TORONTO, Sept. 28, 2020 /CNW/ - Namaste
Technologies Inc. ("Namaste" or the "Company") (TSXV: N)
(FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading online platform for
cannabis products, accessories, and responsible education, is
pleased to provide a corporate update with regards to a change in
management and the settlement of an outstanding claim to the
benefit of Company shareholders.
Namaste to Appoint New Interim Chief Financial
Officer
The Company is pleased to announce the appointment of
Slava Klems, CPA, CA, as interim
chief financial officer as of October 31,
2020. Ms. Klems succeeds Annie
Holmes who is leaving Namaste to pursue other opportunities,
concluding her role as chief financial officer on October 30, 2020.
"I would like to welcome Ms. Klems to the position of interim
chief financial officer for Namaste," said Meni Morim, CEO of Namaste Technologies. "She
has an impressive background in corporate finance with experience
in technology and platform integration and has shown an incredible
business acumen since joining the Company. I look forward to
working with Ms. Klems as we seek to drive Namaste forward.
Additionally, I would like to thank Ms. Holmes for her work at
Namaste and her assistance with the seamless transition to Ms Klems
over the next few weeks."
Ms. Klems is an accomplished finance executive with over 10
years experience in senior finance management positions at AIMIA
Inc. (Aeroplan) and Dominion Citrus Income Fund, plus experience
across diverse industries including retail, distribution,
manufacturing, pharmaceutical and automotive sectors. She joined
Namaste in July 2020 and has proven
herself as a driven and hardworking professional with a proven
record in change management, process optimization and improved
operational efficiencies. Ms. Klems has also successfully completed
multiple ERP software implementation projects, including PeopleSoft
and Workday to integrate Operations and Finance functions driving
sustainable operational effectiveness. Ms. Klems holds a Master of
Science and a Bachelor of Business Administration from York University and earned her Chartered Accountant
designation with KPMG.
Trademark Dispute Settlement
Namaste today announced that it has reached a settlement in
connection with a trademark dispute involving the use of the
trademarks and corresponding registrations of trademarks for
"Namaste", "NamasteVapes", "Namaste Technologies", "NamasteMD" and
"NamasteCafe" (collectively, the "Trademarks"). Under the terms of
the settlement, Namaste will receive a settlement payment in three
tranches over the next 12 months from one of the defendants for an
aggregate amount of $250,000 (the
"Settlement Fee"). In addition, Namaste has agreed to assign
the Trademarks to the same defendant, in exchange for a limited
licence for the continued use by Namaste of the Trademarks over the
next 12 months in Canada, and the
transfer of the domain namastevapes.ca following payment of the
final tranche of the Settlement Fee.
The litigation initiated by Namaste in connection with the
trademark dispute is expected to be dismissed with the consent of
all parties in the coming days. Meni
Morim, CEO of the Company, commented, "We are pleased to put
this matter behind us and continue writing our own history with a
clean slate. Our focus continues to be on the development of our
own in-house brands in the various lines of business we operate in
such as CannMart and VendorLink. We are also very excited about the
re-imagining of our corporate identity, creating a holistic brand
positioning across all our assets. We look forward to sharing this
with our shareholders, customers and partners in due course."
About Namaste Technologies Inc.
Headquartered in
Toronto, ON, Namaste Technologies
is a leading online platform for cannabis products, accessories,
and responsible education. The Company's 'everything cannabis
store', CannMart.com, provides medical customers with a diverse
selection of hand-picked products from a multitude of
federally-licensed cultivators, all on one convenient site. The
Company also distributes licensed and in-house branded cannabis and
cannabis derived products to recreational consumers in Canada through a number of provincial
government control boards and retailing bodies and online in
Saskatchewan. Namaste's global
technology and continuous innovation address local needs in a
burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed
through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
FORWARD-LOOKING INFORMATION – This news release contains
"forward-looking information" within the meaning of applicable
securities laws. All statements contained herein that are not
historical in nature contain forward-looking information.
Forward-looking information can be identified by words or phrases
such as "may", "expect", "likely", "should", "would", "plan",
"anticipate", "intend", "potential", "proposed", "estimate",
"believe" or the negative of these terms, or other similar words,
expressions and grammatical variations thereof, or statements that
certain events or conditions "may" or "will" happen, and are not
limited to, statements regarding Namaste's expectations regarding
the dismissal of the action described herein and the payments to be
made by one of the defendants in connection with the settlement
agreement. The forward-looking information contained herein is made
as of the date of this press release and is based on assumptions
management believed to be reasonable at the time such statements
were made, including the Company's expectations relating to the
dismissal of the action in the short term with the consent of all
parties to such action and the ability of the defendant to make all
payments in accordance with the settlement agreement and the full
settlement of the said action. While we consider these assumptions
to be reasonable based on information currently available to
management, there is no assurance that such expectations will prove
to be correct. By their nature, forward-looking information is
subject to inherent risks and uncertainties that may be general or
specific and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved. A
variety of factors, including known and unknown risks, many of
which are beyond our control, could cause actual results to differ
materially from the forward-looking information in this press
release. Such factors include, without limitation: risks relating
to the failure of certain parties to the action consenting to its
settlement as contemplated herein and the defendant's ability to
make the payments under the settlement agreement in accordance
therewith, . Additional risk factors can also be found in the
Company's current MD&A and annual information form, both of
which have been filed under the Company's SEDAR profile at
www.sedar.com. Readers are cautioned not to put undue reliance on
forward-looking information. The Company undertakes no obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Forward-looking statements contained in
this news release are expressly qualified by this cautionary
statement.
Neither 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 or has in any way approved or disapproved
of the contents of this press release.
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SOURCE Namaste Technologies Inc.