Chief Executive Officer, Dan Park, to transition to Chair of the
Board
Peg Hunter
and Henry Lees-Buckley appointed to the Board of
Directors
VANCOUVER, BC, Oct. 15, 2021 /CNW/ - BuildDirect.com
Technologies Inc. (TSXV: BILD) ("BuildDirect" or "Company"), an
innovative platform for purchasing and selling building materials
online, today announced that due to personal reasons, Chief
Executive Officer ("CEO"), Dan Park,
will transition to Chair of the Board effective December 31, 2021 and that seasoned executives
Peg Hunter and Henry Lees-Buckley have been appointed to its
Board of Directors, effective immediately.
Dan Park's transition from CEO
to Chairman of the Board
Over the last four years, Dan has
been integral to the success of BuildDirect, including transforming
the Company through creditor protection into a lean, growth-focused
organization, enabling its recent successful reverse takeover
transaction, which raised $20.5
million. Effective December 31,
2021, Dan will transition to the role of Chair of the Board
to guide the Company as it continues to transform the home
renovation industry by bringing it into the digital era.
"I remain as bullish as ever on BuildDirect's
opportunity to disrupt the building materials industry and
remain focused on accomplishing this mission as I move into the
role of Chair of the Board. I am committed to supporting the search
for a new CEO, and the onboarding and transition process that will
follow. I want to sincerely thank our employees, investors, vendor
partners, and of course, our customers in the US and Canada for
enabling our ongoing success," said Dan
Park, Chief Executive Officer. "As we close out 2021, we are
on pace to achieve our revenue guidance and our pipeline of
accretive M&A opportunities that meet our well-defined criteria
remains robust."
Boyden Canada, an executive
search firm, has been engaged to identify a new CEO who will
complement BuildDirect's strong leadership team, has public markets
experience, and will drive forward BuildDirect's distinct DiPhy
(digital + physical) strategy.
Additions to the Board of Directors
Peg and Henry
bring fresh insights and deep market knowledge that will support
BuildDirect as it actively rolls out its distinct omnichannel heavy
home improvement offering to professional ("pro") and consumer
markets.
Peg is an accomplished board director and senior executive. She
brings 35 years of experience driving business growth and
innovation in the retail sector in Canada with such iconic retailers as Canadian
Tire and The Home Depot. In her role with The Home Depot, she
spearheaded the $7 billion home
improvement chain's digital transformation to become the country's
leading omnichannel marketer and retailer in both the pro and
consumer home improvement markets.
"I am thrilled to join BuildDirect's Board of Directors at this
pivotal moment in the company's growth strategy," said Peg Hunter, Director of BuildDirect. "The
company's mission to transform the home improvement industry
through digitalization has become even more relevant. Customers
online purchasing acceptance has accelerated over the last two
years, as investments in the home reach new levels."
Henry is a seasoned CEO bringing almost 40 years of experience
to the Board. He is currently CEO at USA Midwest based private equity owned Zone
Climate Services which is expanding in the RHVAC space across the
USA. Prior to that he served as
President and CEO of TSX-listed Uni-Select, and also in a number of
leadership roles at W.W. Grainger, Inc., where he successfully
operated their Specialty Brand companies and drove its North
American acquisition growth strategy. Additionally, he was a member
of the board of BMC (Building Materials Corp in the USA) through its merger with Builders First
Source. Henry brings a strong growth mindset and a fresh
perspective having served as a senior executive for companies
spanning the service, distribution, and building materials
sectors.
"I'm excited to be a part of BuildDirect's story as it continues
to grow and expand," said Henry
Lees-Buckley, Director of BuildDirect. "BuildDirect is well
positioned to grow organically, as well as acquisitively as the
consolidation of the home improvement sector continues. I'm
particularly looking forward to supporting management as they drive
growth through new partnerships and a robust acquisition
pipeline."
"We welcome Peg Hunter and
Henry Lees-Buckley to our Board of
Directors," said Dan Park, CEO of
BuildDirect. "It will be an honor to be working with such a
high-caliber board including Peg and Henry's expertise and
extensive experience developing and growing home improvement
leaders as we continue to advance and deliver against our
strategy."
Advisory Services
BuildDirect has retained Deloitte
LLP ("Deloitte") to provide investor relations and stakeholder
communications advisory services. Deloitte has been engaged for an
initial period expiring on June 21,
2022 and will be paid a monthly fee of $20,000 plus a monthly administrative charge of
$600 and certain pre-approved
out-of-pocket expenses. Deloitte and the Company are unrelated and
unaffiliated entities. Deloitte is a multinational professional
services network with offices in over 150 countries and territories
around the world.
BuildDirect has retained Hybrid Financial Ltd ("Hybrid") to
broaden the Company's reach within the investment community. Hybrid
has been engaged for an initial period expiring on February 18, 2022 and will be paid a monthly fee
of $22,500. Hybrid and the Company
are unrelated and unaffiliated entities, Hybrid does not have a
direct interest in the securities of the Company but its clients
may have an interest, directly or indirectly, in the securities of
the Company. Hybrid is a sales and distribution company that
actively connects issuers to the investment community across
North America.
BuildDirect has retained INFOR Financial Inc. ("INFOR") to
broaden the Company's reach within the investment community and
provide market making services to maintain orderly trading in the
Company's securities. INFOR has been engaged for an indefinite
period to be terminated by either party on the delivery of a 30-day
notice and will be paid a monthly fee of $8,000 plus reasonable costs and expenses. INFOR
and the Company are unrelated and unaffiliated entities, but INFOR
and/or its clients may have an interest, directly or indirectly, in
the securities of the Company. INFOR is a leading Canadian
independent investment bank offering advice on mergers and
acquisitions, capital raises, risk management, private funds and
corporate restructurings.
Deloitte, Hybrid and INFOR have all agreed to comply with all
applicable securities laws and the policies of the TSXV in
providing the above services.
About BuildDirect
BuildDirect (TSXV: BILD) is an
innovative technology platform for purchasing and selling building
materials online. The BuildDirect platform connects homeowners and
home improvement professionals in North
America with suppliers and sellers of quality building
materials from around the world, including flooring, tile, decking
and more. BuildDirect's growth, proprietary heavyweight delivery
network, and digital reach have served to solidify its role as a
ground-breaking player in the home improvement industry. For more
information, visit www.BuildDirect.com.
Forward-Looking Information
This press release
contains statements which constitute "forward-looking statements"
and "forward-looking information" within the meaning of applicable
securities laws (collectively, "forward-looking statements"),
including statements regarding the plans, intentions, beliefs and
current expectations of the Company with respect to future business
activities and operating performance. Forward-looking statements
are often identified by the words "may", "would", "could",
"should", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" or similar expressions. These statements
reflect management's current beliefs and expectations and are based
on information currently available to management as at the date
hereof.
Forward-looking statements in this press release may include,
without limitation, statements relating to BuildDirect's ability to
disrupt the building materials industry, realize its growth
strategy and roll out its home improvement offering to professional
and consumer markets, BuildDirect's transformation of the home
renovation industry, future growth and expansion, its innovative
platform and its growth through new partnerships and a robust
acquisition pipeline.
Forward-looking statements involve significant risk,
uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
Among those factors are changes in consumer spending, availability
of mortgage financing and consumer credit, changes in the housing
market, changes in trade policies, tariffs or other applicable laws
and regulations both locally and in foreign jurisdictions,
availability and cost of goods from suppliers, fuel prices and
other energy costs, interest rate and currency fluctuations and
changes in general economic, business and political conditions.
These forward-looking statements may be affected by risks and
uncertainties in the business of the Company and general market
conditions, including COVID-19.
Should one or more of these risks or uncertainties materialize,
or should assumptions underlying the forward-looking statements
prove incorrect, actual results may vary materially from those
described herein as intended, planned, anticipated, believed,
estimated or expected. These factors should be considered carefully
and readers should not place undue reliance on the forward-looking
statements.
Although the forward-looking statements contained in this press
release reflect the Company's expectations, estimates or
projections concerning future results or events based on the
opinions, assumptions and estimates of management considered
reasonable at the date the statements are made, the Company cannot
assure readers that actual results will be consistent with these
forward-looking statements. There may be other risks, uncertainties
and factors that cause results not to be as anticipated, estimated
or intended and such changes could be material. These
forward-looking statements are made as of the date of this press
release, and BuildDirect assumes no obligation to update or revise
them to reflect new events or circumstances, except as required by
law.
Contact Information: Investor Relations: Ashley Nuell, ir@builddirect.com; Media
Relations: Reid Adrian,
media@builddirect.com
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SOURCE BuildDirect.com Technologies Inc.