Edmond Lem to
Reassume Role as Interim CFO
Company Provides Updated
Investor Presentation
TORONTO, June 24, 2021 /CNW/ - Newtopia Inc.
("Newtopia" or the "Company") (TSXV: NEWU), a
tech-enabled habit change provider focused on disease prevention,
today announced the transition in the Company's Chief Financial
Officer. Effective tomorrow, June 25,
2021, Anthony Lam will be
stepping down as Chief Financial Officer. Following Mr. Lam's
departure, Edmond Lem, the Company's
current Corporate Controller, will reassume the role of interim
CFO, a position he held prior to Mr. Lam's appointment in
November 2020.
![Newtopia logo (CNW Group/Newtopia Inc.) Newtopia logo (CNW Group/Newtopia Inc.)](https://mma.prnewswire.com/media/1551105/Newtopia_Inc__Newtopia_Provides_Executive_Team_Update.jpg)
Edmond Lem has over 25 years of
financial accounting and reporting experience for both public and
private companies. Having joined Newtopia in October 2018, Mr. Lem has served in several
senior financial roles within the Company, including as Corporate
Controller as well as Interim Chief Financial Officer from March to
November 2020 during a critical time
for Newtopia in which he played a significant role in helping take
the Company public on the TSX Venture Exchange (the "TSXV").
Prior to Newtopia, Mr. Lem served as the controller of a TSXV
listed technology company, Spectra7 Microsystems, Inc., a
semiconductor manufacturer. Mr. Lem earned a degree in Commerce
from the University of Toronto and has
a professional accounting designation (CPA, CA).
Commenting on Mr. Lem's reappointment, Jeff Ruby, Founder and Chief Executive Officer
of Newtopia, stated, "We are in very good hands with Edmond, and I
look forward to him reassuming his prior role. As the interim CFO
responsible for leading our Company's transition from private to
public in May of 2020, Edmond is intimately familiar with our
operating model and has maintained strong, established
relationships with all of our key stakeholders. We have a solid
management team in place to support Newtopia's long-term growth
strategy."
"On behalf of our entire company and Board of Directors, I would
like to thank Anthony for his contributions to Newtopia as we
navigated our inaugural year as a publicly traded company. We wish
Anthony the best on his future endeavors," Ruby concluded.
Updated Investor Presentation
In conjunction with today's announcement, the Company has filed
an updated investor presentation that provides the results of a
trial conducted with a Fortune 50 financial services company on
client outcomes during COVID-19. A copy of this presentation is
available under the Company's page on SEDAR as well as on the
investor relations page on the Company's website at
www.newtopia.com.
About Newtopia
Newtopia is a tech-enabled habit change provider focused on
disease prevention and reducing the cost of care for health
insurers. As a provider of whole person care, we prevent, reverse,
and slow the progression of chronic disease while enriching mental
health, resilience and overall human performance. Newtopia's
programs leverage genetic, social, and behavioral insights to
create individualized prevention programs with a focus on type 2
diabetes, heart disease, stroke and weight. With a person-centered
approach that combines virtual care, digital tools, connected
devices and actionable data science, Newtopia delivers sustainable
clinical and financial outcomes. Newtopia serves some of the
largest nationwide employers and health plans and is currently
listed on the Toronto Stock Exchange (TSXV: NEWU). To learn more,
visit newtopia.com, Facebook, LinkedIn or Twitter.
Forward Looking Statements
This news release contains forward-looking information and
forward-looking statements, within the meaning of applicable
Canadian securities legislation, and forward looking statements,
within the meaning of applicable United
States securities legislation (collectively,
"forward-looking statements"), which reflects management's
expectations regarding Newtopia's future growth, results from
operations (including, without limitation, future production and
capital expenditures), performance (both operational and financial)
and business prospects and opportunities. Wherever possible, words
such as "predicts", "projects", "targets", "plans", "expects",
"does not expect", "budget", "scheduled", "estimates", "forecasts",
"anticipate" or "does not anticipate", "believe", "intend" and
similar expressions or statements that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur
or be achieved, or the negative or grammatical variation thereof or
other variations thereof, or comparable terminology have been used
to identify forward-looking statements. All statements other than
statements of historical fact may be forward-looking information.
Such statements reflect Newtopia's current views and intentions
with respect to future events, based on information available to
Newtopia, and are subject to certain risks, uncertainties, and
assumptions. Material factors or assumptions were applied in
providing forward-looking information. While forward-looking
statements are based on data, assumptions and analyses that
Newtopia believes are reasonable under the circumstances, whether
actual results, performance or developments will meet Newtopia's
expectations and predictions depends on a number of risks and
uncertainties that could cause the actual results, performance and
financial condition of Newtopia to differ materially from its
expectations. These forward-looking statements include, among other
things, the estimated cost savings to plan payers associated with
the use of Newtopia's platform by plan members, the potential cost
of care reduction for other Medicare risk-bearing entities, the
continued engagement with Newtopia's platform by plan members,
clients continuing to offer Newtopia's platform pursuant to
agreements entered into, statements relating to Newtopia's business
plans and outlook. Forward-looking statements are not a guarantee
and are based on a number of estimates and assumptions management
believes to be relevant and reasonable, whether actual results,
performance or developments will meet Newtopia's expectations and
predictions depends on a number of risks and uncertainties that
could cause the actual results, performance and financial condition
of Newtopia to differ materially from its expectations. Certain of
the "risk factors" that could cause actual results to differ
materially from Newtopia's forward-looking statements in this press
release include, without limitation: the termination of contracts
by clients, risks related to COVID-19 including various
recommendations, orders and measures of governmental authorities
to try to limit the pandemic, including travel restrictions, border
closures, non-essential business closures, quarantines,
self-isolations, shelters-in-place and social distancing,
disruptions to markets, economic activity, financing, supply
chains and sales channels, and a deterioration of general
economic conditions including a possible national or global
recession; and other general economic, market and business
conditions and factors, including the risk factors discussed or
referred to in Newtopia's disclosure documents, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com including Newtopia's final long form prospectus dated
March 30, 2020.
Should any factor affect Newtopia's in an unexpected manner, or
should assumptions underlying the forward-looking information prove
incorrect, the actual results or events may differ materially from
the results or events predicted. Any such forward-looking
information is expressly qualified in its entirety by this
cautionary statement. Moreover, Newtopia does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release, and Newtopia undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law.
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SOURCE Newtopia Inc.