceuticals. Hempco produces and markets the brands PLANETHEMP SUPERFOOD™ and PRAISE HEMP™, hemp-based foods and nutritional supplements for people and animals. Hempco is expanding its processing ability to meet global demands in a 56,000 sq. ft. facility located at Nisku, Alberta. Hempco's common shares trade on the TSX Venture Exchange under the symbol "HEMP".
On April 16, 2019, the Company announced that it had entered into a binding letter agreement in regard to the basic terms and conditions upon which Aurora will acquire all of the issued and outstanding common shares of Hempco ("Hempco Shares") not already owned by Aurora ("the Transaction"). In consideration of the Transaction, Aurora has agreed to pay $1.04 per Hempco Share, payable in common shares of Aurora ("Aurora Shares"). The proposed Transaction will require shareholder approval from two-thirds of the votes cast by the holders of Hempco Shares at a shareholder meeting to be held to consider the proposed Transaction. In addition to shareholder approval, the proposed Transaction will be subject to applicable regulatory and court approvals and the satisfaction of other customary conditions.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this press release include the Company's anticipation of further growth. These statements are only predictions and are not guarantees of future performance; therefore, undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Companies are under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
On behalf of the Board of Directors,
HEMPCO FOOD AND FIBER INC.
SOURCE Hempco Food and Fiber Inc.
For further information: John Ross, Interim CEO, +1.647.291.4234, firstname.lastname@example.org