Valens GroWorks Announces Change in Board and Management
UPDATE: on February 27th, 2018, Valens agreed to reduce the number of options granted. For more information please visit: Valens GroWorks Announces Option Amendment
Valens GroWorks Corp. (CSE: VGW) (the “Company” or “Valens”) is a multi-licensed, vertically integrated provider of cannabis products. We are pleased to announce that John Cullen will be joining the board of directors of Valens. There will also be changes to the management team. Tim Tombe, John Binder and Rob van Santen have resigned as directors of the Company, Mr. van Santen has also resigned as an officer.
Management and the board of directors would like to thank Messrs. Tombe, Binder and van Santen for their contributions to the Company.
Mr. Cullen has 30 years experience in public company financing, corporate/capital structuring and management. Following 15 years in the Canadian investment brokerage industry, including 10 years with Nesbitt Burns, Mr. Cullen has founded a number of public companies in the international resource sector. We look forward to him being a part of the team as our newest member on the board of directors of Valens.
The Company is pleased to announce that it has granted 2,500,000 options to purchase common shares of the Company exercisable at a price of $2.50 per share and expiring on February 23, 2023, to a consultant of the Corporation. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant. The grant of options is subject to ratification at the next annual shareholder meeting.
About Valens GroWorks Corp.
Valens GroWorks Corp. is a vertically integrated provider of Canadian cannabis products, specializing in proprietary extraction techniques, with three wholly-owned subsidiaries located in Kelowna, BC. Subsidiary Valens GroWorks Agritech has initiated cannabis production, processing and sales under a Health Canada Dealer’s Licence, which includes a supply agreement with Canopy Growth Corporation under their extensive CraftGrow distribution network. Subsidiary Valens GroWorks Labs is a Health Canada licensed cannabis testing lab providing sector-leading analytical services and has partnered with Thermo Fisher Scientific to develop a Centre of Excellence in Plant Based Medicine Analytics. Subsidiary Valens GroWorks Farms is in the process of becoming a purpose-built facility in compliance with European Union (EU) Good Manufacturing Practices (GMP) standards. This will ensure the product from this facility can be exported anywhere in the world where Cannabis is nationally legal for medical or adult usage purposes. Valens will be the first company to encompass the ‘whole plant’ extraction process which reduces costs and produces a premium extract. For more information, please visit Valens GroWorks, Valens GroWorks Agritech, Valens GroWorks Labs, or Valens GroWorks Farms.
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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
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