Supreme Pharmaceuticals Provides Update on Funding, Kincardine Facility, and Leadership Transition Ahead of Investor Meeting
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov 6, 2014) – Supreme Pharmaceuticals Inc. (the “Company”) (SPRWF)(SL.V) in conjunction with an “Investor Meet and Greet” to be held today at the Fairmont Pacific Rim in Vancouver BC, provides an update on the Company’s funding status, progress at its facility in Kincardine Ontario, and a leadership transition plan.
According to CEO David Stadnyk, “With yesterday’s private placement closing, we now have funding in place to complete our build-out of the Kincardine facility and take us through the licensing stage and beyond.” Stadnyk also stated that he expects the build-out of the Kincardine facility to be completed by the end of November. “Our team in Kincardine has kept this large and complex project running smoothly and on track,” Stadnyk added. “The skill with which they’ve handled this project confirms my conviction that we have the right team assembled to run operations on the ground.”
Finally, Stadnyk – who has a successful history of funding and staffing new ventures and then transitioning to the role of passive investor and business advisor-announced his plan to move out of his CEO and director roles with the Company.
“I’m proud of what we’ve accomplished at Supreme over the last year, and the contributions that I could make in its early stages,” said Stadnyk. “With our latest raise being finalized and with the management team we’ve assembled in Kincardine and Vancouver, I’m confident that the Company is positioned for an exciting future.”
With Stadnyk’s departure, Brayden R. Sutton, currently Executive Vice President for Supreme in Vancouver, will be expanding his role and taking on additional leadership responsibilities, and George Tsafalas, currently a director at Supreme, will step in as interim President. “We’re grateful for the contributions David has made to Supreme, and for putting the pieces in place for Supreme’s future success. I look forward to helping Supreme continue to grow into a leader in the medical marijuana industry,” said Sutton.
Chris Bechtel, who is currently on Supreme’s Advisory Board, will be appointed to the Board of Directors seat being vacated by Stadnyk. Stadnyk will remain involved in the Company by taking a seat on its Advisory Board.
FORWARD LOOKING INFORMATION
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the pre-licensing inspection by Health Canada, as well as the Company’s corporate strategy. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company, including, without limitation, the Company’s ability to carry out its business plan following the rejection of the required licenses for the South Okanagan facility by Health Canada. Although management of the Company believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company’s ability to identify and complete additional suitable acquisitions to further the Company’s growth as well as risks associated with the medical marijuana industry in general such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and related regulations. Accordingly, readers should not place undue reliance on the forward‐looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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