VANCOUVER, British Columbia, May 31, 2019 /CNW/ — Sunniva Inc. (“Sunniva”, the “Company”, “we”, “our” or “us”) (CSE:SNN) (OTCQB:SNNVF), a North American provider of cannabis products and services, announces the following executive management changes outlined below.
Sunniva is pleased to announce the appointment of David Lyle as Chief Financial Officer, effective June 3, 2019, who will be based in California. Mr. Lyle previously served as CFO at Maxwell Technologies, Inc. (“Maxwell”) (NASDAQ:MXWL) a global leader in the development and manufacture of innovative, cost-effective energy storage and power delivery solutions. Maxwell was recently acquired by Tesla, Inc. Mr. Lyle will be taking over for David Negus, Sunniva’s current CFO, who will transition to supporting the Company in a consulting role commencing at the end of June 2019.
As a result of the Company’s stated plans to focus primarily on its California operations, the corporate functions will be relocated from Vancouver, Canada to Carlsbad, California. Mr. Negus will work closely with Mr. Lyle and the executive leadership team to ensure a smooth transition.
“David Negus’ guidance and leadership has been instrumental in creating the financial systems and infrastructure for our Company as we have evolved into a fully operational entity in the U.S.,” stated, Dr. Anthony Holler, Chairman and CEO, “We are pleased that David will continue to provide his experience to Sunniva throughout this transition period, and we wish him all the best in his future endeavors.”
“We are very excited to have someone of David Lyle’s caliber and experience join our executive team and help to continue to move us toward the next phase of Sunniva’s growth,” said Dr. Holler. “We continue to focus our efforts on the completion of our world-class glasshouse in Cathedral City later this year and the development of our marketing and sales infrastructure to support our growth in California. This management change is consistent with our focussed plans in California and we are confident that the leadership team we have assembled there will continue to deliver on our strategy.”
During his tenure at Maxwell, Mr. Lyle held the position of Senior Vice President, Chief Financial Officer, Treasurer and Secretary since May 2015. He holds a bachelor’s degree in business from the University of Southern California, a Master’s of Business Administration from Arizona State University, and a Master’s in International Management from the Garvin School of International Management, Thunderbird. He brings a successful track record within large and small organizations in both the public and private sectors.
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Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Sunniva Inc.
Sunniva, through its subsidiaries, is a vertically integrated cannabis company operating in the world’s two largest cannabis markets – California and Canada. In Canada, Sunniva’s wholly owned subsidiary NHS operates medical cannabis clinics that provide educational and clinical services to patients. In California, Sunniva is focused on creating sustainable premium cannabis brands supported by our large-scale, purpose-built cGMP designed greenhouse and extraction facilities. We offer a steadfast commitment to safety and quality assurance providing cannabis products free from pesticides, which positions Sunniva in California as a leading provider of safe, high quality, reproducible products at scale. Through production from Phase One of our strategically positioned 325,000 square foot high technology greenhouse which is nearing completion and our fully operational Extraction Facility in California, we are launching Sunniva branded products in various product categories and price points including flower, pre-rolls, vape cartridges and premium concentrates. Sunniva branded products will be showcased within our flagship dispensary to be located at the greenhouse and our in-house marketing and distribution team will strive to ensure the placement of Sunniva branded products at licensed dispensaries throughout the state. Sunniva’s management and board of directors have a proven track record for creating significant shareholder value both in the healthcare and biotech industries.
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, statements regarding the Company’s operations and growth opportunities, the Company’s plans to launch Sunniva-branded products in various product categories including high quality distillate, premium concentrates, vape cartridges, flower, pre-rolls, and beverages which will be showcased within the Company’s flagship dispensary, the placement of Sunniva-branded products at licensed dispensaries throughout California, the transition of David Negus to a consulting role with the Company, the relocation of the Company’s finance functions to Carlsbad, California from Vancouver, British Columbia, the Company’s focus on US operations, including the timing for completion of the glasshouse in Cathedral City, California and the development of marketing and sales infrastructure in California are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Sunniva’s continuous disclosure documents available on www.sedar.com. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although Sunniva has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Sunniva assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
Dr. Anthony Holler
Phil Carlson / Erika Kay
Katelyn Tumino / Tony Forde
Chairman and Chief Executive Officer
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