(Globe Newswire) Vancouver — Atlas Global Brands Inc., a global cannabis company operating in Canada and Israel with expertise across the cannabis value chain, is pleased to provide a corporate update on leadership and retention of service providers.
Update on chief financial officer of Atlas
The board of directors of Atlas has appointed Peter Van Mol as interim chief financial officer effective January 10, 2023. Mr. Van Mol was a founder and became chief financial officer of AgMedica, a party to the Atlas merger previously announced on January 4, 2023.
Jason Cervi is expected to become Atlas’ chief financial officer upon conclusion of a transition period. Mr. Cervi is currently the head of finance & administration for Atlas. Mr. Cervi has over 20 years of experience working in large global publicly traded organizations with market capitalizations in excess of US$10 billion.
Mr. Cervi has deep technical and operational knowledge and expertise in mergers and acquisitions and business integrations. Mr. Cervi is a chartered professional accountant and holds a bachelor of commerce degree with a minor in economics from DeGroote school of business at McMaster University.
Appointment of corporate secretary
The board has appointed Natalie Douglas to the position of corporate secretary effective January 9, 2023. Ms. Douglas is a paralegal and has spent half her career working in-house for large corporations, and the other half working in a law firm environment.
Her experience includes family law, employment litigation, intellectual property, securities, residential and commercial real estate, civil law, and corporate law. Ms. Douglas has supported corporate reorganizations, mergers and acquisitions, and other corporate/commercial transactions in the cannabis, engineering, and consulting industries.
Atlas investor relations provider
Atlas has entered into an agreement dated January 9, 2023 with IR Labs Inc. to provide the company with investor relations services, particularly with developing and managing a comprehensive investor relations and corporate communications program.
The company has also agreed to grant 200,000 incentive stock options to irlabs, at an exercise price of $1.00, vesting quarterly over a three-year period commencing from the date of grant. The options are subject to a four-month hold period in compliance with the policies of the Canadian Securities Exchange (CSE).
irlabs is a dynamic investor relations firm that applies innovative strategies to create visibility, drive investor engagement and make an impact. Headquartered in Vancouver, B.C., with team members located across North America, irlabs is industry and sector-agnostic and supports both private and public companies with their investor relations programs, corporate communications, and corporate governance.
Atlas liquidity service provider
The company has also retained Generation IACP Inc. to provide services as a market maker in compliance with the policies and guidelines of the CSE and applicable legislation.
Under the agreement, GIACP will receive a fee of C$7,500 plus applicable taxes per month payable quarterly in advance. The initial term of the agreement is six months from the date of execution, and the agreement will automatically renew for an additional six-month term unless Atlas provides written notice of termination to GIACP at least 30 days prior to the end of the term.
Commencing on the first anniversary of the agreement, the fee payable to GIACP will automatically increase annually by 3.0 per cent. No stock options are being granted and no compensation other than as stated above is payable in connection with the engagement.
Stock option grants
The company also announces that it has granted 600,000 restricted share units and an aggregate of 9,713,732 stock options to its directors, officers and consultants. The options are exercisable at a price of $1.00 per share and have a term of five years from the date of grant. All options shall vest quarterly over the three-year period commencing from the date of grant.