Orchid Ventures Announces Change in Relationship with Chief Product Officer Luke Hemphill and Clarification of Shares for Debt Previously Announced
Orchid Ventures, Inc. (CSE:ORCD, OTC:ORVRF) announced the removal of Luke Hemphill as Chief Product Officer effective July 1, 2022. Although he will remain with the company, his new role will focus on lead generation and sales development. The company also clarified that 299,928 common shares were issued on July 21, 2022, as part of a debt settlement agreement dated July 14, 2021. These shares relate to a cannabis license payment which Orchid has since sold. The shares are subject to a four-month hold ending November 22, 2022.
- Luke Hemphill's transition to a new role may enhance sales efforts and customer engagement.
- The issuance of shares for debt suggests a proactive approach to financial management.
- Removal of a key executive could indicate potential instability in leadership.
- The delay in issuing shares may raise concerns about the company's operational efficiency.
VANCOUVER, BC / ACCESSWIRE / July 22, 2022 / Orchid Ventures, Inc. (the "Company" or "Orchid") (CSE:ORCD) (OTC:ORVRF), a vaporizer innovation company, announced today it has removed Luke Hemphill as the Chief Product Officer. Luke Hemphill remains employed by the Company but is no longer in the Chief Product Officer position and is no longer an Officer of the Company effective July 1, 2022.
"Mr. Luke Hemphill has been with the company since its inception in 2017. Luke has been a valuable asset to the company and will remain to be so. However, due to personal reasons, Luke has decided to step down from his Chief Product Officer position and take on a new role for the company. With our product portfolio stronger and more competitive, lead generation and closing deals from our growing pipeline of potential customers will be critical to our continued advancement. So Luke's new position will be focused on identifying leads, driving sales development and managing current key accounts," said Rick Brown, President of Orchid Ventures.
Orchid refers to its news release dated February 1, 2022 whereby it advised that pursuant to a debt settlement agreement with Adam Forrest dated July 14, 2021, Orchid had issued Mr. Forrest 299,928 common shares (the "Debt Shares") as a full repayment of his debt. Due to inadvertence, the Debt Shares were not issued on such date, but were issued on July 21, 2022. The Debt Shares are subject to a four month hold ending November 22, 2022. The transaction was payment for a cannabis license in Long Beach, CA which Orchid subsequently sold.
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
ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.
Corey Mangold
Founder, CEO and Chairman
investors@orchidventures.com
Investor Relations
Corey Mangold
1-949-357-5818
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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