Orchid Ventures Announces AGM Results

Rhea-AI Summary

Orchid Ventures held its annual general meeting (AGM) on December 10, 2021, with 9.83% of shareholders present. All proposed items were approved by shareholders, including the receipt of annual audited financial statements for 2020 and 2021, the election of four directors, and the appointment of DMCL LLP as auditors. The Company focuses on innovative cannabis products and owns PurTec Delivery Systems, known for high-quality vaporizer hardware. Orchid aims to drive revenue growth through strong branding and strategic partnerships.

Positive

• All AGM items approved, indicating shareholder support.
• Election of experienced directors to guide company growth.
• Ownership of PurTec Delivery Systems enhances product offerings.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 14, 2021 / ORCHID VENTURES, INC. (CSE:ORCD; OTC:ORVRF) (the "Company" or "Orchid") is pleased to announce the results of voting at its annual general meeting (the "AGM") of shareholders ("Shareholders") held on December 10, 2021.

AGM Results

Shareholders representing 9.83% of the 52,437,123 issued and outstanding shares as of the record date of December 10, 2021 were present at the AGM. Shareholders voted in favor of all of the items put forward by the Orchid Ventures board of directors ("Board") and management, including:

• Receiving the annual audited financial statements of Orchid Ventures for the financial years ended June 30, 2020 and 2021, the report of the auditor thereon and the related MD&A;
  
• Set the number of directors at four (4);
  
• Elect directors for the ensuing year comprised of Corey Mangold, Richard Brown, Wayne Johnson, and Mervyn Simchowitz; and
  
• Appoint DMCL LLP, Chartered Professional Accountants, as our auditor for the ensuing year, at a remuneration to be fixed by the directors.

For more information on the backgrounds of the proposed directors see the information circular dated December 10, 2021 that is filed on Orchid Venture's SEDAR profile at www.sedar.com.

ABOUT ORCHID VENTURES

Orchid Ventures is a California-based cannabis innovation company that has developed a mass-market brand and loyal consumer following with its premium cannabis products and unique vape hardware delivery systems. Orchid also owns 100% of PurTec Delivery Systems, a company that produces, markets and sells clean vaporizer hardware that has been emissions tested against the most stringent standards in the world set forth by the EU and has unrivaled product quality and value pricing. Orchid's management brings significant branding, product development and distribution experience with a proven track record of scaling businesses and building sustainable revenue growth through value-generating partnerships and innovation that creates enterprise value. Learn more at https://purtecdesigns.com/

ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.

Corey Mangold
CEO and Chairman
investors@orchidventures.com

Investor Relations
Corey Mangold
949-357-5818
corey@orchidventures.com

The CSE does not accept responsibility for the adequacy or accuracy of this release.

Safe Harbor Statement

Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Orchid Ventures, Inc. and Orchid Essentials any of its affiliates or subsidiaries (collectively, the "Company") or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's Canadian securities regulatory filings with sedar.com, Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company's ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company's Canadian securities regulatory filings with sedar.com. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE: Orchid Ventures, Inc.

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https://www.accesswire.com/677663/Orchid-Ventures-Announces-AGM-Results

FAQ

What were the results of Orchid Ventures' AGM held on December 10, 2021?

At the AGM, shareholders approved all proposed items, including financial statements, the election of directors, and auditor appointment.

Who were the elected directors of Orchid Ventures in December 2021?

Directors elected included Corey Mangold, Richard Brown, Wayne Johnson, and Mervyn Simchowitz.

What is the significance of Orchid Ventures owning PurTec Delivery Systems?

Owning PurTec allows Orchid Ventures to provide high-quality vaporizer hardware, enhancing its product portfolio.

What percentage of shareholders attended Orchid Ventures' AGM in December 2021?

Shareholders representing 9.83% of the total shares attended the AGM.

Who is the auditor appointed for Orchid Ventures for the upcoming year?

DMCL LLP, Chartered Professional Accountants, was appointed as the auditor for the upcoming year.