VANCOUVER and SAN DIEGO, Nov. 25, 2019 /CNW/ - Phivida Holdings Inc. (CSE: VIDA OTCQX: PHVAF) ("Phivida" or the "Company") today announced that the Company's Board of Directors has appointed David Moon, most recently the President of Wikala.com Inc. and a director of the Company, as interim Chief Executive Officer. This appointment follows the decision of James Bailey to step down as President and CEO, and as a director of the Company, to pursue other opportunities. The Phivida board will undertake a search to identify the Company's next CEO, and will consider internal and external candidates.
John Di Girolamo, Director of the Company said: "David is a serial entrepreneur who brings a successful track record and 15 years of experience selling online. He also has background in the natural health and wellness industry that ties together the two major components of our business – technology and CBD-based health and wellness products. We are confident that David's experiences and background position him well to lead the Company during this time."
Mr. Moon commented: "Phivida now has a developed brand portfolio of CBD-based products and a technology platform that enables the creation of specialized marketplaces. We believe that the opportunity before us is in its infancy and that there is currently no entrenched technology-based leader in this sector. We are 100% focused on building shareholder value through the fullest utilization of the assets that we have on hand."
Mr. Moon added: "On behalf of the Company, we wish to thank Jim for his contributions, and wish him all the best in his future endeavours."
In conjunction with the leadership transition, the Company is undergoing a strategic review process to consider all value-maximizing opportunities, including exploring potential corporate transactions. There can be no assurance that the strategic review will result in a transaction. Phivida does not intend on making further public announcements regarding the strategic review process unless and until a definitive transaction has been entered into or as otherwise required by applicable law.
ABOUT David Moon
David Moon founded Wikala.com Inc. in January 2017 and currently serves as President of Wikala.com Inc. and as a board member of Phivida Holdings Inc. Previously, he co-founded Investintech.com Inc., a software company he led as President and as a board member. He has managed international, distributed teams involving technology and product development and navigated hyper-competitive markets subject to constant change. Prior to his business involvement, Mr. Moon practiced law as a securities lawyer. He received his J.D. and MBA at the University of Toronto and his B.A. from McGill University.
ABOUT Phivida Holdings Inc.
Phivida Holdings Inc. is headquartered in Vancouver, BC with operations in San Diego, CA. Phivida is a premium functional food and beverage company focused on whole plant nutrition and natural ingredients that help best maintain overall health and balance in the human body. The company infuses organic active hemp extract into a variety of premium beverages and clinical products for everyday health. Phivida embraces and celebrates a return to organic, natural, plant-based foods and beverages, and a focus on holistic health and wellness. The mission is to help reduce the world's dependence on pharmaceuticals and provide food and beverage choices that allow customers to live a balanced, healthy lifestyle. For more information, visit phivida.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements and information in this news release relate to future events or future performance and include statements about expectations regarding Phivida's leadership transition, the outcome of any strategic review process, as well as Phivida's business. Forward-looking statements and information are based on assumptions believed to be reasonable by management of the Company at the time they were made, including assumptions regarding the cannabis industry. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated or implied due to a number of factors and risks, including but not limited to delays, increased competition, changes in consumer demand and preferences, and legal and/or regulatory changes. In addition, there is no assurance that the strategic review process referred to herein will result in a transaction. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements and information. The forward-looking statements and information contained in this news release are made as of the date of this news release and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the policies of the Canadian Securities Exchange. The forward-looking statements and information contained in this news release are expressly qualified in their entirety by this cautionary statement.
Neither the Canadian Securities Exchange nor its Regulation Services Provider has reviewed or accepted responsibility for the adequacy or accuracy of this release.
SOURCE Phivida Holdings Inc.
For further information: Website: www.phivida.com, Toll free +1 (844) 744-6646 (ext. #2), Email [email protected]; Investor and Media Relations: Craig MacPhail, NATIONAL Capital Markets, 416-586-1938, [email protected]