OTTAWA, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Eureka 93 Inc. ("Eureka93") today confirmed it acquired a Health Canada license to cultivate cannabis at its Artiva location in Ottawa on September 20, 2019. Subsequently, the company began a restructuring that saw its CEO, entire senior leadership team, and all but one of the directors on its board hand in their resignations as a new team and board was put in place, effective September 21, 2019.
Seann Poli (Canada) and Owen Kenney (U.S.A.) will act as Interim Co-CEO's and the new Board of Directors will include Kent Hoggan, Owen Kenney, Willie Blocker, and Seann Poli. The company will seek to fill the remaining board positions in the next few months.
The new leadership team has already begun reaching out to its funding partners, vendors, and core staff to change the direction of the company, putting it on track to revenue as soon as possible. The leadership team commits to producing a report for its shareholders based upon its findings and implementing a channel of communication that provides far more updates than in the past.
Says Poli, "Our intention is to completely restructure our operations to return the companies Owen Kenney and I co-founded, LiveWell Canada Inc. and Vitality CBD Natural Health Products Inc., which together became Eureka93, to profitability for our shareholders."
He adds, "Before I resigned, I believed that the foundation of Eureka93 had been solid as the management at that time focused on the pharmaceutical approach. I chose to pursue interests with other non-competitive cannabis companies focused on science that were ready to become world leaders in their own right. Like many shareholders I later wondered what was impacting my stock so, together with Owen, we created a new team to bring the company back to its roots and bring value back to its shareholders. We fully intend to right the ship."
Eureka93 will work with Health Canada through the process of a leadership transition with individuals already approved for the Artiva site and will be comparing hemp-based vs. cannabis-based opportunities that will bring the best value to the company.
Kenny says, "This enormous undertaking is in its very early days as it will take some time to determine what wasn't working and what we can do better. The new team is completely committed to being transparent with lenders, shareholders, and regulatory entities. We have exciting opportunities at the Eureka, Montana, plant which we look forward to executing. We do not underestimate the frustrations of our shareholders, and we most certainly appreciate their long-standing patience. We fully believe we have a team in place that can rebuild."
While shareholders are being asked to give the new executive team some time to evaluate business operations, management is committed to transparency moving forward via communications channels including social media. The company's new headquarters will be located at the Artiva site, with the focus on building a cultivation hub that will be ready to start growing operations in the near future.
Eureka 93 Inc. (Eureka93) is a vertically integrated life sciences company focused on the extraction, production, and distribution of hemp cannabidiol (CBD). With assets and operations in the United States, as well as in Canada, this multi-faceted company is dedicated to producing the highest-quality products for its customers, including full-plant extract, distillate, and isolate. Leveraging a proprietary extraction process, research, and scientific expertise across its CBD and nutraceutical manufacturing businesses, Eureka93 leads with ingenuity, from the ground up. For more information, please visit: Eureka93.com
Certain statements contained in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Forward-looking statements include all disclosures regarding possible events, conditions or results of operations that are based on assumptions about future economic conditions and courses of action. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Often, but not always, forward-looking statements can be identified by the use of words or phrases such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, and may be based on management's current assumptions and expectations related to all aspects of the Company's business, industry and the global economy. Further, the Company cautions that this foregoing list of material factors is not exhaustive and additional information identifying risks are detailed from time to time in the Company's other continuous disclosure filings.
The forward-looking information contained in this press release represents expectations of the Company as of the date of this press release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities laws.
Seann Poli, Co-Chief Executive Officer, Canada
These press releases may also interest you