TSX-V: HEMP
VANCOUVER, May 21, 2019 /CNW/ - Hempco Food and Fiber
Inc. (TSX.V: HEMP) ("Hempco" or the "Company")
today announced that the Company has appointed John Ross, previously Chief Financial Officer of
the Company, as Interim Chief Executive Officer, effective
immediately, following receipt by the Board of Directors of notice
provided by Diane Jang.
Joel Watson, Chairman of the
Board, stated, "We are pleased that John has agreed to take on the
role of Interim CEO during this important transition period as we
go through the process, pending shareholder approval, of being
acquired by Aurora Cannabis."
John Ross
Mr Ross, a financial management professional with over 30 years
of public and private company experience. Mr. Ross has broad
international experience working with high-growth companies. He has
a proven track record in streamlining operations to accelerate
growth, increase efficiencies and drive improvement sin
profitability. Prior to his appointment as Interim CEO at Hempco,
Mr. Ross was Chief Financial Officer of the Company. Mr. Ross will
lead the Company as it transitions, pending shareholder approval,
from public company to wholly owned subsidiary of Aurora Cannabis,
a global leader in the Cannabis industry.
About Hempco
For more than 12 years Hempco has been a trusted and respected
pioneer, innovator and provider of quality, hemp-based foods, hemp
fiber and hemp nutraceuticals. Hempco produces and markets the
brands PLANETHEMP SUPERFOOD™ and PRAISE HEMP™, hemp-based foods and
nutritional supplements for people and animals. Hempco is expanding
its processing ability to meet global demands in a 56,000 sq. ft.
facility located at Nisku,
Alberta. Hempco's common shares trade on the TSX Venture
Exchange under the symbol "HEMP".
On April 16, 2019, the Company
announced that it had entered into a binding letter agreement in
regard to the basic terms and conditions upon which Aurora will
acquire all of the issued and outstanding common shares of Hempco
("Hempco Shares") not already owned by Aurora ("the Transaction").
In consideration of the Transaction, Aurora has agreed to
pay $1.04 per Hempco Share, payable in common shares of
Aurora ("Aurora Shares"). The proposed Transaction will require
shareholder approval from two-thirds of the votes cast by the
holders of Hempco Shares at a shareholder meeting to be held to
consider the proposed Transaction. In addition to shareholder
approval, the proposed Transaction will be subject to applicable
regulatory and court approvals and the satisfaction of other
customary conditions.
The TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements in this press
release include the Company's anticipation of further growth. These
statements are only predictions and are not guarantees of future
performance; therefore, undue reliance should not be placed on
them. Such forward-looking statements necessarily involve known and
unknown risks and uncertainties, which may cause actual performance
and financial results in future periods to differ materially from
any projections of future performance or result expressed or
implied by such forward-looking statements. 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 Companies are 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.
On behalf of the Board of Directors,
HEMPCO FOOD AND FIBER INC.
John Ross
Interim CEO
SOURCE Hempco Food and Fiber Inc.
