VANCOUVER, Dec. 19, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is providing a corporate update which includes the appointment of Neil Kothari as the Company's Chief Legal Officer (CLO), the resignation of Fern Glowinsky from the board of directors and appointment of Kenneth Ngo (the Company's CFO) to fill her vacancy on the board of directors (the "Appointments"). In addition, the Company is pleased to announce that Meni Morim has agreed to act as the Company's first Chief Product Officer (CPO) subject to board approval. The Company is announcing these new appointments to allow it to focus on the information technology infrastructure to support its broad product base and to add a stronger emphasis on governance and legal risk management across the organization.
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Meni Morim, Chief Product Officer:
Mr. Morim recently joined the Namaste team through the acquisition of Findify AB ("Findify") and has since led Namaste's AI initiatives. It is intended that Meni will join Namaste's executive team as Chief Product Officer, where he will lead Namaste's long-term product strategy and roadmap, reporting to the CEO. As the Chief Product Officer, Meni will focus on the Company's vision, product strategy, product design, product development, and product marketing. Meni in this role will bring value to the Company in providing data-driven decision making and ensuring that the Company's product offering is aligned with its strategy.
Most recently, Mr. Morim was the founder and CEO of Findify. Mr. Morim has over 17 years of software development experience, over a decade of which has been spent leading teams to develop new, innovative products and build strategies to succeed in hyper-competitive markets. Mr. Morim has experience working in high paced, quality-intensive domains such as telecommunication, payments, and e-commerce. Mr. Morim has global experience, having lived and worked in EMEA, Asia, and North America, managing co-located and distributed team across multiple geographies.
Neil Kothari, Chief Legal Officer:
Mr. Kothari joined as the Company's Chief Legal Officer and Corporate Secretary reporting to the CEO, and is based in Toronto. Neil is an experienced lawyer with sophisticated corporate finance, securities law, M&A, technology, outsourcing, privacy, compliance, AML and international law experience gained over the past 20 years. He has held senior positions at established and international law firms as well as major technology companies and financial institutions. He has more recently deployed his expertise at start-ups in the technology and evolving cannabis sectors. Neil is a barrister and solicitor of Ontario, a solicitor of England & Wales and a Chartered Professional Accountant. Neil is leading the Company's legal function.
Kenneth Ngo, CFO:
Fern Glowinsky has resigned as a director of the Company's board of directors in order to focus her efforts on Merrco Payments Inc., where she is Chief Executive Officer. The Company thanks Ms. Glowinsky for her service as a director and wishes her all the best.
Mr. Kenneth Ngo, the current Chief Financial Officer of Namaste, has agreed to replace Ms. Glowinsky and will be appointed to the Company's board of directors. Mr. Ngo has held numerous senior management positions in a number of Canadian and US publicly traded companies and has over 20 years of finance experience. Mr. Ngo graduated from Simon Fraser University in British Columbia with a Bachelor of Business Administration degree. He received his Chartered Accountant designation while working for Deloitte LLP.
Stock Option Grants:
Subject to the terms of the Company's Stock Option Plan, Namaste's board of directors has also approved the issuance of 200,000 options to certain directors and employees of the Company in August 2018 and 750,000 options in December 2018. All options are exercisable at a price generally established on the grant date and for a period of five years thereafter. The options will vest in quarterly installments over a one or two-year period.
Management Commentary:
Sean Dollinger, President, and CEO of Namaste comment: "We are very pleased to announce the new appointments. The Company looks forward to having Meni Morim join as CPO. Meni has contributed a great amount of value to the Company thus far and we believe that his new position will enhance the impact of his efforts to support the Company's vision going forward.
Likewise, we are delighted that Neil has joined the Namaste family to bring his experience working in complex regulatory frameworks, capital markets and international jurisdictions to lead our legal function. Neil will enhance our leadership team and we believe will add a pragmatic and important voice at the table as we embark on our efforts to build relationships in the cannabis industry and evolve globally.
We'd like to take the opportunity to thank Fern Glowinsky for her service and contributions to the Company. We wish her best of luck on her endeavors and are very pleased to announce Kenneth Ngo's appointment to the board of directors. Kenneth has been an invaluable resource to the Company since his appointment as CFO and we're looking forward to having him actively participate on the board."
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products and medical cannabis in the Canadian market thorough its licensed subsidiary, CannMart.com.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
"Sean Dollinger"
Chief Executive Officer
Direct: +1 604-355-6100
Email: info@namastetechnologies.com
Further information on the Company and its products can be accessed through the links below:
NamasteTechnologies.com
NamasteMD.com
NamasteVapes.ca
Everyonedoesit.ca
FORWARD-LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.
SOURCE Namaste Technologies Inc.