KELOWNA, BC, May 27, 2019 /CNW/ - Valens GroWorks Corp. (CSE: VGW) (OTC: VGWCF) (the "Company" or "Valens"), a multi-licensed, vertically integrated provider of cannabis products and services focused on various proprietary extraction methodologies including distillation, cannabinoid isolation and purification, product formulation and development as well as associated quality testing announced today that Jeffrey Fallows, LLB/MBA, CFA has been appointed as President of Valens, effective June 1, 2019. Mr. Fallows will be focused on executing on domestic and international growth opportunities, capital markets strategy and assisting with the overall corporate strategy of the Company.
Mr. Fallows is an accomplished finance professional with over 17 years of experience working on a wide range of financial advisory mandates in the cannabis, consumer products and industrial products industries including mergers and acquisitions, initial public offerings, private placements, and strategic reviews both domestically and internationally. Prior to joining Valens, Mr. Fallows was a Managing Director at AltaCorp Capital Inc. where he was the Head of the Life Sciences and Diversified Industries investment banking teams.
"I am truly impressed with everything Tyler and the team at Valens have accomplished. They have built an exceptional business that is strategically well positioned and ready for significant growth." said Mr. Fallows. "I look forward to helping them to continue to build shareholder value and realize on the incredible domestic and international opportunities they have in front of them."
"Jeff has a proven ability to build relationships with clients and an extensive professional network and understanding of the cannabis sector. We are excited to have Jeff join the Valens executive team to help lead the Company through its next phase of domestic and international growth." said Tyler Robson, CEO of Valens GroWorks. "Jeff's initial focus will be on executing on strategic business development initiatives which I will continue to support as I also remain active in the scale up of operations of the Company and global marketing and lead generation initiatives. We look forward to welcoming Jeff to the team as we continue to focus on building value for all Valens shareholders"
The Company has granted incentive stock options to purchase up to 750,000 common shares in the Company. Each option will be exercisable at a price of $4.21 per share and will expire 5 years from the date of grant. The options will vest quarterly over the next three years.
The Company also confirms that 860,852 or 100% of the broker warrants exercisable at $1.95 per warrant and 7,774,640 or 99.7% of the warrants issued pursuant to the warrant indenture dated October 10, 2018 were exercised at $2.54 per warrant prior to the accelerated expiry on May 20, 2019. The Company received proceeds of $21,426,247 associated with the exercise of these broker warrants and warrants.
About Valens GroWorks
Valens GroWorks Corp. is a research-driven, vertically integrated Canadian cannabis company focused on downstream secondary extraction methodology, distillation and cannabinoid isolation and purification, as well as associated quality testing with three wholly-owned subsidiaries located in and around Kelowna, BC. Subsidiary Valens Agritech ("VAL") holds a license to cultivate cannabis and produce cannabis oil under the Cannabis Act, as well as a license to conduct analytical testing for the cannabis industry. VAL currently has extraction processing and supply agreements with various leading producers across Canada. Subsidiary Valens Labs is a Health Canada licensed ISO 17025 accredited cannabis testing lab providing sector-leading analytical services and has partnered with Thermo Fisher Scientific to develop a Centre of Excellence in Plant Based Science. Subsidiary Valens Farms is in the process of becoming a purpose-built facility in compliance with European Union (EU) Good Manufacturing Practices (GMP) standards, ensuring the product from this facility can be exported anywhere in the world where Cannabis is nationally legal for medical or adult usage purposes. For more information, please visit http://valensgroworks.com. The Company's investor deck can be found specifically at http://valensgroworks.com/investors/
Notice regarding Forward Looking Statements
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. 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 Corporation is 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.
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SOURCE Valens GroWorks Corp.
For further information: Scott Young, Valens GroWorks Corp., Telephone: +1.705.888.2756; U.S. / Europe Investors, KCSA Strategic Communications, Phil Carlson / Elizabeth Barker, [email protected], 212.896.1233 / 212.896.1203; Media, KCSA Strategic Communications, Anne Donohoe, [email protected], 212.896.1265