Resignation of CEO and Update of US Operations
March 27, 2019, Vancouver, British Columbia – Vodis Pharmaceuticals Inc. (CSE:VP, FWB:1JV1) (“Vodis” or the “Company”) advises that Ivan Miliovski has tendered, and the Company has accepted, his resignation effective immediately.
It is the Company’s intention to appoint Dr. Earl Oliver as CEO and Director to fill the vacancies. The Company is currently seeking guidance from Health Canada as an additional Officer and Director appointment could delay the Company’s pending cultivation and processing licences. Mark Lotz will act as the interim CEO.
Having filed its Confirmation of Readiness Package on late November 27, 2018, the Company has been routinely following up with Health Canada as to the status of the licence application.
In conjunction with the resignation the Company has received expressions of interest for financing at prevailing market rates.
The Company is currently considering its options with regard to divestiture of its all assets in Washington State. The Company has put its Washington State tenant on notice that they are in default of the service contract and that the existing agreement will be terminated for failure to perform under the terms of the arrangement. The Company anticipates that the sale of the Bellingham property and subsequent repatriation of capital to Canada would fund its Canadian operation to profitability.
Vodis is one of North America’s foremost brand names in the medical and recreational marijuana business with operations in both the United States and Canada. Its master grow teams have consistently won or placed at each Canadian competition they have entered with their “VIP” brand. The Company, with facilities in British Columbia and Washington State, is also actively looking into expansion opportunities in other countries and throughout the United States.
While Vodis and its subsidiaries cannot have any interest whatsoever in any proceeds as a result of production, processing or retail activities in the United States, it can license its brand, production and consulting services to approved Washington State licence holders to ensure that all products produced under the Vodis Pharmaceuticals program and/or associated under the VIP brand meet or exceed Vodis-brand quality standards.
For further information please contact:
Mark Lotz, Chief Financial Officer
Vodis Pharmaceuticals Inc.
Dr. Earl Oliver
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.