MONTRÉAL, May 24, 2023 /CNW/ - Imaflex Inc. ("Imaflex" or the "Corporation") (TSXV: IFX) today announced that Mr. Giancarlo Santella, Chief Financial Officer (CFO), is leaving the Corporation to pursue other career opportunities in a new industry. Mr. Santella will continue to serve as CFO until his departure, which is planned for June 9, 2023.

During Mr. Santella's tenure Imaflex achieved significant milestones, including strong growth and a solid financial foundation. "On behalf of the Board of Directors and Imaflex team, I would like to thank Giancarlo for his valuable contributions, dedication and leadership," said Mr. Joe Abbandonato, President and Chief Executive Officer of Imaflex. "We wish him well in his future endeavors."

"It has been an exciting journey over the past twelve years with Imaflex and I am proud of what we have accomplished," commented Mr. Santella. "I am grateful for the opportunities, support, and valuable experiences I have gained during my tenure. The business is in a position of strength and has great potential. As such, now is the right time for a new challenge." 

Imaflex has initiated a comprehensive search process for Mr. Santella's successor. The Corporation remains committed to ensuring a smooth transition and finding a candidate who can build on the Corporation's achievements and drive further growth. 

In the interim, the Corporation is pleased to announce that John Ripplinger, Vice President Corporate Affairs, will also assume the responsibilities of the CFO role. "John has worked extensively with Giancarlo over the past six years making him well-positioned to maintain the financial stability and strategic initiatives of Imaflex," commented Mr. Abbandonato. "I thank him for taking on this mandate until a successor for Giancarlo is appointed." 

Mr. Ripplinger has over 25 years of experience working in such areas as Strategic Planning, Financial Planning & Analysis, Budgeting & Reporting and Corporate Affairs, working predominantly for blue-chip companies. He holds an MBA from McGill University.

Founded in 1994, Imaflex is focused on the development and manufacturing of innovative solutions for the flexible packaging space. Concurrently, the Corporation develops and manufactures films for the agriculture industry. The Corporation's products consist primarily of polyethylene (plastic) film and bags, including metalized plastic film, for the industrial, agricultural and consumer markets. Headquartered in Montreal, Quebec, Imaflex has manufacturing facilities in Canada and the United States. The Corporation's common stock is listed on the TSX Venture Exchange under the ticker symbol IFX. Additional information is available at www.imaflex.com.

Certain information included in this press release constitutes "forward-looking" statements within the meaning of Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the management of the Corporation, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. The Corporation cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Imaflex to be materially different from the Corporation's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Corporation's most recent Management Discussion and Analysis filed on SEDAR at www.sedar.com and on the investor section of the Corporation's website at www.imaflex.com. The Corporation disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.

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.

SOURCE Imaflex Inc.