EastWest Bioscience Restructures its Board for Expansion into the US and EU CBD Markets
Monday, April 15, 2019 8:30 AM
VANCOUVER, BC / ACCESSWIRE / April 15, 2019 / EastWest Bioscience (the "Company" or "EastWest") (TSX-V: EAST) announces today the appointment of two new independent Directors, Paul Mandl and Jeff Bierman, to the Board. Both these new board members will help to ensure the Company is well-equipped to efficiently execute its expansion into the US and EU. Scott Reeves, previously Chair of Board, is voluntarily stepping into the role of Secretary. Douglas Horne, who served as an independent on the Company's board since March 2017 has resigned from the board for health reasons.
"As EastWest continues to mature into a global wellness and CBD consumer goods company, it is vital that our Board and Management continues to enhance its composition to ensure its experience and skill set is aligned with the Company's global strategic direction," states Rodney Gelineau, CEO of EastWest Bioscience. "The changes announced today ensure that our Board will be well-equipped to provide strong guidance for the Company's next moves into the US and EU markets. Our new board members are experts in International Trade, regulatory transparency, International Supply Chains, Financial Management and Capital Markets in these two regions."
Paul Mandl brings to the board extensive international trade and international supply chain management experience, based on over 30 years of commercial and technical experience. His work resume spans 47 countries over 5 continents with a strong focus on the European model of regulatory harmonization predominantly in the Agrifood sector. He has managed a multitude of projects for global consumer products companies such as Unilever, transnational financial institutions such as the World Bank and European Union, as well as European based consulting companies operating in the international arena. In his latest role, Paul is the Project Director for a €22 Million multi-year Regional Economic Integration initiative for the 10 South East ASIAN countries which comprise ASEAN.
As a trade policy analyst, he understands regional trade policy, the development of regional markets, and the influence of regulatory frameworks in the European and International context. Furthermore, as an international marketing expert, he brings both commercial and technical experience in marketing, storage and distribution in global and regional market. This together with his extensive network of advisors and companies in Europe and ASIA will bring a stronger international business dimension to the East West business model. The company is excited to harness Paul's global experience in trade and supply chains and particularly his in depth knowledge of the European Markets for our evolving product range, which will prove invaluable as EastWest is entering other markets outside North America, particularly Europe and Asia.
Jeff Bierman, CMT is a Chartered Market Technician and adjunct Professor of Finance at both DePaul University–Driehaus College of Business and the Loyola University Chicago-Quinlan School of Business. He has been published in professional journals and dozens of magazines and reports such as Investor's Digest, Dick Davis Digest, Bull & Bear Report, and Kiplinger's Personal Finance Magazine. He has decades of equity research and analysis experience including senior level market trading roles in TD Ameritrade, Chicago and TheoTrade.com as their Chief Market Technician. Jeff brings considerable experience in US capital markets and financial management and analysis. He specializes in mergers and acquisition issues, portfolio theory, cashflow analysis, capital budgeting and the application of historical cases and applying them in financial decision making.
Jeff's experience will be valuable in helping the Company implement best practices in capital budgeting for its various business units and will be particularly important in the restructuring of Sangsters in Canada. In addition, after the recent TSX approval in Kentucky, US, the Company will be making multiple announcements on its buildout of its US Expansion through strategic joint ventures. The Company is looking forward to fully utilizing Jeff's wealth of experience and technical skills as it navigates its US and EU expansions.
Douglas Horne has voluntarily resigned from his position as a Director of the Company due to health reasons. He was appointed to the Company's board in March 2017 and made important contributions to the development of the Company's retail and manufacturing strategy. "We wish Doug Horne the best of health," states Gelineau, "and wish to sincerely thank him for his valuable contributions towards establishing EastWest's position in the domestic and international CBD business."
With this new board, EastWest is increasingly confident in it its ability to execute its business plan in new regions. "Strong leadership with strategic value, that is aligned with our execution strategy is vital to ensuring EastWest's continued growth toward international CBD sales," states Gelineau. "We are thrilled with the additional global operational and financial market experience the new board additions bring to the Company and expect them to be very valuable as we grow in scale and scope in the future."
About EastWest Bioscience Group
EastWest Bioscience is a vertically integrated wellness company with the infrastructure to become a global giant in the Hemp & CBD consumer health market. Since it was founded in 2016, EastWest continues to grow as a high-quality producer, manufacturer and distributor of multiple lines of premium hemp products. EastWest is strategically positioned in mainstream consumer markets with wholistic natural products and has developed distribution channels into mainstream stores and markets in Canada. The Company has a Health Canada licensed, GMP (Good Manufacturing Practices) certified manufacturing facility and produces premium brands offering natural products for a preventive care lifestyle. EastWest consumer product lines are divided into four distinct brands: 1) Natural Advancement – natural biopharmaceutical health supplements; 2) Earth's Menu - all-natural hemp superfoods; 3) Natural Pet Science - pet food and pet supplements; and 4) Chanvre Hemp – all-natural health and beauty products. The organization will continue to focus on ongoing development of innovative, hemp-based consumer products through advanced science with clean, natural ingredients to complement its current product offerings.
ON BEHALF OF THE BOARD OF DIRECTORS
EASTWEST BIOSCIENCE GROUP
Co-Founder, Chief Executive Officer and Director
TSXV - Symbol: EAST
Company Website: www.eastwestbioscience.com
Contact: Nicholas Vincent - Investor Relations on 1-800-409-1930 or [email protected].
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 RELEASE.
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 terms and conditions of the Acquisition. 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; and delay or failure to receive board, shareholder or regulatory approvals. 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. The Corporation disclaims 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: EastWest Bioscience