Greenlite Executes Agreement with Chief Financial Officer

Rhea-AI Summary

Greenlite Ventures, Inc. (OTC Pink: GRNL) has appointed Matthew Cohen as its acting Chief Financial Officer. This move precedes the company's transition to a fully reporting registrant with the SEC. Cohen, who co-founded Stem Holdings, Inc., brings over 38 years of experience in corporate leadership, financial reporting, and compliance. His role will encompass managing annual audits and financial statements, ensuring adherence to SEC filing requirements, and overseeing operational processes. GRNL's recent activities include negotiating business combinations and licensing agreements with major sports leagues.

Positive

• Appointment of Matthew Cohen as CFO to enhance financial management and reporting.
• Cohen's extensive experience includes leadership roles and compliance knowledge with the Sarbanes-Oxley Act, which may bolster investor confidence.
• Ongoing negotiations for business combinations and licensing deals, indicating potential growth opportunities.

Negative

• None.

Boca Raton, FL, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Greenlite Ventures, Inc. (OTC Pink: GRNL) has announced the signing of an Agreement to make Matthew Cohen its acting Chief Financial Officer, a position that will be further solidified as GRNL becomes a fully reporting registrant to the SEC. Mr. Cohen's responsibilities will include managing all financial reporting needed for the Company to become a fully reporting registrant. This includes but is not limited to annual audits and financial statements utilizing the appropriate forms to be filed with the SEC.  He will also review all financial data incorporated within certain SEC forms that are required filings, and oversee the preparation of the accounting reports required for the preparation of audited statements.  Mr. Cohen will also be managing the development of operational and accounting processes and procedures.

The following bio is taken directly from an 8-K filing for Stem Holdings, Inc:

"Matthew Cohen co-founded Stem Holdings, Inc. in 2016 and has been an independent consultant to Stem Holdings, Inc. the last five years. Currently, Mr. Cohen serves as Chief Executive Officer and Chief Financial Officer.

Mr. Cohen has over 38 years of experience serving in corporate leadership roles, investing capital, structuring, and funding public/private partnerships, and providing strategic advisory services to companies throughout the U.S., Europe, Asia and Latin America. Specifically, Mr. Cohen has held the titles of Chief Executive Officer, Chief Operating Officer, Chief Financial Officer and Chief Recovery Officer, President, Vice President, and Secretary and has extensive experience in business combinations and valuations, mergers and acquisitions, reverse mergers, revenue recognition, equity-based compensation, initial public offerings, secondary offerings, debt offerings and REIT compliance. He is also knowledgeable in the requirements of the Sarbanes-Oxley Act of 2002, including internal controls and Section 404, as well as the significant issues facing SEC registrants.

Mr. Cohen, as well as being an c-suite officer, has also served on many publicly traded company boards as well as Chairman of Audit Committee's for several companies across a variety of industries including diagnostic services, aerospace, benefits and services company, consumer retail, biotech and previously worked in the Investment Banking Division at Oppenheimer as an Analyst. Mr. Cohen has a B.B.A. degree in Accounting from New Paltz State University, New York earned in 1980 and in that same year, was the recipient of the school's annual scholar athlete award. Mr. Cohen is a member of the AICPA."

About Greenlite Ventures

On October 27, 2022, INET Merger Advisors, Inc. purchased the controlling interest in Greenlite Ventures, Inc. ("GRNL", "the Company"). On December 26th, 2022, the Company executed an LOI with a licensing company that has ongoing business relationships with most of the top professional sports leagues as well as several iconic brands and athletes. The companies have targeted an early to mid-March closing pending due diligence and the successful completion of audited financial statements. GRNL is actively negotiating additional business combinations and celebrity signings to grow its podcasting, licensing, merchandising, and branding operations.

Safe Harbor Statement

This press release contains "forward-looking statements," defined in United States Private Securities Litigation Reform Act of 1995, involving risks and uncertainties.  There's no assurance such statements will prove to be accurate. Actual results and future events could differ materially from management's current expectations.  Economic, competitive, governmental, technological, and factors identified in company's previous filings with Securities and Exchange Commission may cause actual results or events to differ materially from those described in forward-looking statements in this release.  Company undertakes no obligation to publicly update or revise any forward-looking statements, whether resulting from new information, future events, or otherwise.

Media Contact: Jeff DeForrest 954 288 4725

FAQ

What recent appointment was made at Greenlite Ventures (GRNL)?

Matthew Cohen was appointed as the acting Chief Financial Officer.

What are Matthew Cohen's responsibilities as CFO of GRNL?

He will manage financial reporting, oversee audits, and ensure compliance with SEC regulations.

What is Greenlite Ventures' plan regarding SEC registration?

GRNL is becoming a fully reporting registrant with the SEC.

What experience does Matthew Cohen bring to Greenlite Ventures (GRNL)?

He has over 38 years of experience in corporate leadership and financial reporting.

What strategic moves is Greenlite Ventures (GRNL) pursuing?

The company is negotiating business combinations and licensing agreements with top sports leagues.