Vancouver, BC – TheNewswire – October 5, 2020 – Geyser Brands Inc. (TSXV:GYSR) (OTC:GYSRF) (“Geyser Brands” or the “Company”) is pleased to announce it has unanimously approved and entered into a loan agreement with an arm’s length private lender (the “Lender“) for a secured loan of up to $1,000,000 (the “Financing“). The Company has drawn down an initial $200,000 on the date of completion of the Financing. The Financing has a term of 12 months and bears interest at a rate of 12% on all amounts advanced. The Financing will be secured by a registered general security agreement on all of the Company’s present and after-acquired property. In connection with the Financing, no facility fee or bonus is required to be paid to the Lender.
The Company intends to use the proceeds of the Financing for working capital purposes and pursue expansion and development of its products and services.
The Company is pleased to announce that Mr. Wei Zhong has been appointed as the Interim Chief Executive Officer of the Company. Mr. Zhong replaces Andrew Harris, who will continue to serve the Company on its board of directors. Geyser Brands is grateful to Mr. Harris for his important contributions as CEO during his tenure.
Mr. Zhong brings a wealth of experience to the Company across a range of industries. In China, he has served as President of Huacheng Cement Manufacture Ltd. and CEO of ZeZhong Technology Limited, a building materials comprehensive utilization technology company. Most recently he has served as Director of hospitality-based Comfort Inn in Vancouver, and CEO of Coastal Pacific Aviation Ltd. one of the largest flight training centres on the West coast of North America. In this capacity, Mr. Zhong reorganized the management and strategy to secure financing and to expand the business into Canadian and Asian markets. Mr. Zhong is presently a director of Geyser Brands.
In addition, the Company has appointed ACM Management Inc. (“ACM“), represented by Mr. Alexander McAulay, to provide contract interim Chief Financial Officer services to the Company. ACM will be immediately tasked with working with the Company’s external auditors to finalize the preparation of the Company’s annual financial statements for the year ended March 31, 2020 and the Company’s interim financial statements for the quarter ended June 30, 2020 among other matters. The appointment remains subject to TSX Venture Exchange Approval.
Mr. McAulay, CPA, CA is an experienced public company CFO and director who has served as CFO and director of several public and private companies, including Omni Commerce Corp. (TSXV:OMNI), HIT Technologies Inc. (TSXV:HIT), Marifil Mines Ltd. (TSXV:MFM), RYU Apparel Inc. (TSXV:RYU) and Greenstar Biosciences Corp. (CSE:GSTR).
For more information, visit the company’s website at geyserbrands.com.
On Behalf of the Board of Directors
Director and CEO
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.
THIS NEWS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN 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 U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.
This news release contains forward–looking statements and forward–looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Forward–looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward–looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the marijuana industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward–looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information relating to Geyser is available at www.sedar.com.
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