Sugarmade Appoints New Board and Audit Committee Member Following Binding LOI to Acquire $70M in Real Estate and Launch Multimedia Flex Space Brand

Rhea-AI Summary

Sugarmade, Inc. (OTC Pink: SGMD) announced the appointment of Darren Kenney as an Independent Director and Audit Committee member on March 2, 2023. This strategic move is aimed at enhancing the company's financial integrity as it pursues an aggressive growth strategy, including uplisting to the OTCQB exchange and eventually the Nasdaq exchange. Mr. Kenney, a CPA with extensive experience in finance and real estate, is expected to support Sugarmade in complying with legal and regulatory standards. The appointment is seen as a critical step towards expanding the company's accounting capabilities and preparing for new acquisitions.

Positive

• Appointment of Darren Kenney enhances financial integrity and reporting accuracy.
• Strategic move towards meeting uplisting requirements for OTCQB and Nasdaq exchanges.
• Mr. Kenney's extensive experience in finance and real estate aids in growth strategy.

Negative

• None.

NEW YORK, March 2, 2023 /PRNewswire/ -- Sugarmade, Inc. (OTC Pink: SGMD) ("Sugarmade," "SGMD" or the "Company"), a product and branding marketing company investing in operations and technologies with disruptive potential, is pleased to announce that the Company has appointed Darren Kenney as Independent Director and Audit committee member.

This is another important step toward fulfilling the uplisting requirements to advance Sugarmade onto the OTCQB exchange

The Company sought out Mr. Kenney for his expertise to ensure the accuracy and integrity of Sugarmade's financial affairs as the Company embarks on an aggressive growth strategy. Mr. Kenney accepted that invitation and the Board has established a formal resolution confirming his new role.

Sugarmade CEO, Jimmy Chan, stated, "This is another important step toward fulfilling the uplisting requirements to advance Sugarmade onto the OTCQB exchange as well as an essential factor in expanding our accounting and reporting capabilities as we pursue new acquisitions and prepare for a future uplisting onto the Nasdaq exchange."

Kenney, 58, is an experienced CPA and licensed Real Estate Broker in the State of California. He has successfully built and sold three accounting practices over the past 30 years. During the late 1980's, in public accounting, he consulted with GTE (now Verizon), Saks Fifth Avenue, and CalTrans. He served as a primary broker for two mortgage companies from 2007 to 2010. Starting in 2010, he joined the board of a local non-profit where he sat for 10 years. From 2013 to 2017, he created and operated SYA Consultants Inc, a Florida corporation, to help small business clients acquire in excess of $50,000,000 in capital financing.

Kenney added, "Thank you for inviting me to join Sugarmade. I am honored to accept your invitation and look forward to working with you and the other members of the Board and Audit Committee. I am excited to contribute my expertise and knowledge to help ensure the accuracy and integrity of Sugarmade's financial reporting, and I understand the important role that the Audit Committee plays in overseeing the company's financial affairs and ensuring compliance with legal and regulatory requirements."

About Sugarmade

Sugarmade, Inc. (OTC Pink: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Our brand portfolio includes CarryOutSupplies.com, SugarRush™, J Grade Farm and Lemon Glow.

For more information, please visit www.Sugarmade.com.

FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others, such as but not limited to; economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition, uncontrollable forces of nature and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report. 

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SOURCE Sugarmade, Inc.

FAQ

What is the significance of Darren Kenney's appointment to Sugarmade?

Darren Kenney's appointment is significant as it enhances Sugarmade's financial integrity and prepares the company for future uplisting to the OTCQB and Nasdaq exchanges.

When was Darren Kenney appointed as Independent Director for Sugarmade?

Darren Kenney was appointed as Independent Director on March 2, 2023.

How does Darren Kenney's experience benefit Sugarmade?

Kenney's experience as a CPA and in real estate helps ensure the accuracy of Sugarmade's financial affairs as the company implements its growth strategy.

What are Sugarmade's plans following the appointment of Darren Kenney?

Following Kenney's appointment, Sugarmade plans to enhance its financial reporting and pursue aggressive growth strategies, including new acquisitions.