Licensed producer Zenabis Ltd. - which is
merging with Bevo Agro to become
Zenabis Global - is pleased to announce that Daniel Burns will join Zenabis Global as an
independent director
VANCOUVER, Nov. 27, 2018
/CNW/ - Bevo Agro Inc. (TSXV: BVO) ("Bevo") and Sun Pharm
Investments Ltd. ("Sun Pharm") are pleased to announce that
Daniel Burns, on completion of the
Bevo-Sun Pharm Transaction, will be an independent director of
Zenabis Global Inc. ("Zenabis").
Mr. Burns is an experienced lawyer and corporate executive with
over 25 years' experience in law, retail banking and capital
markets. He has a wide range of experience leading world class
organizations, currently serving as lead director of Rubicon
Minerals Corporation. Mr. Burns also runs his own law practice and
is CEO of NDC Solutions Inc., an air booking software company that
delivers airline product directly to corporate travelers or
affinity programs.
"The addition of Daniel Burns to
the Board of Directors of Zenabis will bring a strong and strategic
perspective to Zenabis' leadership team," said Monty Sikka, President and Director and of
Sun Pharm, and proposed director of
Zenabis. "Daniel's background as a lawyer, accountant and
entrepreneur, as well as his experience as a director for companies
across a range of industry sectors, will be a significant asset to
Zenabis during this time of rapid growth."
"I am pleased to be joining Zenabis at a defining point in the
company's evolution," said Mr. Burns. "The combination of talent
and experience at Bevo and Sun Pharm provides Zenabis an
unprecedented opportunity and positions Zenabis as a market
leader."
Previously, Mr. Burns also served as Chair and Director of World
Council of Credit Unions (WOCCU), Credit Union Central of
Canada, and Central 1 Credit
Union; Lead Director and Chair of the Audit and Corporate
Governance Committees at Rubicon Minerals Inc; Director of Accend
Capital Corporation, Coast Capital Savings, Co-operators Insurance
Group and Addenda Capital Inc.; and as an Advisory Board Member of
Desjardins. Mr. Burns holds a Global Executive MBA focused in
International Business from University of St. Gallen, Switzerland and the Rotman School of
Management, University of Toronto,
Canada. Mr. Burns completed the International Company Directors
Course (Australian Institute of Company Directors) and holds the
ICD.D (Institute of Corporate Directors) and A.C.C. (The Directors
College) designations.
As previously announced on October 4,
2018, Bevo and Sun Pharm have entered into an arrangement
agreement with respect to a reverse take-over of Bevo (the
"Bevo-Sun Pharm Transaction"), and announced that the resulting
issuer will change its name to Zenabis Global Inc. ("Zenabis").
Through Sun Pharm's subsidiary
licensed producer Zenabis Ltd., Zenabis Global Inc. will have
nearly 3.5 million square feet of available production
space.1 Completion of the Bevo-Sun Pharm Transaction
remains subject to receipt of shareholder and all required
regulatory approvals.
_____________________________
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1
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After completion of
planned expansions
|
Zenabis Key Milestones
- On October 4, 2018 Bevo and Sun
Pharm announced the Bevo-Sun Pharm Transaction and the intent of
Bevo to change its name to Zenabis Global Inc. upon completion
- On October 5, 2018, Zenabis
released a presentation introducing the combined business
- As of November 27, 2018, Zenabis
has secured purchase orders from government and third party
retailers/distributors in New
Brunswick, Nova Scotia,
British Columbia, and the
Yukon Territory
About Bevo
Agro
Bevo Agro is
North America's leading supplier
of propagated agricultural plants, operating approximately 53 acres
of state-of-the-art greenhouse facilities on 98 acres of land in
Langley, BC and 20 acres of land
in Pitt Meadows, BC. The company
has entered into a binding agreement to acquire 10.4 acres of
greenhouse space on 50 acres of land in Aldergrove, British Columbia (the "Greenhouse
Acquisition"). The Company's main products have been the
propagation of vegetable plants such as tomatoes, peppers,
cucumbers, and other plants such as bedding plants, flowers and
grasses. The Company markets its products to established greenhouse
growers, nurseries and retail outlets throughout North America. Zenabis intends to convert the
Bevo Langley greenhouse (2.1 million square feet) by March 2020. Zenabis will build and/or acquire
additional propagation greenhouse space over the coming year in
order to maintain all of Bevo's current food/floral propagation
capacity while the current Langley
facility is being converted.
About Sun
Pharm
Sun Pharm has
significant experience in agriculture, technology, pharmaceutical
sales, consumer packaged goods, international distribution and
brand marketing, with cannabis and cannabis-related purchase orders
from the provinces of New
Brunswick, British
Columbia, Nova Scotia, and
Yukon Territory. Sun Pharm is currently a privately-held
cannabis company which has one of the largest, federally licensed
indoor medical cultivation footprints in Canada, operating two licensed production
facilities in British Columbia and
New Brunswick, with a third
expected to be coming online shortly in Nova Scotia. These facilities encompass
660,000 square feet of indoor pharmaceutical grade cannabis
production space, strategically positioned on Canada's coasts, facilitating national
distribution and access to international markets. Sun Pharm is currently working towards globally
recognized EU GMP certifications. Sun
Pharm has a management team with decades of experience in
the industry, with expertise in retail consumer packaged goods,
global pharmaceutical sales and manufacturing, quality assurance,
and commercialized cultivation. The growing team has more than two
decades of experience in organic cultivation and distribution of
herbs and nutraceutical products throughout the Americas,
North Africa, and the Middle
East. Sun Pharm's sales team has more than two decades in
product development, commercialization, and retail and
pharmaceutical sales including international distribution.
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Bevo, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the completion of
the Transaction. Forward-looking information is based on
information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Bevo's control. These risks,
uncertainties and assumptions include, but are not limited to,
those described Bevo's Management's Discussion & Analysis for
the fiscal year ended June 30, 2018,
a copy of which is available on SEDAR at www.sedar.com, and could
cause actual events or results to differ materially from those
projected in any forward-looking statements. Bevo does not intend,
nor does Bevo undertake any obligation, to update or revise any
forward-looking information contained in this news release to
reflect subsequent information, events or circumstances or
otherwise, except if required by applicable laws.
For more information, visit: https://www.zenabis.com.
SOURCE Bevo Agro Inc.