Valens GroWorks Corp (TSX:VLNS) (OTCQX:VLNCF) said it has nominated three new independent directors to stand for election to its board at its annual and special meeting of the shareholders of The Valens Company to be held on June 12.
The nominees include Karin A. McCaskill, former senior vice president, general counsel, and corporate secretary of Empire Company Limited and Sobeys Inc; Andrew Cockwell, managing partner and co-founder of Ursataur Capital Management, and Renee Merrifield, chief executive and founder of Troika Management Corp.
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Valens also said that two current directors, chief financial officer Chris Buysen and independent director Chris Irwin, will not stand for re-election to the board, however, Buysen will continue in his role as CFO on the executive team.
In a statement, Tyler Robson, chief executive of The Valens Company, said: "We are excited to nominate Ms Karin A. McCaskill, Mr Andrew Cockwell, and Ms Renee Merrifield to our Board of Directors. The combined expertise of these highly accomplished individuals will help us continue with our initiatives to strengthen existing corporate governance policies and provide advice on various legal, financial, and administrative processes.
"This new slate of Directors put forward for election will provide the support critical to guide Valens through our next phase of growth as we continue our development into a leading, global custom manufacturer. We are highly confident in the strength of our new Board and the contributions they will put forth to help increase return on investment for our shareholders. I would like to thank Mr Chris Irwin and Mr Chris Buysen for their contributions to Valens during their time on the Board."
The company also said that Andrew Cockwell has purchased 847,000 shares in Valens at a price of $2.36 each for aggregate proceeds of around $1.99 million from certain members of management of Valens who reluctantly had to sell a portion of their shares to cover related taxes owing.
Jeff Fallows, president of The Valens Company, commented: "As part of our continued commitment to providing transparent communications and continuous disclosure to the investment community, we are reporting that members of our Management team have sold a portion of their Valens common shares to Mr Cockwell. This significant investment is a strong and meaningful endorsement of Valens by Mr Cockwell.”
“The simultaneous block trades were a one-time event and determined to be the best course of action for all parties involved when considering the financial implications around personal tax payments owing. Our existing Board members, new Board nominees and the entire team at Valens are aligned in our view that the opportunity in front of us is both exciting and extremely compelling. As we continue to be a leader in the industry, we are focused on generating long term shareholder value by profitably growing our organization and continuing to replicate our success in new markets globally", Fallows added.
The Valens Company is focused on becoming a partner for leading Canadian and international cannabis brands by providing best-in-class, proprietary services including CO2, ethanol, hydrocarbon, solvent-less and terpene extraction, analytical testing, formulation and product development and custom manufacturing.
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