MIAMI, Dec. 30, 2019 (GLOBE NEWSWIRE) — Bhang Inc. (“Bhang” or the “Company“) (CSE: BHNG) (OTCQX: BHNGF), a global cannabis CPG brand company with an extensive, award-winning portfolio of products, announced today that Daniel Nauth has been appointed interim Chair of its Board of Directors effective immediately.
Mr. Nauth currently serves as an independent member of Bhang’s board and is a member of both the audit and compensation committees. Mr. Nauth is an attorney with a practice focused on U.S.-Canada cross-border capital markets and M&A transactions. Over the past 14 years, Daniel has acted as a trusted legal advisor to Canadian, US and foreign companies with a strong track record of creating shareholder value. Mr. Nauth specializes in cross-border M&A, capital markets, corporate governance and regulatory compliance. He has served as a Director on Bhang’s Board since July of 2019.
“Daniel’s contributions as a Board member have been extremely valuable and I am confident that Daniel will continue to add value as we accelerate our work to become a dominant cannabis CPG company,” said Jamie Pearson, Bhang’s President & CEO.
“It is a privilege to serve as Bhang’s new interim Chair of the Board,” said Nauth. “Bhang has grown considerably over the last few quarters and I look forward to continuing to work with Jamie and Bhang’s leadership team to maintain our momentum and position the company on a path of sustainable profitability.”
Bhang would like to thank Scott Van Rixel for his role as Chair of the Board over the past year. Mr. Van Rixel will remain as a Director on the Board and will continue to provide his expertise as the new Head of Business Development for the Company, working to cultivate and scale Bhang’s global presence. “It’s been an honor to serve as board chair over the last year, and I’m confident in our future as we continue to grow and deliver strong value to our customers, employees and shareholders,” said Van Rixel.
Bhang also announced today that the Company has issued a total of 505,082 subordinate voting shares at a price of $0.145 per share to certain service providers of the Company as compensation for services rendered. The above-mentioned shares are subject to a four month hold period expiring on May 1, 2020.
Bhang is committed to delivering exceptional sensory experiences to consumers at every point in their cannabis journey through its award-winning portfolio of brands. Bhang is a trusted global cannabis company with an extensive portfolio of over 100 cannabis, hemp-derived CBD and terpene products, including chocolates, pre-rolls, gums, and beverages through its wholly-owned Red Ace Organics division, among others. Since 2010, Bhang has mastered the art of harnessing mutually-beneficial partnerships to bring safe, consistent and delicious products to the world. Learn more at www.bhangnation.com and purchase our award-winning CBD products at http://www.bhangcbd.com/.
FORWARD LOOKING STATEMENTS
This press release contains statements which constitute “forward‐looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) statements regarding the future direction of the Company (ii) the ability of the Company to successfully achieve its business and financial objectives, (iii) plans for expansion of the Company into new jurisdictions, and (iv) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning the business of the Company’s future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and hemp products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; the cannabis market is highly regulated and those regulations and enforcement priorities of governmental authorities may change; compliance with extensive government regulation and related costs; and other risks described in the Company’s Listing Statement dated July 9, 2019 and filed on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to any “U.S. Person” (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Jamie L. Pearson
President & CEO