Mene Inc. Announces Changes in Board of Directors and Grant of Options

Rhea-AI Summary

Menē Inc. (TSX-V:MENE) announced the resignation of independent director Tommaso Chiabra, effective immediately, and welcomed Andres Finkielsztain as his replacement. Finkielsztain brings extensive experience in capital markets and governance, and he is expected to enhance Menē's strategic position, particularly in Latin America. Additionally, he was granted stock options for 500,000 shares at CAD$0.60, valid for five years. The transition aims to bolster Menē's board with fresh insights to navigate the jewelry market.

Positive

• Appointment of Andres Finkielsztain as independent director may enhance board expertise.
• Finkielsztain's experience in Latin America could unlock new market opportunities.

Negative

• Tommaso Chiabra's resignation raises concerns about continuity in board leadership.

TORONTO--(BUSINESS WIRE)-- Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”), an online 24 karat jewelry brand, today announced that Tommaso Chiabra has resigned as an independent director of the Company, effective immediately. The Company wishes to sincerely thank Mr. Chiabra for his contributions during his tenure.

The Company also announced that effective immediately, Mr. Andres Finkielsztain has been appointed as an independent director.

Mr. Roy Sebag, Founder and Chief Executive Officer of the Company, commented, “I would like to thank Tommaso Chiabra for his service as an Independent Director of Menē and wish him well in his future endeavors. I am pleased to be welcoming Andres Finkielsztain as the newest addition to our Board of Directors. Menē will benefit from Andres’ capital markets and governance experience, as well as his relations in Latin America which is an untapped strategic market for our brand.”

Mr. Finkielsztain is the Founding Managing Partner of FinkWald LLC, a private investment office specializing in private equity, real estate, media, and technology. He is also the co-head of the Special Situations division at Banco Industrial in Argentina, where he analyzes and provides financing solutions to Argentinean-based companies and institutions. Mr. Finkielsztain previously served as a financial advisor for Soros Brothers Investments (SBI), a private investment office founded in 2011 by Alexander and Gregory Soros, and as an analyst for Emerging Markets at Soros Fund Management LLC. Mr. Finkielsztain also worked at J.P. Morgan for over 10 years in various capacities within Asset Management, including the role of Global Investment Opportunity and Emerging Markets Specialist. Mr. Finkielsztain graduated with a BA in Economics from Bard College where he served as the President of a Latin American organization. Mr. Finkielsztain also sits on the Boards of Directors of Goldmoney Inc. (TSX:XAU) (US:XAUMF) and Bitfarms Ltd. (NASDAQ: BITF) (TSXV: BITF). Goldmoney utilizes technology to trade and store physical gold and silver bullion online. Bitfarms is an infrastructure company that operates and develops cryptocurrency mining facilities in North America and South America.

Additionally, the Company has granted to Mr. Finkielsztain stock options to purchase 500,000 common shares (the “Options”) pursuant to the Company’s Stock Option Plan. The Options are exercisable into one common share of the Company at a price of CAD$0.60 for a period of five years from the date of grant and are subject to vesting conditions.

About Menē Inc.

Menē crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through mene.com, customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value.

For more information about Menē, visit mene.com.

Forward-Looking Statements

This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 and other infectious diseases presenting as major health issues on the price of precious metals, capital market conditions, restriction on labour and international travel and supply chains; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with the manufacture, sale and distribution of jewelry; actual audited results differing from reported unaudited results; global economic climate; dilution of the Company’s shares; the Company’s limited operating history; future capital needs and uncertainty of raising capital; the competitive nature of the jewelry industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology and manufacturing change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220131005189/en/

Media and Investor Relations Inquiries:

Adil Sheikh

Chief Financial Officer

Menē Inc.

ir@mene.com

+1 289 748 3702

Source: Menē Inc.

FAQ

What led to Tommaso Chiabra's resignation from Menē Inc.?

Tommaso Chiabra resigned as an independent director effective immediately; specific reasons were not disclosed in the press release.

Who is replacing Tommaso Chiabra on Menē's board?

Andres Finkielsztain has been appointed as the new independent director, effective immediately.

What qualifications does Andres Finkielsztain bring to Menē Inc.?

Finkielsztain has extensive experience in capital markets and governance, previously serving in key roles at Banco Industrial and Soros Fund Management.

How many stock options has Andres Finkielsztain been granted?

He has been granted stock options to purchase 500,000 common shares at a price of CAD$0.60.

What is the potential impact of Finkielsztain's appointment on Menē Inc.?

Finkielsztain's appointment is expected to provide strategic insights and may help penetrate Latin American markets, which are seen as untapped for Menē.