VANCOUVER, British Columbia--(BUSINESS WIRE)--PeakBirch Logic Inc. ("PeakBirch" or the "Company") (CSE: PKB) (FSE: KYH2) (OTCQB: KTNNF) is pleased to announce that PeakBirch’s board of directors has appointed Mr. Kiran Sidhu as a director of the Company, and has adopted a new restricted share unit (“RSU”) plan and stock option plan.
“We are absolutely thrilled to have Kiran Sidhu join the team,” said CEO Marc Mulvaney. “His years of experience with publicly listed issuers makes him a natural choice as a valuable board member. His particular expertise in the cannabis and non-psychoactive mushroom industry will help catapult Peakbirch to the forefront of the mushroom industry. ”
“I am thrilled to join Peakbirch, a pioneer in creating engaging ecommerce experiences within the cannabis ancillary and the non-psychoactive mushroom industry. PeakBirch is building an exciting technological platform that will enable people to gain access to convenient same day delivery services, and access innovative mushroom products. I am passionate about joining the board and helping bring this vision to life,” said Kiran Sidhu. "Peakbirch is an excellent company with tremendous value creation opportunities for the future. I believe I will be a significant asset to the board and am committed to achieving outstanding performance and maximizing shareholder value.”
Kiran is a seasoned cannabis executive, serial entrepreneur and former M&A banker. Kiran has been director of Halo Collective since September 2018 and its CEO since 2016, developing a leading company in cannabis extraction that and which has produced over 4 million grams of product since inception. Mr. Sidhu was chairman of the audit committee and a director of Namaste Technologies (TSX-V: N) from 2018 to 2019. Prior to his endeavors in the cannabis space, Mr. Sidhu was the chairman, CEO and founder of Transact Network, a leading EU electronic money institution which was later sold to Bancorp (NYSE:TBBK) in 2011. Kiran was previously the CFO of On Stage Entertainment (NASDAQ:ONST) which he helped lead to a NASDAQ IPO and finance director of Nano Universe PLC which he helped lead to a LSE-AIM listing (LSE-AIM: NANO). Previously, Mr. Sidhu worked at Price Waterhouse Coopers in the strategic consulting group, and with Merrill Lynch Capital Markets in the M&A group.
PeakBirch has also adopted a new rolling RSU plan and a rolling stock option plan (collectively, the “Plans”), for its directors, officers, employees and consultants, so as to attract, retain and motivate such individuals to continue in their collaboration and strive for PeakBirch’s success.
The Plans are managed by the Board of Directors of the Company. The maximum number of stock options and RSUs that can be issued under the Plans may not aggregately exceed at any time more than 20% of the then outstanding issued and outstanding common shares of the Company. The Company currently has 98,392,629 issued and outstanding common shares, therefore a combination of RSUs and stock options totaling no more than 19,678,526 may be issued at this time. The Company has not yet granted any RSUs or stock options.
About PeakBirch Logic Inc.
PeakBirch is a multi-brand management company providing services & related products to the cannabis industry that believes its strong focus on and investment in marketing, brand, education to help customers make sound purchasing decision, strategic brand partnerships, and a delivery software technology will create a business with the potential to generate a significant and sustained return on invested capital over the long-term.
Neither the Canadian Securities Exchange nor its regulations services provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the cost of goods to be sold under the Company's drop-shipping model, changes in government regulations or enforcement, the ability for the Company to expand its US operations or expand to international markets, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws. This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company's listing statement under the Company's profile on www.sedar.com.