Accomplished Medical Device and Pharma
Executive Brings Proven Record
of Building Value
in Life Science Companies
TORONTO, Aug. 18, 2020 /CNW/ - SQI Diagnostics, Inc.
("SQI" or the "Company") (TSX-V: SQD) (OTCQB: SQIDF),
a life sciences and diagnostics company that develops and
commercializes proprietary technologies and products for advanced
microarray diagnostics, today announced that the Company's board of
directors has appointed Robert L.
Chioini as Chief Executive Officer and a director of the
Company effective August 17,
2020.
"Rob is a successful entrepreneur and experienced CEO who has an
exceptional track record of identifying and developing new product
and revenue stream opportunities," stated Mr. Clive J. Beddoe, Chairman of the Board of SQI.
"His experience in marketing and commercializing novel
products to capture market share and strengthen company brand will
be invaluable as we advance our product portfolio, including our
COVID19 severity assessment tests. He is a seasoned leader with
significant understanding of public markets, corporate growth and
delivering value to shareholders. I look forward to Rob's
leadership, and we are fortunate to have him as our CEO."
Mr. Chioini stated, "I am incredibly excited to assume the CEO
role at SQI and about the future of the Company. I look forward to
working with the team to unlock the potential across our suite of
clinical and point of care diagnostic products." Mr. Chioini
further stated, "Now more than ever, we see the importance of
accurate, widely available, and rapid diagnostic tests."
Mr. Chioini founded Rockwell Medical, Inc., a Nasdaq-listed
medical device and biopharmaceutical company, and served as its
Chairman and CEO between 1995 and 2018. Mr. Chioini has over 30
years of operational and business development experience in the
medical industry and has extensive knowledge regarding new product
innovation, intellectual property, marketing and sales,
distribution, customer relationships and operations, enabling him
to provide critical insight into overall strategic planning, sales
and marketing strategy and operational requirements. Mr. Chioini
also has extensive experience in capital raising and institutional
transactions. Mr. Chioini attended Michigan
State University and received a Bachelor of Arts Degree in
Advertising in 1987.
Under the terms of his employment agreement (the "Employment
Agreement"), Mr. Chioini will also serve as CEO and as a
director of the Company's wholly-owned subsidiaries, SQI US, Inc.
and SQI Diagnostics Systems Inc. The initial term of the Employment
Agreement is from August 17, 2020
until August 16, 2023 and shall
thereafter extend automatically for successive one year terms,
except on written notice or if earlier terminated. The appointment
of Mr. Chioini as CEO and a director of SQI is subject to the
approval of the TSX Venture Exchange (the "TSXV").
In connection with the appointment of Mr. Chioini as CEO,
Eric Brouwer has stepped down as
Interim CEO. He will continue to serve as the Chief Scientific
Officer and a director of SQI.
SQI has granted to Mr. Chioini an aggregate of 29,835,062 stock
options ("Options") to purchase common shares in the capital
of the Company ("Shares") for a period of ten years, at an
exercise price of $0.195 per Share
(the "CEO Option Grant"), subject to earlier termination in
certain circumstances. The Options vest and become exercisable as
to one-third on each of the first, second and third anniversaries
of the date of the grant, subject to certain conditions and subject
to accelerated vesting in certain circumstances. The CEO Option
Grant is subject to disinterested shareholder approval (i.e.,
excluding the votes attached to Shares beneficially owned by Mr.
Chioini and his associates) and the approval of the TSXV.
On August 17, 2020, the board of
directors of the Company also approved certain amendments to its
Stock Option Plan (the "Plan Amendments") to allow for the
CEO Option Grant, including an amendment to the maximum number of
Shares which may be reserved for issuance under the Plan from 10%
of the issued outstanding Shares at the time of a grant to a fixed
maximum of 45,898,747 Shares, representing approximately 15% of the
current issued and outstanding Shares. The Plan Amendments are
subject to shareholder approval and the approval of the TSXV.
Following the Plan Amendments and the CEO Option Grant,
41,401,517 Shares are issuable on exercise of outstanding Options
under the Company's Stock Option Plan (representing approximately
13.5% of the issued and outstanding Shares) and 4,497,230 Shares
remain available for issuance (representing approximately 1.5% of
the issued and outstanding Shares). The Company intends to seek
shareholder approval of the Plan Amendments and the CEO Option
Grant at its next annual meeting of shareholders. Certain insiders,
who are control persons of the Company, have each agreed to vote
all common shares of the Company that they own, directly or
indirectly, in favour of resolutions approving the Plan Amendments
and the CEO Option Grant at the meeting.
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that
develops clinical grade multiplexed microarray and molecular assays
run on its automated instrumentation for the pharmaceutical
research, animal health, and clinical diagnostics markets. SQI
develops custom research and diagnostic assays that are
multiplexed; meaning the simplification, consolidation and
automation of many individual tests into one. This increases sample
throughput, reduces time, cost and chance for human error, and
provides excellent data quality. For more information, please visit
www.sqidiagnostics.com.
FORWARD-LOOKING INFORMATION
This press release contains certain words and statements,
which may constitute "forward-looking statements" within the
meaning of applicable securities laws relating to future events or
future performance and reflect the current expectations and
assumptions of the Company regarding its growth, results of
operations, performance, business prospects and opportunities.
These statements generally can be identified by use of
forward-looking words such as "may", "would", "could", "will",
"should", "expect", "plan", "estimate", "anticipate", "intends",
"believe", "potential", or "continue" or the negative thereof or
similar variations. The Company's actual results and performance
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, the effect of the
global pandemic and consequent economic disruption, and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com. Although the
forward-looking statements contained herein are based on what we
consider to be reasonable assumptions based on information
currently available to us, there can be no assurance that actual
events, performance or results will be consistent with these
forward looking statements, and our assumptions may prove to be
incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable law.
Neither 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.
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SOURCE SQI Diagnostics Inc.