Primo Nutraceuticals Inc., Receives First Shipment of Lemon Hand Sanitizer and Announces Changes to Board of Directors and Officer Positions
VANCOUVER, British Columbia, July 09, 2020 (GLOBE NEWSWIRE) -- PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) ("Primo" or the "Company") is pleased to announce that the Company has received its first shipment of 1000 bottles of its lemon hand sanitizer, described in previous Company news releases and designated Natural Product Number NPN 80099466 by Health Canada. The shipment arrived at Primo’s facility on Friday June 15th and will be distributed to local businesses and front-line workers. The United States Centers for Disease Control & Preventions recommends that hand sanitizer have a concentrate of 60% to 80% alcohol in order to be effective in combating viruses, bacteria and other pathogens. Primo’s Lemon Hand Sanitizer 60% is made with Ethyl Alcohol as well as Aloe Vera and lemon essential oils, ingredients which may also sooth and moisturize skin.
Andy Dhaliwal, VP Sales & Distribution Comments:
"By offering Primo’s latest product through Thrive’s distribution network, including national retailer – Nutrition House, we’re able to ensure customers across the country have safe & robust access to a premium hand sanitizer. The shelf-positioning further signifies Primo’s commitment to premium nutraceuticals. Furthermore, this initiative addresses retailer shortages of hand sanitizer products, in addition to offering customers safe & contactless delivery through our website."
The Company is pleased to announce that the Definitive Agreement transaction deadline specified in its Letter of Intent with World Agri Minerals Ltd. (“WAM LOI”) previously announced in the Company’s news release dated June 3, 2020 has been extended to July 31, 2020. The terms of the WAM LOI are subject to change as determined in the Definitive Agreement.
In addition, the Company is pleased to announce that TJ Singh has been appointed as Chief Financial Officer and as a member of the board of directors of the Company (the “Board”) effective July 7, 2020. Mr. Singh fills a vacancy left by Don Gordon, who has resigned as Chief Financial Officer and as a member of the Board. The Company thanks Mr. Gordon for his service as a director and as Chief Financial Officer.
Mr. Singh is a Chartered Professional Accountant (CPA, CGA) with over 20 years of experience including roles as a Manager at Big 4 accounting firms and Senior Tax Manager at a helicopter services company with revenues exceeding CAD$1 billion. Currently, Mr. Singh provides business advisory services to start-up companies in emerging sectors and real estate development companies in Metro Vancouver. At Primo Mr. Singh will oversee the financial reporting functions, business advisory, mergers and acquisitions transaction support.
The Company has also appointed Richard Cindric to the position of Chief Executive Officer effective July 7, 2020. Mr. Cindric replaces Andy Jagpal as CEO. Andy Jagpal remains a member of the board of directors as well as President of the Company.
Primo welcomes Mr. Cindric to the position as Chief Executive Officer. Mr. Cindric is currently a director of the Company and has served on the Company’s board of directors since before it was listed on the CSE. Mr. Cindric has extensive experience in the CSE capital markets and has held senior executive positions in the cannabis space over the past six years. Mr. Cindric has served on a number of public and private company boards and as a founder, director and manager of Primo. Additionally, Mr. Cindric has held top operating roles in companies including Green Venture Capital Corp. and New Age Farm Inc.
The Company is pleased to announce that Joel Hernandez-DeBellefeuille has been appointed to the board of directors and has joined the Company’s Audit Committee.
Mr. Joel Hernandez-DeBellefeuille is an experienced entrepreneur, businessman and founder of Just3 (www.just3.ca); a boutique consulting firm providing strategic business solutions for private and public companies. Mr. Hernandez is CEO of Marianna Naturals Corp., which has been granted exclusive Canadian distribution rights to a line of CBD infused and non-CBD infused products in handmade beauty care, personal care and cosmetic products. He is the founder of www.bullstocks.ca a digital media site that raises awareness for publicly-traded companies. Mr. Hernandez has an independent role as VP of Corporate Development for a leading cannabis co-packing and manufacturing facility. He is a strong advocate for Human Rights and has appeared in and been featured on Global Television, CBC News, CJAD, The Montréal Gazette, The Huffington Post, The Globe & Mail, Vice; as well as a sitting as a professional panelist for an accredited law class at McGill University.
In addition, the Company announces that Mark Bechtel has been appointed Corporate Secretary effective July 9, 2020. The Company clarifies that its earlier news release dated March 23, 2020 erroneously announced that the appointment had already taken place. Mr. Bechtel is a securities lawyer with extensive experience in Canadian capital markets and exchanges. Presently Mr. Bechtel operates a law firm located in downtown Vancouver specializing in venture and emerging markets. As Corporate Secretary of Primo Mr. Bechtel will ensure that best practices for regulatory compliance are established and maintained.
Richard Cindric, CEO Comments:
“As managing director and Co-founder of Primo, I am very pleased to make this announcement as part of our strategic plan of continuously increasing our management team’s leadership and experience capabilities. I have served the company as a managing director since its inception working with Mr. Jagpal prior to being appointed to the position as CEO. I will continue to serve the company in this new and additional role as its Chief Executive Officer.”
Andy Jagpal, President Comments:
“Primo believes that we can capitalize on this interim market and will be handing out samples and entertaining quote requests from major online distributors and corporate clients. The team has been working diligently to secure purchase orders; effectively bringing in recurring revenue for the Company.”
Joel Hernandez-DeBellefeuille, Director Comments:
“I’m extremely happy to have joined the Primo team and thank management for bringing me on board. I look forward to the future of the company and the great things that are in the pipeline and I will work hard to build shareholder confidence.”
About Primo Nutraceuticals
Primo Nutraceuticals Inc. ("Primo" or the "Company") provides strategic capital to the thriving cannabis cultivation sector through ownership and development of commercial real estate and farm friendly properties. Primo is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and cannabis related products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo's management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of “Primo” branded retail outlets - offering "Thrive," "Primo," and a selection of curated partner brands. The Company possesses proprietary formulas for cannabis edibles, topical, and tinctures. Primo is focused on building a strong presence in the hemp industry with the objective of extracting and selling cannabinoids (CBD) products in both Canada and the United States.
On behalf of the Board of Directors
PRIMO NUTRACEUTICALS INC.
“Andy Jagpal”
Andy Jagpal
President and Director
For further information, please contact Zoltan, IR Representative at: 604-722-0305, or; info@primoceuticals.com.
To learn more about what this news means to the shareholders visit:
www.primonutraceuticals.com
www.twitter.com/Prmoinc
www.thrivecbd.com
www.mariannacorp.com
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/775e160a-c978-4c97-aab0-b06599ba6fff
