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Namaste Technologies Inc
Symbol C : N
Shares Issued 275,241,850
Close 2018-05-14 C$ 1.73
Recent Sedar Documents

Namaste adds updates to NamasteMD app

2018-05-14 10:59 ET - News Release

Mr. Sean Dollinger reports

NAMASTE ANNOUNCES UPDATES TO NAMASTEMD PATIENT ACQUISITION PORTAL AND APPOINTMENT OF BARAN DILAVER AS INTERIM COO

Namaste Technologies Inc. has integrated several critical updates to the company's on-line patient acquisition tool, NamasteMD Inc. NamasteMD, which is the company's revolutionary mobile app, is available on desktop, Apple iOS and Android devices, and it has allowed Namaste to accelerate patient growth at a rate that exceeds any industry peers and at significantly lower cost per patient. NamasteMD is presently ranked as the No. 2 medical application in the Canadian Apple Store. NamasteMD provides a simple digital platform for patients to acquire medical cannabis documentation from the comfort of their homes. Since its initial launch, the company has acquired over 2,000 patients exclusively through organic growth without any paid advertising. The company believes that the recent updates to the app will allow Namaste to fully deploy its marketing strategy and accelerate growth in what the company believes will soon be Canada's largest database of medical cannabis patients.

With this release, patients now have a more streamlined and reliable video experience, enabled by the company's trusted partner, Twilio. This release also includes stability and performance improvements, including a fix for a bug that was preventing a small percentage of the company's users from logging in. The company will focus on continued updates to increase the acceleration rate of its patient database through organic and paid advertising channels.

Additionally, co-founder Kory Zelickson is transferring roles to become vice-president of business development and investor relations, and Baran Dilaver will be appointed as the company's interim chief operating officer. With the company's rapid expansion, Mr. Zelickson will focus on the growth of the company in the areas of business development, strategic partnership and investor relations and will hand off operations to Mr. Dilaver, who has many years of experience in operations. This strategic decision will allow both Mr. Zelickson and Mr. Dilaver to excel in each of their respective areas to further propel the growth of the company. Mr. Dilaver has extensive experience in running companies, and, for the past three months, Mr. Dilaver has been focused on improving Namaste's operations and organizing its various business divisions. The company welcomes Mr. Dilaver in joining as interim chief operating officer and believes that these changes will provide further value to its shareholders. Upon his appointment, Mr. Dilaver commented, "I am thrilled to have such a critical role in shaping Namaste's future, and I am in a great position to lead the recruitment of a world-class COO to hand over some of the initiatives I started here with the operations and finance teams."

About Baran Dilaver

Mr. Dilaver is an entrepreneur, creator and an accomplished executive. He launched several well-known brands around the world and conceived and developed over 80 products. Mr. Dilaver is the founder of FutureScape, a technology-focused product design and branding company; and, recently, as the chief operating officer and chief marketing officer at Firefly Vapor, he created and implemented business strategies that established Firefly as one of the most admired brands in the cannabis industry. Prior to Firefly, Mr. Dilaver was the chief executive officer of United Brands, a leading food technology company based out of San Francisco. He is a speaker in conferences like Tech Open Air Berlin, CannaTech and European Communications Summit. He was a scholar athlete at UC Berkeley and studied economics. He loves kitesurfing and snowboarding around the world and building large-scale art installations at Burning Man.

Management commentary

Sean Dollinger, president and chief executive officer of Namaste, commented: "We're very pleased to have had major updates approved to the NamasteMD platform. I believe that NamasteMD provides the company with a competitive edge in being the first company in Canada to fully digitize patient acquisition. At a cost of only $60 per patient, Namaste is able to acquire patients at a much lower cost than our peers who require the use of physical clinics or doctors to acquire patients. In a very short period of time, we have managed to acquire over 2,000 patients organically with zero spend on marketing or promotion. At this point of the business cycle, we now feel that the platform is ready for full launch and anticipate an even more significant acceleration of growth over the next several months through a strategic marketing campaign.

"Additionally, I'm very pleased to have Kory focus on his areas of expertise in business development and investor communications, where he brings major value to the company. We have been continuously growing as a company, and Kory has filled in as COO, but we have now decided to have each team member focus exclusively in their areas of expertise. The investor relations and business development role is very important to the company, and Kory is best fit for this role. We are also very pleased to be bringing on Baran Dilaver as interim COO, who has many years of experience in the industry, and as someone who has developed a deep level of understanding of Namaste's global operations. Moving forward, we are in a prime position to leverage an amazing management team and innovative technology to advance as a global leader in all things cannabis."

About Namaste Technologies Inc.

Namaste Technologies is a global leader in the sale of medical cannabis consumption devices. Namaste has nine offices with multiple distribution centres around the globe and operates over 30 websites under various brands. Namaste will continue to develop and acquire innovative technologies that will provide value to the company and to its shareholders as well as to the broader cannabis market.

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