TORONTO, Feb. 1, 2018
/CNW/ - Cronos Group Inc. (TSX-V: MJN) (OTC Nasdaq Int'l
Designation: PRMCF) ("Cronos Group" or the "Company")
is pleased to announce that Mr. James D.
Rudyk has been appointed to the Board of Directors. Mr.
Rudyk is currently the chief financial officer of Roots Corporation
("Roots"), a position he has held since January
2016. Mr. Rudyk is an experienced and proven financial
executive with more than 25 years of financial and operational
experience and a track record of supporting ambitious growth
plans. Prior to joining Roots, Mr. Rudyk served as the chief
financial officer of Shred-It International Inc. from 2009 to 2015;
while there, he was instrumental in helping the company grow from
approximately $200 million to more
than $700 million in revenue,
expanding to over 17 countries around the world. He also
served as chief financial officer and chief operating officer of
Canada Cartage Systems Limited from 2004 to 2009. Mr. Rudyk is
currently a board member of National Diabetes Trust Corp. and
serves on their audit committee and their governance, nominations
and compensation committee.
"We're delighted to have Mr. Rudyk join our Board and drive
long-term shareholder value by strengthening our corporate
governance. Mr. Rudyk has a strong track record of growing Canadian
companies into global leaders, and we're fortunate that we'll be
able to leverage his wisdom and experience to fuel our own growth,"
said Mike Gorenstein, CEO of Cronos
Group.
"I think the Company has the right operating model, strategy,
and team to grow significantly, both in Canada and around the world, and I am very
excited to join Cronos Group," said Jim
Rudyk.
Mr. Rudyk will serve as the chair of the Cronos Group audit
committee and will also be a member of the Cronos Group
compensation committee. Mr. Gorenstein has resigned from both
committees, and Mr. Friedman has resigned from the compensation
committee. The members of the audit committee are now Mr.
Krestell, Mr. Friedman, and Mr. Rudyk. The members of the
compensation committee are now Mr. Krestell and Mr. Rudyk.
The Company has granted stock options to subscribe for 150,000
common shares of the Company to Mr. Rudyk, in accordance with the
Company's stock option plan. The options are exercisable at a price
of $9.00 per common share, which was
the closing price of the Company's common shares on the TSX Venture
Exchange on January 31, 2018. The
options vest over four years and expire five years after the date
of issue, or sooner, in certain circumstances, such as ceasing to
be an eligible person under the stock option plan or the death or
disability of the holder. The grant of options is subject to the
Company receiving all necessary regulatory consents and approvals,
if any, and to the Company's stock option plan.
About Cronos Group
Cronos Group is a geographically diversified and vertically
integrated cannabis company that operates two wholly-owned Licensed
Producers ("LPs") regulated within Health Canada's Access to
Cannabis for Medical Purposes Regulations (the "ACMPR") and
holds a portfolio of minority investments in other Licensed
Producers. The Company's flagship LPs, Peace Naturals Project Inc.
(Ontario) and Original BC Ltd.
(British Columbia), are
collectively situated on over 125 acres of agricultural, licensed
land. Cronos Group is focused on building an international iconic
brand portfolio, providing patients with personalized care and
creating value for our shareholders.
Forward-looking statements
This news release may contain "forward-looking information" and
"forward-looking statements" within the meaning of applicable
Canadian securities legislation. All information contained herein
that is not clearly historical in nature may constitute
forward-looking information and includes, but is not limited to,
information relating to the future growth and prospects of the
Company. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant
business, economic and competitive risks, uncertainties and
contingencies that may cause actual financial results, performance
or achievements to be materially different from the estimated
future results, performance or achievements expressed or implied by
those forward-looking statements and the forward-looking statements
are not guarantees of future performance. Accordingly, readers
should not place undue reliance on any forward-looking statements
or information. A discussion of certain of the material risks
applicable to the Company can be found in the Company's most recent
MD&A and Annual Information Form, which can be accessed at
www.sedar.com. Except as required by law, the Company disclaims any
obligation to update or revise any forward-looking statements.
Readers are cautioned not to put undue reliance on these
forward-looking statements.
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.
SOURCE Cronos Group Inc.