CALGARY, AB, April 16, 2021 /CNW/ - (NEX:TCI.H) Target
Capital Inc. ("Target" or the "Company") is
pleased to announce the appointments of Theo Zunich as Interim President and Chief
Executive Officer of the Company and Robert
Dion as contract Interim Chief Financial Officer of the
Company, along with the appointment of Nick
Kuzyk to the Board of Directors.
Under this new interim leadership and refreshed Board, which
includes Ron Hozjan and Theo Zunich, who were appointed on September 16, 2020, the Company's near-term focus
will be to restore public reporting and resume trading. Then, the
interim leadership intends to leverage the Company's assets,
listing and business into one or more accretive transactions or a
new corporate direction under permanent leadership. Mr.
Zunich and Mr. Dion will serve as interim officers until a
transaction is consummated or a formal replacement is
announced.
Mr. Zunich was the President, Chief Executive Officer and a
director of YSS Corp. (now Nova Cannabis Inc.), a public cannabis
retailer, from March 2019 until
March 2021 and, prior thereto, was
the Vice President, Corporate Development of YSS Corp. since
August 2018. Prior to joining YSS
Corp., Mr. Zunich worked in roles of increasing responsibility at
several independent investment banks, most recently as Principal,
Investment Banking at Eight Capital. Mr. Zunich has over ten years
of investment banking experience, during which he was engaged in
more than 100 successful M&A, financing and strategic
advisory mandates for aggregate transaction value of over $12
billion. Mr. Zunich's professional experience spans the
cannabis, energy, retail, consumer packaged goods, financial
services, and technology sectors.
Mr. Dion is a CPA/CA with approximately 30 years of accounting
and finance experience holding various managerial positions
during that time. Prior to this appointment, since 2010, Mr.
Dion served as a Chief Financial Officer for both a private and a
public oil and gas production company.
Mr. Kuzyk is an independent management consultant with more than
20 years of strategic, capital markets and corporate development
experience focused in the energy and cannabis industries. Most
recently, he was Chief Strategy Officer & Senior Vice President
Capital Markets at High Tide Ventures Inc. He holds both an
HBA and an MBA from the Richard Ivey School of Business at Western
University.
The Company also announces the resignations of (i) Sonny Mottahed as President, Chief Executive
Officer and a director of the Company; and (ii) Colin Wagner as Chief Financial Officer of the
Company.
On November 4, 2020, the Alberta
Securities Commission issued a cease trade order for failure to
file the Company's audited financial statements and management
discussion and analysis for the financial year ended March 31, 2020 and unaudited financial statements
and management discussion and analysis for the quarter ended
June 30, 2020. In connection with the
delay in filing continuous disclosure documents, the listing of the
Company's common shares has been transferred from the TSX Venture
Exchange ("TSXV") to the NEX board of the TSXV and the common
shares have been delisted from the facilities of the Canadian
Securities Exchange. The trading symbol of the Company has also
changed from TCI to TCI.H. There has been no change in the
Company's name or CUSIP number.
The Company is working on the steps needed to complete the
required continuous disclosure documents and expects to file such
documents by the end of May, 2021.
About Target Capital
Target Capital Inc. is a Calgary,
Alberta based entity with a newly appointed interim
leadership team possessing the requisite skills and experience to
pursue a new corporate direction and leverage the Company's
existing assets, public listing and business to consummate one or
more accretive and strategic transactions that support a new
corporate direction. The Company's common shares are listed on the
NEX board of the TSXV under the trading symbol "TCI.H".
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements
including with respect to the Company's objectives, opinions and
assumptions; changes to the board and management team; and the
timing of continuous disclosure filings. When used in this
document, the words "will," "anticipate," "believe," "estimate,"
"expects," "intent," "may," "project," "should," and similar
expressions are intended to be among the statements that identify
forward-looking statements.
The forward-looking statements are founded on the basis of
expectations and assumptions made by the Company. Forward-looking
statements are subject to a wide range of risks and uncertainties,
and although the Company believes that the expectations represented
by such forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. The Company
cautions that current global uncertainty with respect to the
continued impact of the COVID-19 virus and its effect on the
broader global economy may have a significant negative effect on
the Company. While the precise impact of the COVID-19 virus on the
Company remains unknown, rapid spread of the COVID-19 virus may
have a material adverse effect on global economic activity, and can
result in volatility and disruption to global supply chains,
operations, mobility of people and the financial markets, which
could affect interest rates, credit ratings, credit risk,
inflation, business, financial conditions, results of operations
and other factors relevant to the Company.
Except as required by applicable laws, the Company does not
undertake any obligation to publicly update or revise any
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 news release.
SOURCE Target Capital Inc.