TORONTO, ONTARIO--(Marketwired - April 4, 2016) - Namaste Technologies Inc. ("Namaste" or the "Company") (CSE:N)(OTC PINK:NXTTF)(FRANKFURT:M5BQ) announces the appointment of Mr. Sidney Himmel as Chairman of the Board of Directors of the Company and Mr. Darren Collins as CFO of the Company, effective immediately. The Company has received and accepted resignation letters relating to the directorships of Mr. Harry Barr and Mr. Gary Moore and the CFO position of Mr. Robert Guzman.
These board and management appointments reflect Namaste's commitment and strategy to expand skill sets in areas of expertise including corporate finance, financial management, business development and planning, corporate governance, and cross boarder and international financial structuring. As Namaste expands its business plan with the objective of becoming the international leader in vaporizer distribution, manufacturing and information, the management team and board believe these skill sets will be valuable to the Company going forward.
Mr. Himmel has over 30 years of corporate experience in the Canadian markets, having worked as an executive and director of public companies, and corporate finance, institutional sales and research professional for notable Canadian and US financial institutions, including Deloitte, TD Securities and Merrill Lynch Canada. His experience also includes the completion significant financial transactions and commercial partnerships internationally as well as the oversight and development of management teams and boards. Mr. Himmel holds Bachelor of Science (Chemistry) and Bachelor of Arts (Business and Finance) degrees, both from the University of Toronto. Mr. Himmel received the Chartered Accountant designation in 1981 and previously practiced as a tax specialist and lectured in finance and accounting.
Mr. Collins is a financial professional focused on growth industries globally. He has been involved in over a billion dollars of transactions involving emerging companies, including mergers and acquisitions, debt and equity financings, and joint venture partnerships. His experience also includes developing public companies, corporate governance, financial management and budgeting, and shareholder engagement. Prior to his current engagement, Mr. Collins was engaged by multiple public and private companies as well as investment and merchant banks, including Alegro Capital, LP in London, England, and Scotia Capital Inc. and Quest Capital Corp. (currently Sprott Inc.) in Toronto, Canada. He holds a Bachelor of Commerce (Finance) from Dalhousie University.
Management Commentary
Mr. Sean Dollinger, CEO of Namaste, comments: "It is with great pleasure I welcome Sidney and Darren to the board and executive management team, respectively. Both Sidney and Darren have demonstrated themselves as capable financial processionals that bring valuable skills and relationships to Namaste. I would also like to thank Harry, Garry and Robert for their historic contribution to the Company and wish them well in their future endeavors."
Option Grant
The Company has also granted 950,000 stock options to officers, directors, and consultants of the Company. The options have an exercise price of $0.20 per share for a term of 5-years.
About Namaste Technologies Inc.
Namaste Technologies Inc. ("Namaste") is a global leader in vaporizer product distribution and manufacturing. Namaste has over 30 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution, including vaporizers, accessories and herbs. This includes the upcoming launch of the Guru™, an enhanced vaporizer capable of seamlessly vaporizing liquids, concentrates and dry herbs from a single portable unit. The Company generated US$3.4 million in its first year of commercial operations and $444 thousand of pre-tax earnings. The Company is currently focused on expanding its product offering, strategic partnerships, and entering new markets globally.
Further information on the company and its products can be accessed through the links below:
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
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 News 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 News 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 CSE has neither reviewed nor approved the contents of this News Release.
Contact Information:
Toronto, ON, M5X 1G5
+ 1 (786) 389-9771
+ 1 (604) 685. 8045 (FAX)
www.namastetechnologies.com
info@namastevapes.com