TORONTO, Feb. 19, 2019 /PRNewswire/ – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (OTCQB: NXTTF) (FRANKFURT: M5BQ) today is pleased to announce that it has reached a mutually agreed upon settlement with Sean Dollinger resulting in Mr. Dollinger entering into an advisory relationship with Namaste providing transition support to the Company to ensure the best interests of the business and stakeholders are met (the “Agreement”). Pursuant to the Agreement, Mr. Dollinger has withdrawn his previously announced legal application against the Company and has agreed to step down from all formal roles with the Company, including as a director, which will also enable him to spend more time with his young family and pursue other opportunities. Meni Morimremains Interim Chief Executive Officer (“CEO”) of Namaste.
“The events of the past few weeks have been difficult for everyone involved, but we are pleased to have reached a mutually agreed upon settlement that puts the interests of Namaste and our shareholders first,” said Interim CEO Meni Morim. “With this issue behind us, Namaste can focus on what matters most – growing our business and creating shareholder value. We have an excellent management team, a strong cash position, and a strategic plan that will drive innovation and growth. The future for Namaste is bright.”
As part of the Agreement, Mr. Dollinger has agreed to a market standard standstill, under which, among other things, he will vote his Namaste shares in favour of the election of management’s nominees to the Board of Directors (the “Board”) for three years. The Company and Mr. Dollinger have also entered into standard non-solicitation and non-competition agreements.
Corporate Governance Update
Namaste also makes the following announcements about the Board of Directors and its committees:
- Branden Spikes has been appointed the Chair of the Board.
- The Board has reconstituted the audit committee to be comprised of Branden Spikes, Sefi Dollinger and Laurens Feenstra. The Chairman of the committee is Laurens Feenstra.
- A nominating and governance committee has been established, comprised of Branden Spikes, Laurens Feenstra, and Kiranjit Sidhu. The Chairman of the committee is Kiranjit Sidhu.
Date for Annual General Meeting of Shareholders Set
The date for the Company’s annual general meeting for shareholders has been set for May 28, 2019.
The Company has engaged Norton Rose Fulbright Canada LLP as its special independent legal counsel.
About Namaste Technologies Inc.
Namaste Technologies powers the ultimate online customer experience for medicinal cannabis and related products. Beginning with NamasteMD.com, the Company’s integrated telemedicine application, we connect medical clients with health care practitioners to more readily issue and renew cannabis prescriptions online. Featuring the first Canadian Medical Sales-Only Licence, the Company’s own Cannmart.com is your ‘everything cannabis store’ offering clients a large variety of strains to fill their prescription needs. Namaste’s unique artificial intelligence (AI) engine incorporated in its platforms and related Uppy App, completes our ecosystem by identifying the right product and pairing to address specific medical cannabis requirements. Namaste also provides vaporizers and accessories across several platforms operating in more than 20 countries. Namaste’s global technology addresses local needs in a burgeoning cannabis industry requiring smart solutions. For more information about Namaste, please visit www.Namastetechnologies.com
SOURCE Namaste Technologies Inc.
Namaste Technologies Inc. (TSXV: N) (OTCQB: NXTTF) 6 Month Chart
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