Post by
SolidInvestment on Jan 02, 2020 10:10am
MYM Update
MYM eliminates two positions, cancels deals 2019-12-31 20:28 ET - News Release Mr. Howard Steinberg reports MYM CORPORATE UPDATE MYM Nutraceuticals Inc. has provided a corporate update on restructuring efforts and general corporate matters. The company continues to work diligently on its 2020 strategic plan. The focus has been redefined to opportunistically pursue projects in the company's space that provide MYM with attractive anticipated levels of return with limited risk. Management is currently reviewing several opportunities to merge with or acquire complementary businesses that appear to meet the company's criteria on a preliminary basis. Management has recently taken measures to lower expenditures through various efforts, including the elimination of all non-essential staff. Effective Dec. 31, 2019, several non-essential positions have been eliminated, including chief legal officer and chief scientific officer. The company would like to thank its former chief legal officer and corporate secretary, Elizabeth Liu, and its former chief scientific officer, Charith Raj Adkar Purushothama, for their dedication and service to the company. Both Ms. Liu and Mr. Purushothama will continue to support the company in advisory roles. Robin Linden will assume the role of interim corporate secretary. To further reduce overhead costs, the company has entered into consulting agreements with remaining management, whereby each manager has released the company from all obligations under their respective employment agreement (which have been terminated), and has accepted continuing compensation comprising a reduced cash component and share consideration. The compensation shares, approximately $50,000 per month, will be issued at the then-current market prices. SublimeCulture In September, 2019, communications with Health Canada indicated that after addressing some minor updates, the application is expected to be submitted for final approval. SublimeCulture has responded to all recent requests for information from Health Canada and continues to progress in the late-stage application process. International Brands The company has decided not to pursue its International Brands opportunities in Mexico and the United Kingdom, and has entered into a settlement agreement and release with Erick Factor, a former director and officer, pursuant to which Mr. Factor has agreed to settle his severance entitlement of $330,000 through the transfer to Mr. Factor of the company's exclusive rights to certain non-core assets currently being developed by the International Brands team, including intellectual property and trademarks of Joshua Tree, Dr. Furbaby and Hempmed. Colombia Organica The company has completed its due diligence on Colombia Organica, and has decided that the structure and terms do not align with the company's focus and therefore won't be moving forward with the contemplated transaction. The company, however, is still engaged with Colombia Organica's principals to find additional partners that may be better suited while keeping MYM involved on a more limited basis. Universite de Sherbrooke The company has terminated its relationship and will receive a partial refund of amounts previously advanced. Weedon The company continues to explore various options for the Weedon facility, but it has not yet identified a viable alternative. The buildings previously used for office and housing space have been listed for sale. The company will record a writedown of $6.7-million against property, plant and equipment, and $750,000 against intangible assets in its Nov. 30, 2019, financial statements. The company has outstanding notes receivable in the amount of $1,334,000 from multiple debtors. Due to uncertainty, current market conditions and risks associated with the various receivables, the company will record an allowance for doubtful amounts of $782,000 against the total notes payable in the Nov. 30, 2019, financial statements. About MYM Nutraceuticals Inc. MYM is uniquely positioned to opportunistically acquire and/or invest in companies within the cannabis and hemp industries that are in need of capital and management support. Its senior management team is made up of experts engaged in a wide array of disciplines, upper-level management of public companies, finance, law, master growing, plant pathology, agricultural economics, pharmaceutical, engineering, global marketing, product development and branding, distribution, and seed genetics. We seek Safe Harbor. 2020 Canjex Publishing Ltd. All rights reserved.