CAMBRIDGE, Mass.–(BUSINESS WIRE)–
TILT
Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTC: SVVTF), a
diversified, multinational infrastructure and technology cannabis
company, today announced the appointment of David Caloia as Chief
Financial Officer, effective January 7, 2019. This appointment was
ratified by the board of directors and is subject to approval by the
Canadian Securities Exchange. Additionally, the Company announced the
receipt of unanimous approval for conversion of compressed shares.
Mr. Caloia joins TILT with a very accomplished background in finance,
having spent the first 16 years of his career at GE in finance and
operations. While there, he maintained leadership positions in finance
across the globe, the last as the CFO of GE Industrial Solutions, a
US$3B global business with 15,000 employees worldwide. Prior to joining
TILT, David was the Senior Vice President, Financial Planning & Analysis
of Beacon Health Options, a multi-billion healthcare company owned by
Bain Capital and Diamond Castle. David will be based at the Company’s
headquarters in Cambridge, MA, and will oversee all TILT’s financial
activity and strategic direction in the market.
“I’m looking forward to bringing my finance and operational expertise
into the rapidly growing cannabis industry and adding immediate value to
the TILT team,” said Caloia. “TILT sets the industry standard as the
go-to technology and infrastructure platform that can support the
rapid growth of the cannabis industry and I’m excited to see what we do
next.”
“David brings vast industry expertise in strategic planning and cash
flow management that we’ll be leveraging right away as TILT continues to
grow and service the larger cannabis industry,” said Alex Coleman, Chief
Executive Officer of TILT Holdings.
Additionally, the Company is pleased to announce that it has received,
pursuant to Article 2.1(5)(h)(ii) of the Articles of TILT, unanimous
approval from all holders (“Shareholders”) of compressed shares in the
capital of TILT (“Compressed Shares”) to the automatic conversion
(“Conversion”) of the Compressed Shares into common shares in the
capital of TILT. Accordingly, 12.5% will immediately convert, and the
remaining Conversion will take place on the following timeline: 12.5% on
March 31, 2019; 25% on June 30, 2019; 25% on September 30, 2019; and 25%
on December 31, 2019.
About TILT
TILT Holdings Inc. (“TILT”) is a vertically-integrated technology and
infrastructure company that provides the most comprehensive range of
products and services in the cannabis industry. TILT uses its
technology, brands and industry expertise to deliver high quality
products and solutions to cultivators, wholesalers, retailers and
consumers in every segment of the industry. TILT technologies have a
presence in more than 1,000 dispensaries across the U.S., Canada, Puerto
Rico and Jamaica. TILT’s same-day delivery service handles delivery for
retailers, wholesalers and consumers in four states, including Nevada
where it has over 90% market share. TILT has more than two-dozen of its
own cultivation, extraction, manufacturing and retail locations in nine
states and Canada. TILT is rapidly expanding into new markets. For more
information, please visit www.tiltholdings.com.
The CSE has neither approved nor disapproved the contents of this
news release.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”) or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons unless registered under
the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
Forward-Looking Information
This news release contains forward-looking information based on
current expectations. Forward-looking information is provided for the
purpose of presenting information about management’s current
expectations and plans relating to the future and readers are cautioned
that such statements may not be appropriate for other purposes. Forward
looking information may include, without limitation, statements
regarding the operations, business, financial condition, expected
financial results, performance, prospects, opportunities,
priorities, targets, goals, ongoing objectives, milestones, strategies
and outlook of TILT, and includes statements about, among other things,
future developments, the future operations, strengths and strategy of
the Company. These statements should not be read as guarantees of future
performance or results. These statements are based upon certain material
factors, assumptions and analyses that were applied in drawing a
conclusion or making a forecast or projection, including TILT’s
experience and perceptions of historical trends, current conditions and
expected future developments, as well as other factors that are believed
to be reasonable in the circumstances.
Examples of the assumptions underlying the forward-looking statements
contained herein include, but are not limited to those related to: the
ability of TILT to obtain necessary financing in the future to pursue
its business plans, the achievement of goals, the obtaining of all
necessary permits and governmental approvals, as well as expectations
regarding availability of equipment, skilled labour and services needed
for cannabis operations, intellectual property rights, development,
operating or regulatory risks, trends and developments in the cannabis
industry, business strategy and outlook, expansion and growth of
business and operations, the timing and amount of capital expenditures;
future exchange rates; the impact of increasing competition; conditions
in general economic and financial markets; access to capital; future
operating costs; government regulations, including future legislative
and regulatory developments involving medical and recreational marijuana
and the timing thereto; receipt of appropriate and necessary licenses in
a timely manner; the effects of regulation by governmental agencies; the
anticipated changes to laws regarding the recreational use of cannabis;
the demand for cannabis products and corresponding forecasted increase
in revenues; and the size of the medical marijuana market and the
recreational marijuana market.
Although such statements are based on management’s reasonable
assumptions at the date such statements are made, there can be no
assurance that they it be completed on the terms described above and
that such forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such forward-looking information. Accordingly, readers
should not place undue reliance on the forward-looking information. TILT
Holdings assumes no responsibility to update or revise forward-looking
information to reflect new events or circumstances unless required by
applicable law.
By its nature, forward-looking information is subject to risks and
uncertainties, and there are a variety of material factors, many of
which are beyond the control of TILT, and that may cause actual outcomes
to differ materially from those discussed in the forward-looking
statements. These factors include, but are not limited to: denial or
delayed receipt of all necessary consents and approvals; need for
additional capital expenditures; increased costs and timing of
operations; unexpected costs associated with environmental liabilities;
requirements for additional capital; reduced future prices of cannabis;
failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the cannabis industry;
delays in obtaining governmental approvals, permits or financing or in
the completion of development or construction activities; title
disputes; claims limitations on insurance coverage; risks related to the
integration of acquisitions; fluctuations in the spot and forward price
of certain commodities (such as diesel fuel and electricity); changes in
national and local government legislation, taxation, controls,
regulations and political or economic developments in the countries
where the Company may carry on business in the future; liabilities
inherent in cannabis operations; risks relating to medical and
recreational cannabis; cultivation, extraction and distribution
problems; competition for, among other things, capital, licences and
skilled personnel; risks relating to the timing of legalization
of recreational cannabis; changes in laws relating to the cannabis
industry; and management’s success in anticipating and managing
the foregoing factors.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190104005253/en/
Contact Information:
Joel Milton, SVP Business & Corporate
Development
TILT Holdings
Phone: 561-282-6377
jmilton@tiltholdings.com
Media Contact:
Anne Baker
InkHouse
Phone:
415-299-6371
press@tiltholdings.com
Investor Contact:
Scott Van Winkle
ICR
Phone:
617-956-6736
investors@tiltholdings.com
Investors.tiltholdings.com
Renmark Financial Communications Inc.
Melanie Barbeau: mbarbeau@renmarkfinancial.com
Phone:
(416) 644-2020
(514) 939-3989
www.renmarkfinancial.com
Source: TILT Holdings Inc.
Released January 4, 2019