Cansortium Announces Filing of Supplement to its Management Information Circular and New Annual Meeting Date
Cansortium Inc. announced a rescheduled annual general and special meeting for shareholders on June 30, 2021, at 10:00 a.m. Toronto Time. This change follows shareholder feedback and adds two nominees for the board election, John McKimm and Alex Spiro, increasing the total nominees to six. The company also confirmed that two current directors, Neal Hochberg and David Abrams, will not seek re-election. Shareholders must disregard previous voting instructions and submit new ones using updated proxy forms. Further details will be available in a Supplement posted on SEDAR.
- Increased board nominations to six candidates, adding John McKimm and Alex Spiro.
- The announcement reflects shareholder input, potentially increasing engagement.
- Two current directors, Neal Hochberg and David Abrams, will not seek re-election, potentially leading to instability.
- Shareholders must re-cast votes, which may cause confusion and disruption in the voting process.
Shareholders Must Recast their Votes to be Counted
MIAMI, June 4, 2021 /PRNewswire/ - Cansortium Inc. ("Cansortium" or the "Company") (CSE: TIUM.U), (OTCQB: CNTMF) wishes to announce that its annual general and special meeting of shareholders will be held at 10:00 a.m. (Toronto Time) on June 30, 2021 (the "Meeting"), having been postponed from the initial meeting date of June 16, 2021.
The Company, in recognition of comments from certain shareholders, also wishes to announce that two additional nominees will be proposed for election as directors at the annual general and special meeting of shareholders now scheduled to be held on June 30, 2021, and its support for the election of Mr. John McKimm and Mr. Alex Spiro as directors of the Company.
The board of directors has now set the number of directors to be elected at six and the Company is proposing six nominees for election to the board of directors instead of five nominees, as Mr. Neal Hochberg has advised the Company that he will no longer stand for re-election. Mr. David Abrams, a director of the Company since 2018, had previously advised the Company that he would not stand for re-election at the end of his current term. The six management proposed nominees are: incumbent directors Robert Beasley, Roger Daher and John McKimm, as well as new directors, Bill Smith, Mark Eckenrode and Alex Spiro.
Mr. John McKimm and Mr. Alex Spiro were not included in the management information circular dated May 17, 2021 (the "Circular") or in the form of proxy or in the voting instruction form sent by the Company in connection with the Meeting, given that they were identified as nominees subsequent to the sending of such materials to shareholders. The Company will prepare and send to shareholders a supplement to the Circular (the "Supplement"), which will include the information required under applicable securities laws with respect to the two additional nominees and reflect the fact that Mr. Neal Hochberg will not stand for re-election at the Meeting. Furthermore, shareholders will be mailed new proxy and voting instruction forms in order to vote their shares in respect of the election of the 6 director nominees.
Shareholders should disregard the form of proxy or voting instruction forms that were delivered to them with the prior notice of meeting and Circular. A new form of proxy or voting instruction form will be provided to shareholders together with an amended notice of meeting and the Supplement.
For shareholders that have already provided voting instructions using their initial form of proxy, voting instruction form or control number, those instructions are no longer valid. Shareholders must provide new voting instructions for their shares to be voted, and should refer to the Supplement and new proxy and voting instruction forms.
A copy of the amended notice of meeting, Supplement and new form of proxy will be available under the Company's corporate profile on SEDAR at www.sedar.com.
The result of the aforementioned six director nominees set out in the Supplement is that two incumbent directors, Mr. Neal Hochberg and Mr. David Abrams, will not stand for re-election at the Meeting.
"Neal and David have worked tirelessly for more than two years to support the Company's operations and solidify its balance sheet," said CEO Robert Beasley. "Neal and David were instrumental in the Company's turnaround and went above and beyond their responsibilities as board directors to ensure that Cansortium was well-capitalized to execute its growth strategy. They will both be missed as directors of the Company, and I personally will miss their wisdom and steady guidance. On behalf of all our shareholders and employees, I would like to thank Neal and David for their commitment and contributions to Cansortium."
About Cansortium Inc.
Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania, Michigan and Texas. The Company operates under the Fluent™ brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium's unrelenting commitment to operational excellence in cultivation, production, distribution and retail. The Company is headquartered in Miami, Florida.
Cansortium Inc.'s common shares trade on the CSE under the symbol "TIUM.U" and on the OTCQB Venture Market under the symbol "CNTMF." For more information about the Company, please visit www.getfluent.com.
Forward-Looking Information
Certain information in this news release may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates, and projections regarding future events. Forward-looking information is necessarily based on many opinions, assumptions, and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE Cansortium Inc
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