Sativa Wellness Group Inc. Provides Board of Directors Update

Rhea-AI Summary

Sativa Wellness Group announced significant changes to its board on February 4, 2021. Geremy Thomas and George Thomas have been appointed as directors, with Geremy also assuming the role of Executive Chairman and interim CEO. Henry Lees-Buckley is no longer CEO, while Joseph Colliver will continue as CFO during a transitional period. Jonathan Wearing and Angus Kerr resigned from the Board. Clive Thomas Standish has been added as a Non-Executive Director, bringing extensive industry experience. The company aims to focus on cash-generating activities and cost reductions.

Positive

• Appointment of experienced director Clive Standish enhances board strength.
• Geremy Thomas's focus on cash generation and profit-oriented strategies.

Negative

• Loss of CEO Henry Lees-Buckley raises concerns about leadership continuity.
• Resignation of CFO Joseph Colliver could lead to potential financial management gaps.

VANCOUVER, BC / ACCESSWIRE / February 4, 2021 / Sativa Wellness Group Inc. (CSE:SWEL) ("Sativa Wellness" or the "Company") is pleased to announce changes in the board of directors of the Company (the "Board"), who will be responsible for setting the strategic direction of the Company for the coming year.

Further to the Company's news release dated January 29, 2021 regarding the Annual General and Special Meeting of the shareholders held on January 26, 2021 (the "Meeting"), each of Geremy Thomas and George Thomas have been appointed as directors, and Geremy Thomas has been appointed as Executive Chairman of the Board. Following the Meeting, Henry Lees-Buckley is no longer Chief Executive Officer of the Company effective February 3, 2021. In addition to his role as Executive Chairman, Geremy Thomas will act as the interim CEO until such time as the Board appoints a new CEO.

Each of Jonathan Wearing and Angus Kerr have resigned from the Board as of February 1, 2021, as Chairman of the Board of the Company, and as Non-Executive Director, respectively.

In addition, Joseph Colliver has resigned from the Board and as Chief Financial Officer effective February 2, 2021. Joseph Colliver has agreed to continue as Chief Financial Officer to support the strategic review of the Company and the appointment of his successor through his three month notice period.

The Company wishes to thank all former directors and officers for their contribution to the Company. The Company will continue to evaluate new candidates to fill the vacancies left on the Board.

Clive Thomas Standish has been appointed as a Non-Executive Director effective February 3, 2021 to add strength to the Board. His career experience includes NM Rothschild and being a Director of the UBS AG Executive Board, which gives the Company significant additional strategic and capital markets strength at the Board level.

Further information on Clive Standish:

Clive Standish currently has an interest of 418,838 common shares in the Company, representing 0.14 % of the Company's issued share capital.

Current Directorships	Previous Directorships
Ardenside Aneus Pty Ltd	The Multifamily Housing Reit Limited
Exhall Pty Ltd	Multifamily Asset 1 Limited
	Mentor Foundation UK
	Ganymed Pty Ltd

Except as set out below, there is no further information regarding Clive Thomas Standish, aged 67, that is required to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market Apex Rulebook.

Clive Standish's professional career began with N M Rothschild & Sons Ltd in London. In 1979 he was appointed a partner with Dominguez & Barry in Australia and became a member of the Melbourne Stock Exchange in 1980. He was the founding Executive Director at Dominguez Barry Samuel Montagu Limited and subsequently Head of Capital Markets and Managing Director until 1991 and then CEO of SBC and Warburg Dillon Read Australia.

In 1998, Clive Standish was appointed Chairman and CEO for Asia Pacific UBS AG and member of the Managing Board and subsequently member of the Group Executive Board. In 2003 he moved to Zurich as Group Chief Financial Officer UBS AG until 2007 when he retired from the Board of UBS AG.

Geremy Thomas, Executive Chairman, said: "I am pleased to be back at the helm. I will be focusing the business on activities that generate cash and profit and will be making cost reductions in other areas."

On behalf of the Board of Directors,

Geremy Thomas
Executive Chairman of the Board of Directors
Sativa Wellness Group Inc.
+44 (0) 20 7971 1255
enquiries@sativawellnessgroup.com
www.sativawellnessgroup.com

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" "plan is" or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur", "will be achieved" or "shortly"..

Although Sativa Wellness believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. In particular, there is no guarantee that any cost synergies will be realized, overhead costs will be reduced, a new CFO will be appointed, or that the new Director will be approved by the Exchange. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and Sativa does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

SOURCE: Sativa Wellness Group Inc.

View source version on accesswire.com:
https://www.accesswire.com/627770/Sativa-Wellness-Group-Inc-Provides-Board-of-Directors-Update

FAQ

What changes were made in Sativa Wellness Group's board on February 4, 2021?

Sativa Wellness Group appointed Geremy Thomas and George Thomas as directors, with Geremy also becoming Executive Chairman and interim CEO. Henry Lees-Buckley stepped down as CEO.

Who is Clive Thomas Standish and what is his role in Sativa Wellness Group?

Clive Thomas Standish was appointed as a Non-Executive Director on February 3, 2021, bringing significant experience from his previous roles in major financial institutions.

What are the implications of the leadership changes at Sativa Wellness Group?

The changes could lead to strategic shifts focusing on cash generation but may also raise concerns about continuity in leadership and potential gaps in financial oversight.

When did Henry Lees-Buckley leave his position as CEO?

Henry Lees-Buckley ceased to be CEO of Sativa Wellness Group effective February 3, 2021.