Orchid Ventures Provides an Update and Announces Resignation of Directors and Officer

Rhea-AI Summary

Orchid Ventures announces the immediate resignations of its President and CFO, Richard Brown, and independent Director Wayne Johnson. Currently, Corey Mangold serves as the sole Director and Officer. The Company has significantly reduced expenses, staff, and salaries, facing challenges to complete its 2022 audit due to minimal cash reserves. Orchid is currently exploring options to address financial constraints and will communicate updates to shareholders. The Company specializes in premium cannabis products and innovative vaporizer hardware systems.

Positive

• Management consolidation under Corey Mangold may streamline decision-making.

Negative

• Immediate resignations of key executives may lead to operational instability.
• Severe cash constraints threaten the completion of the 2022 annual audit.
• Significant reduction in expenditures, staff counts, and salaries raises concerns over operational efficacy.

VANCOUVER, BC / ACCESSWIRE / September 26, 2022 / ORCHID VENTURES, INC. (CSE:ORCD)(OTC PINK:ORVRF) (the "Company" or "Orchid") announces the resignation of its President, CFO and director, Richard Brown, and its independent director and Chair of the Audit Committee, Wayne Johnson.

The Company announces the resignation of its CFO, President and Director, Richard Brown, effective immediately. The Company also announces the resignation of Director and Chair of the Audit Committee, Wayne Johnson, effective immediately. The Company wishes Mr. Brown and Mr. Johnson success in their future endeavors. Currently, Corey Mangold is the sole Director and Officer of the Company.

The Company has recently dramatically decreased expenditures, staff count and salaries. The Company is currently in the process of completing its 2022 annual audit with DMCL and likely will not have the necessary funds to finalize the audit. The Company's cash on hand is minimal, and is being used to help pay for essential expenses and to service certain accounts payable due to vendors that are required to conduct its business.

The Company is currently evaluating potential options and will update the market in subsequent news releases once a viable solution has been identified.

The Company will notify shareholders when a shareholder meeting is confirmed.

ABOUT ORCHID ESSENTIALS

Orchid Essentials 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://orchidessentials.com/

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

Corey Mangold
CEO and Chairman
investors@orchidessentials.com

Investor Relations
Corey Mangold
949-357-5818
corey@orchidessentials.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/717509/Orchid-Ventures-Provides-an-Update-and-Announces-Resignation-of-Directors-and-Officer

FAQ

What led to the resignation of Richard Brown and Wayne Johnson from Orchid Ventures?

Richard Brown and Wayne Johnson resigned from Orchid Ventures due to ongoing financial challenges and company restructuring.

How is Orchid Ventures addressing its financial difficulties?

Orchid Ventures is evaluating potential options to overcome financial constraints and will provide updates once a viable solution is identified.

Who is currently managing Orchid Ventures after the resignations?

Corey Mangold is currently the sole Director and Officer of Orchid Ventures following the resignations.

What impact do the recent executive resignations have on Orchid Ventures?

The resignations may lead to operational instability and raise concerns about the Company's ability to meet financial obligations and finalize its annual audit.