RYU ANNOUNCES THE APPOINTMENT OF ROBERT LELOVIC AS CHIEF FINANCIAL OFFICER AND THE ISSUANCE OF OPTIONS

Rhea-AI Summary

RYU Apparel Inc. (TSXV: RYU, OTCQB: RYPPF) announced the appointment of Robert Lelovic as Chief Financial Officer, effective immediately. With over 20 years of experience in public companies, Lelovic's expertise spans various industries, enhancing RYU's leadership. He aims to support RYU's strategic growth and financial reporting. The company has also issued 7,722,000 options to purchase common shares, with 2,250,000 allocated to directors and officers, vesting immediately at a price of $0.055 each, exercisable over five years.

Positive

• Robert Lelovic's extensive experience across diverse industries enhances RYU's leadership.
• The issuance of 7,722,000 options can incentivize performance and align interests with shareholders.

Negative

• Concerns about continuity and experience gaps in leadership may arise with the new appointment.

VANCOUVER, BC, June 3, 2022 /PRNewswire/ - RYU Apparel Inc. (TSXV: RYU) (OTCQB: RYPPF) (FWB: RYA) ("RYU" or the "Company"), creator of award-winning urban athletic apparel, is pleased to welcome Robert Lelovic, CA, CPA as its new Chief Financial Officer (CFQO).

Mr. Lelovic brings two decades of experience building public companies across diverse industries from Silicon Valley technology companies to the energy sector in the Canadian Oil Fields and the Financial District of Toronto.  

During his time as a Senior Manager at PricewaterhouseCoopers, Mr. Lelovic garnered extensive experience not only in the preparation and review of financial disclosures for publicly traded companies but also includes but is not limited to the implementation of corporate governance practices and regulatory reporting including prospectuses, both for OSC and SEC clients. He monitored a wide variety of engagements including, budget reviews, audits, initial public offerings, due diligence, and special reporting such as IFRS diagnostics and the preparation of white papers, GAAP reconciliations and internal control reports.

Mr. Lelovic commented, "I'm excited to join the talented and hardworking RYU team. Being a fan of the brand and user of their fantastic products, I am excited to have an opportunity to support the advancement of strategic growth plans, while executing on the financial reporting and control environment that empowers the leadership team to keep doing what they are best at."

In addition to appointing Mr. Lelovic as CFO, the Company has issued an aggregate of 7,722,000 options to purchase common shares of the Company of which, 2,250,000 of the options issued were to directors and or officers of the Company. The options vest immediately and are exercisable for a period of 5 years from the date of grant at a price of $0.055 per common share.

About RYU Apparel

RYU Apparel (TSXV: RYU, OTCQB: RYPPF), or Respect Your Universe, is an award winning urban athletic apparel and accessories brand engineered for active lifestyles. Designed without compromise for fit, comfort, and durability, RYU exists to facilitate optimal human performance. For more information, please visit the RYU website at: http://ryu.com

Forward Looking Statements Disclaimer

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

This news release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of RYU. There are numerous risks and uncertainties that could cause actual results and RYU's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions resulting in the inability of RYU to raise necessary financing required to enter and make payments under the proposed definitive agreements; (ii) the inability of RYU to obtain any necessary approvals in respect of the proposed agreements, including approvals necessary for the issuance of the RSU's; and (iii) inability to restructure and transform its business as required. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking statements are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, RYU does not intend to update these forward-looking statements. 

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SOURCE RYU Apparel Inc.

FAQ

Who is Robert Lelovic and what is his role at RYU Apparel?

Robert Lelovic is the new Chief Financial Officer of RYU Apparel, bringing over 20 years of experience in building public companies.

What impact does Robert Lelovic's appointment have on RYU Apparel?

His appointment is expected to strengthen RYU's financial reporting and support strategic growth.

What options were issued by RYU Apparel and to whom?

RYU issued 7,722,000 options, of which 2,250,000 were allocated to directors and officers, vesting immediately.

What is the exercise price for the options issued by RYU Apparel?

The options have an exercise price of $0.055 per common share and are exercisable for five years.