KITCHENER, Ontario, March 11, 2020 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX: JWCA.V; OTCQX: JWCAF), is pleased to announce that the board of directors of JWC (the “Board”) has appointed Howard Steinberg as an additional director of the Corporation effective March 10th. The JWC Board will now consist of six members in total. Mr. Steinberg has been nominated to act as a director of the Board by Trichome Financial Corp. (“Trichome”) pursuant to the terms of the previously announced loan agreement between JWC and Trichome dated February 19, 2020.
Nathan Woodworth, the President and Chief Executive Officer of JWC, said: “we are very pleased to have Mr. Steinberg join the board and we are confident that his experience and expertise will help the company as we continue our journey to grow”.
Mr. Steinberg brings more than 25 years of experience in private credit, private equity and real estate investing, having served as a Managing Director of Fortress Investment Group, President of The Rose Corporation, Senior Vice President at GE Capital, and Managing Director with RBC Capital Partners. He currently sits on numerous boards and board committees, including Trichome’s Board, Audit and Compensation committees, aside from running his own real estate funds.
Concurrent with his appointment, the Board has authorized and approved 100,000 incentive stock options (the “Stock Options”) be granted to Mr. Steinberg under its incentive stock option plan. The Stock Options have an exercise price of CAD$0.13 per share, vest immediately upon the date of grant and have an expiry date of March 9, 2025.
About James E. Wagner Cultivation Corporation
James E. Wagner Cultivation Corporation’s wholly owned subsidiary is a Licensed Producer under the Cannabis Regulations, formerly the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis using an advanced and proprietary aeroponic platform named GrowthSTORM™. JWC began as a collective of patients and growers under the Marihuana Medical Access Regulations (the precursor to ACMPR). Since its inception, JWC has remained focused on providing the best possible patient experience. JWC is a family-founded company with deep roots planted in the local community. JWC’s operations are based in Kitchener, Ontario. Learn more at www.jwc.ca.
Notice Regarding Forward-Looking Statements
This press release contains statements including forward-looking information for purposes of applicable securities laws (“forward-looking statements”) about JWC and its business and operations which include statements regarding the contribution of Mr. Steinberg to the Corporation’s board of directors and statements regarding the granting of Stock Options to Mr. Steinberg. The forward-looking information contained in this news release are based on the Corporation’s knowledge of Mr. Steinberg’s experience and reputation and the Corporation’s current internal expectations, estimates, projections, assumptions, and beliefs and views of future events which management believes to be reasonable in the circumstances, including expectations and assumptions regarding: general economic conditions, the expected timing and cost of expanding the Corporation’s production capacity, the internal opportunities, the development of new products and product formats, the Corporation’s ability to retain key personnel, the Corporation’s ability to continue investing in its infrastructure to support growth, the impact of competition, trends in the Canadian cannabis industry and changes in laws, rules, and events, performance or results, and will not necessarily be accurate indications as to whether, or the times at which, such events, performance or results will occur or be achieved. The forward-looking statements can be identified by the use of such words as “anticipated”, “will”, “expected”, “approximately”, “may”, “could”, “would” or similar words and phrases. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those implied in the forward-looking statements. For example, risks include risks regarding the cannabis industry, economic factors, the equity markets generally, funding and grant related risks and risks associated with growth and competition as well as the risks identified in the Corporation’s filings with the Canadian securities regulators, which filings are available at www.sedar.com. Although JWC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are based on current assumptions which management believes to be reasonable. The Corporation disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Nathan Woodworth, President & CEO of JWC
(519) 594-0144 x 421