Mr. Norton Singhavon reports
GTEC APPOINTS KENDRA BLACKFORD AS INTERIM CFO
Effective immediately, Jeremy Wright will step down as chief financial officer of GTEC Holdings Ltd. to pursue other opportunities. Mr. Wright will remain a consultant to GTEC on its corporate finance initiatives. The company will commence a review process internally and externally to identify a permanent chief financial officer.
Effective immediately, the company has appointed Kendra Blackford as interim chief financial officer. Ms. Blackford has been working with GTEC in a financial consulting capacity over the last 18 months and has played a vital role in the development and implementation of the accounting and financial reporting practices and systems at the company.
Ms. Blackford is a corporate finance executive with over 10 years of experience in accounting and financial management, including all aspects of corporate administration, financing and strategic initiatives. She has extensive experience within the retail and distribution sector, as she was previously a corporate controller of a large family-owned winery with operations in Canada, the United States, and international wine importing and distribution of estate-grown wines. Ms. Blackford is a designated chartered professional accountant and chartered accountant, and holds a bachelor of business administration degree from the University of British Columbia.
The board of directors would like to thank Mr. Wright for his service to the company and wishes him well in his future endeavours.
Incentive stock option grant
Pursuant to the company's stock option plan (SOP), director Jurgen Schreiber will be granted 1.5 million incentive stock options at an exercise price of 34 cents, which will vest as follows: 10 per cent immediately, with 10 per cent every four months after the grant date over a 36-month period. Such options are exercisable for a period of five years from the date of grant.
In addition, the company will grant 750,000 stock options to employees and consultants of GTEC, including Ms. Blackford, at an exercise price of 34 cents, which will vest as follows: 25 per cent immediately, with 25 per cent every six months after the grant date over an 18-month period. Such options are exercisable for a period of five years from the date of grant.
All options are subject to the terms of the SOP and the requirements of the TSX Venture Exchange.
About GTEC Holdings Ltd.
GTEC is a specialized cannabis company dedicated to cultivating ultrapremium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and is currently licensed by Health Canada for standard cultivation at two facilities, standard processing (extraction), standard processing (provincial sales), medical sales and analytical testing.
We seek Safe Harbor.
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