VANCOUVER, British Columbia--(BUSINESS WIRE)--Sensible Meats Inc. (CBOE CA: HOTD) (FSE: OX4) (“Sensible” or the “Company”)
Due to challenges currently facing the plant-based meat industry, the Board of Directors of the Company, with the support of management, has initiated a review process to explore and evaluate a broad range of strategic alternatives. The strategic review process will encompass an evaluation of the Company's current strategic direction, operations, market valuation and capital structure and will consider appropriate alternatives for the Company, which may include a change in the current business of the Company or other strategic alternatives that may be identified during the strategic review.
In order to assist with this process, the Board of Directors has appointed Mr. Chris Jackson, a current director, as the interim Chief Executive Officer of the Company. Mr. Jackson founded Qtrade Financial Group (www.qtrade.com) in 1999, Canada’s leading independent brokerage firm (sold to Desjardin in August 2016), founded and took public MYM Nutraceuticals (www.mym.ca), a major supplier to provincial distributors across Canada of premium marijuana products (bought by IM Cannabis Corp. (IMCC: NASDAQ in 2021) and in 2016 was the founding investor in Nude Beverages (nudebeverages.com) a liquor company specializing in vodka, tequila and gin canned products, that contain no sugar or sweeteners and all-natural flavors operating in Canada and the US. The Board is excited to have the experience of Mr. Jackson at the helm of Sensible during this transitional period.
Chris will replace Mr. Shawn Balaghi, who will remain on the Board of Directors of the Company to assist with the strategic review process. The Board thanks Mr. Balaghi for his service in the role of Chief Executive Officer since the Company’s initial listing on the CBOE.
While the strategic review process is ongoing, the Company intends to continue to pursue its core strategic objectives so as to maintain and enhance the value of its current business and operations. Other than as described in this press release, the Company has not made any decisions related to strategic alternatives at this time and there can be no assurance that the evaluation of strategic alternatives will result in any transaction proceeding or change in strategy. The Company does not intend to comment further unless and until further disclosure is appropriate or necessary.
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Forward Looking Statements
This press release contains statements which constitute "forward–looking information" within the meaning of applicable securities laws. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions. Readers are cautioned that forward–looking information is not based on historical facts but instead reflects the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward–looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward–looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; decreases in the prevailing prices for products in the markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; regulations and enforcement priorities of governmental authorities; compliance with government regulation and related costs; and other risks described in the Company's prospectus. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward–looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended. The Company does not intend, and does not assume any obligation, to update this forward–looking information except as otherwise required by applicable law.
The Company's securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the NEO Exchange nor any securities regulatory authority has approved or disapproved the contents of this press release.