The Tinley Beverage Company Inc.
CNSX : TNY

The Tinley Beverage Company Inc.

March 03, 2016 17:20 ET

Tinley Announces Appointment of David Ellison and Other Corporate Updates

TORONTO, ONTARIO--(Marketwired - March 3, 2016) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

The Tinley Beverage Company Inc. (CSE:TNY) ("Company" or "Tinley") is pleased to announce the appointment of Mr. David Ellison to the Board of Directors.

Mr. Ellison is a principal at Acuity Corporate Securities Lawyers in Toronto. Over the past two years, Mr. Ellison has provided capital markets, legal and operational services to US-based cannabis cultivators, processors and extractors. He was previously at the International Structured Finance Group at the London, UK office of Clifford Chance LLP and was admitted as a Solicitor of the Supreme Court of England and Wales in 2002. David returned to Canada in 2004 and practiced at a Bay Street law firm until co-founding Acuity Corporate Securities Lawyers.

Mr. Ellison replaces Yannis Banks on the Board of Directors. Mr. Banks had served as CEO of the Company prior to its change of business into a hemp beverage company. The Company thanks Mr. Banks for his service and wishes him well in his future endeavors

The Company's Audit Committee is now comprised of Mr. Roger Dent, Mr. Anthony Roodenburg (Chairman) and Mr. David Ellison. The Company's board has approved for the issuance of 250,000 stock options ("Options") to Mr. Ellison. Each Option is exercisable into Common Shares at a price of $ 0.08 per Common Share for a period of 5 years, expiring on February 17, 2021. The Options vest in increments over 18 months.

Furthermore, 225,000 previously issued Options have been cancelled. The Company now has 4,128,500 Options outstanding.

Completion of Sale of Mineral Exploration Assets

Further to the Company's previously disclosed strategy to focus on being a "pure-play" in the hemp beverage and supplement industry, the Company is pleased to announce that it has completed the sale of its mineral exploration assets ("Mineral Exploration Assets") comprised of a 5% interest in Enneract Corporation (being the company that acquired Tinley's Colombian mineral exploration assets), a 2% royalty over Tinley's previous Colombian exploration assets, and all of the shares of 2243734 Ontario Ltd., the company which holds Tinley's interest in the Murdoch Mountain phosphate property. The Mineral Exploration assets were acquired by Eastern Legend Capital Inc. ("Eastern Legend"). a company controlled by now former director Yannis Banks, and an affiliate of Adam Szweras, Secretary and director of the Company. . In consideration for the Mineral Exploration Assets, Eastern Legend has assumed an obligation of the Company in the amount of $17,000 as well as any contingent liabilities in relation to those assets. The Transaction is non-arm's length. Neither Mr. Szweras nor Mr. Banks participated in the approval of the Transaction. For further information, please see the Company's press release dated December 23, 2015.

About The Tinley Beverage Company

The Tinley Beverage Company is a functional beverage company focused on hemp-infused beverages and supplements. The company has a patent-produced liquid supplement containing certifiable phytoconstituent-rich hemp oil. The company is producing its products in Los Angeles and is focusing distribution on key markets throughout the West Coast.

Forward-Looking Statements

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This press release contains or refers to forward-looking information, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

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