Director Appointment Vancouver, British Columbia--(Newsfile Corp. - April 19, 2021) - PeakBirch Logic Inc. (CSE: PKB) (FSE: KYH2) (OTCQB: KTNNF) ("PeakBirch" or the "Company") is pleased to announce that PeakBirch's board of directors has appointed Mr. Kiran Sidhu as a director of the Company, and has adopted a new restricted share unit ("RSU") plan and stock option plan.
"We are absolutely thrilled to have Kiran Sidhu join the team," said CEO Marc Mulvaney. "His years of experience with publicly listed issuers makes him a natural choice as a valuable board member. His particular expertise in the cannabis and non-psychoactive mushroom industry will help catapult PeakBirch to the forefront of the mushroom industry."
"I am thrilled to join PeakBirch, a pioneer in creating engaging ecommerce experiences within the cannabis ancillary and the non-psychoactive mushroom industry. PeakBirch is building an exciting technological platform that will enable people to gain access to convenient same day delivery services, and access innovative mushroom products. I am passionate about joining the board and helping bring this vision to life," said Kiran Sidhu. "PeakBirch is an excellent company with tremendous value creation opportunities for the future. I believe I will be a significant asset to the board and am committed to achieving outstanding performance and maximizing shareholder value."
Kiran is a seasoned cannabis executive, serial entrepreneur and former M&A banker. Kiran has been director of Halo Collective since September 2018 and its CEO since 2016, developing a leading company in cannabis extraction that and which has produced over 4 million grams of product since inception. Mr. Sidhu was chairman of the audit committee and a director of Namaste Technologies from 2018 to 2019. Prior to his endeavors in the cannabis space, Mr. Sidhu was the chairman, CEO and founder of Transact Network, a leading EU electronic money institution which was later sold to Bancorp in 2011. Kiran was previously the CFO of On Stage Entertainment, which he help lead to a NASDAQ IPO and finance director of Nano Universe PLC, which he helped lead to a LSE-AIM listing. Previously, Mr. Sidhu worked at Price Waterhouse Coopers in the strategic consulting group, and with Merrill Lynch Capital Markets in the M&A group.
PeakBirch has also adopted a new rolling RSU plan and a rolling stock option plan (collectively, the "Plans"), for its directors, officers, employees and consultants, so as to attract, retain and motivate such individuals to continue in their collaboration and strive for PeakBirch's success.
The Plans are managed by the Board of Directors of the Company. The maximum number of stock options and RSUs that can be issued under the Plans may not aggregately exceed at any time more than 20% of the then outstanding issued and outstanding common shares of the Company. The Company currently has 98,392,629 issued and outstanding common shares, therefore a combination of RSUs and stock options totaling no more than 19,678,526 may be issued at this time. The Company has not yet granted any RSUs or stock options.