Lobo Genetics Unveils Proposed Go-Public Board Slate Including Charles Sousa, Former Ontario Minister of Finance
Tuesday, November 27, 2018 7:00 AM
TORONTO, ON / ACCESSWIRE / November 27, 2018 / Further to the November 22, 2018 press release announcing that Cassowary Capital Corporation Limited (BIRD.P) (''BIRD'') and Lobo Genetics Inc. (''Lobo'') have entered into a non-binding letter of intent wherein it is contemplated that Lobo will complete a transaction (the ''Transaction'') that will result in a reverse takeover (''RTO'') of BIRD, Lobo today announced its distinguished proposed nominees to serve on the Board of Directors (the ''Board'') of the Resulting Issuer, as such term is defined in the policies of the TSX Venture Exchange (the ''Exchange'').
Upon completion of the RTO, it is anticipated that, in addition to current Lobo directors John Lem and Dr. Jamie Spiegelman, the Board of the Resulting Issuer will be strengthened by including notable directors Charles Sousa, Virginia Cirocco, Garry Foster and Roger Dunbar.
''I am excited to work with the Lobo team to enable safer, more informed cannabis use, whether medical, clinical or recreational in nature,'' said Charles Sousa. ''With the recent legalization of adult-use cannabis in Canada, and increasing legal cannabis consumption worldwide, Lobo is addressing the real concern of significant short-term and long-term side effects in individuals with certain genetic risk factors.''
''This distinguished Board will provide expertise and experience in the fields of health care, finance, consumer retail, marketing and government regulation, all of which will be assets as we prepare to launch our unique DNA testing platform for personalized cannabis genetic testing,'' added John Lem, co-founder and Chief Executive Officer of Lobo Genetics.
The biographies of all six directors anticipated to comprise the Board of the Resulting Issuer are posted below:
Charles Sousa holds the distinction of being one of the longest serving Finance Ministers in the Province of Ontario's history. As Minister of Finance, he delivered six budgets and oversaw nine agencies including the Liquor Control Board of Ontario (LCBO), Ontario Lottery and Gaming Commission (OLG) and the Ontario Securities Commission (OSC), three of the largest entities in the country. Charles also served as President of Treasury Board, Minister of Citizenship and Immigration, Minister responsible for the Pan/Parapan Am Games and Minister of Labour.
Prior to entering politics, Charles enjoyed a 20-year commercial-banking career with RBC Royal Bank and capital markets at RBC Dominion Securities. He also owned and operated an asset based lending firm. He has been a champion of financial literacy in schools and continues to serve on community boards, chambers and business associations.
Virginia Cirocco is a retired senior executive from Shoppers Drug Mart, where she served as Executive Vice President, Pharmacy. Since her retirement, Virginia has been a healthcare consultant and also serves as an independent Board director currently on the Board of the Ontario Cannabis Retail Corporation (operating as Ontario Cannabis Store) and Bayshore Healthcare.
Virginia has been active as a volunteer for many health-focused not-for-profit organizations and is a member of the Board of Trustees of the Centre for Addiction and Mental Health (CAMH) in Toronto where she also serves on a number of committees. She is a graduate of the Faculty of Pharmacy University of Toronto and holds an M.B.A. from the Schulich School of Business.
Garry Foster is a business leader with extensive experience in facilitating the growth and transformation of businesses across multiple industries, including: retail, technology, real estate and health care. He is an expert in board governance, accounting matters and discharging the responsibilities of audit committees.
Garry is currently the Chairman of the Board of Baycrest Foundation and was previously its President and CEO. Garry was also the Chairman of the Board of Baycrest Health Sciences Centre, Canada's leading seniors organization. He has also worked with some of Canada's largest and most prestigious companies as Vice Chairman of Deloitte, where he led teams across multiple disciplines to solve complex issues, such as mergers and acquisitions, audit and accounting, risk management, technology implementation, strategy and tax.
Garry currently serves as a Board director of SmartCentres REIT, Real Matters and Payments Canada, and formerly served on the Boards of both Deloitte Canada and Deloitte US.
Roger Dunbar is a seasoned executive with deep expertise in marketing, digital business development and P&L management. He is currently a member of the executive team at Economical Insurance, where he is the SVP responsible for Sonnet Insurance, a direct-to-consumer online insurance company.
Prior to Sonnet Insurance, Roger was a member of the executive team at AutoTrader, serving as VP Marketing and Market Intelligence for five years and was a key member of the deal team working with Goldman Sachs to sell the company for $1.6 billion in 2016 to a San Francisco-based private equity firm. He holds a wealth of insight and proficiency in direct-to-consumer genetics, having led the Canadian operations of Ancestry.com during a period of immense growth for the company. Roger honed his knowledge of the Canadian media landscape earlier in his career working at the Globe and Mail for almost seven years as its VP Digital and Business Development.
Dr. Jamie Spiegelman, M.D., F.R.C.P.
Dr. Jamie Spiegelman is a staff doctor at Humber River Regional Hospital in the Departments of Internal Medicine and Critical Care Medicine and is also a co-founder and director of Spartan Bioscience. Dr. Spiegelman has extensive lab experience, including research with Peter Oefner and Ronald W. Davis at Stanford University's Genome Technology Center.
Dr. Spiegelman has a bachelor's degree in human biology and a medical degree from the University of Toronto. He completed his fellowship in Intensive Care Medicine at the University of Toronto.
John Lem is the co-founder and Chief Executive Officer of Lobo and brings 15 years' experience in life sciences, medical devices and capital markets. Prior to Lobo, John was the co-founder and VP of Corporate Development of Spartan Bioscience. Previously, John worked at Waterfall Investments, a Toronto-based hedge fund, where he specialized in Canadian and US healthcare investments. Waterfall was acquired by Sentry Investments, a $19-billion asset management company.
John holds a BASc in computer engineering from the Engineering Science program at the University of Toronto.
About Lobo Genetics
Lobo is a privately-held healthcare technology company that helps ensure a safer cannabis experience through genetics. Consumers and patients can gain rapid, actionable insights into their personal response to cannabis, based on their genetic profile. Lobo's portable device platform provides DNA test results in under an hour, and can be deployed in medical clinics, pharmacies and retail outlets. With applications across the recreational, medical and clinical space, Lobo is bringing the science of cannabis genetic testing to everyone.
For further information, please contact:
Lobo Genetics Inc.
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Director of Policy and Communications
Completion of the RTO is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange requirements, majority of the minority shareholder approval. Where applicable, the RTO cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the structure, terms, conditions and proposed timing for completion of the RTO; the ability of Lobo and BIRD to complete the RTO; Lobo, BIRD and the Resulting Issuer's future business operations; the receipt of all necessary shareholder, Exchange, securities regulatory authority and other third party consents and approvals; and the anticipated composition of the board of directors and management of the Resulting Issuer. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder or regulatory approvals; and the results of continued development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Lobo and BIRD disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Lobo Genetics Inc.