VANCOUVER, British Columbia, Feb. 5, 2019 /CNW/ -- Lifestyle Delivery Systems Inc. (CSE: LDS), (OTCQB: LDSYF) and (Frankfurt: LD6, WKN: A14XHT) ("LDS" or the "Company") is pleased to announce that its board of directors has appointed Casey Fenwick as the Company's President.
On February 1, 2019, the Company's wholly-owned subsidiary, CSPA Group, Inc. ("CSPA"), and Mr. Fenwick entered into an employment agreement (the "Agreement"), for an initial period ending on January 31, 2020, and renewing on a month-to-month basis thereafter. Pursuant to the Agreement, Mr. Fenwick will serve as CSPA's Director of Northern California Operations and Marketing Director, and serve as the Company's President.
The Company agreed to a base annual salary of USD $180,000, which will be payable in monthly installments consistent with CSPA's payroll practices. In addition, the Company agreed to grant Mr. Fenwick an option to acquire up to 2,000,000 shares of its common stock. The options will vest over a two-year period from the date of grant, at 250,000 shares per quarter, and may be exercised at a price of $0.465 per share expiring five years after each vesting date.
Mr. Fenwick has been in sales and marketing for the majority of his professional career. Mr. Fenwick brings with him wealth of knowledge he accumulated from working within various industries, which span large oil and gas projects to high profile digital advertising companies all over the world. In recent years Mr. Fenwick has worked closely with several cannabis manufacturing companies helping them to get off the ground with one of these projects recently reaching sales of $8 million dollars per quarter.
Lifestyle Delivery Systems Inc.'s CEO, Brad Eckenweiler, stated, "The addition of Mr. Fenwick to the LDS team will bring significant market knowledge and resources for the CSPA Group, Inc. to draw upon. Mr. Fenwick's passion for growing businesses has already helped shape the cannabis industry and we anticipate his marketing abilities to be an extremely valuable asset for the Company's 2019 product line launch."
About Lifestyle Delivery Systems Inc.
Lifestyle Delivery Systems Inc. is a technology company that licenses its technology to a state-of-the-art production and packaging facility located in Southern California. The Company's technology produces infused strips (similar to breath strips) that are not only a safer, healthier option to other forms of delivery but also superior bioavailability of cannabis constituents. Some strips will also include supplemental co-active ingredients such as nutraceuticals, vitamins and peptides. The technology provides a new way to accurately meter the dosage and assure the purity of selected product. From start to finish, the production process, based on the Company's technology, tests for quality and composition of all the ingredients used in each and every strip which results in a delivery system that is safe, consistent and effective.
On behalf of the board of directors of Lifestyle Delivery Systems Inc.
CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
Cautionary Disclaimer Statement:
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, The Company undertakes no obligation to publicly update or revise forward-looking information.
SOURCE Lifestyle Delivery Systems Inc.