Snipp Interactive Announces Changes to Executive Leadership Team

Rhea-AI Summary

Snipp Interactive Inc. (TSXV:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, has announced changes to its executive leadership team. Jaisun Garcha, the current Chief Financial Officer, will be stepping down effective October 11, 2024. The company has initiated a search for a permanent CFO and has appointed Richard Pistilli as Interim CFO to ensure a smooth transition.

Pistilli, who joined Snipp in 2022 as Managing Director overseeing Gambit Rewards, brings over 20 years of finance and capital markets experience. He holds an MBA from Yale University and a B.S. in Business & Economics from Cornell University. CEO Atul Sabharwal expressed gratitude for Garcha's contributions and confidence in Pistilli's ability to execute the company's strategy going forward.

Positive

• Appointment of experienced interim CFO with strong finance background
• Smooth transition plan in place for CFO role
• Outgoing CFO leaves company in strong financial position

Negative

• Departure of current CFO may cause temporary leadership gap
• Potential disruption during search for permanent CFO replacement

VANCOUVER, BC / ACCESSWIRE / October 11, 2024 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSXV:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, announced that Jaisun Garcha, the current Chief Financial Officer will be stepping down from his position effective October 11, 2024. The Company has initiated a formal search for a permanent Chief Financial Officer to replace Mr. Garcha, and to ensure a smooth transition, the Company has appointed Richard Pistilli as Interim Chief Financial Officer. Mr. Pistilli will serve as Interim CFO until such a permanent replacement is found, and along with Mr. Garcha will assist the Company with the formal search for a permanent CFO.

Mr. Pistilli joined Snipp in 2022 and has served as Managing Director, overseeing Gambit Rewards. Prior to Snipp, he spent over 20 years in finance and capital markets. Mr. Pistilli was an investment banker for more than a decade in New York with CIBC, Citi and Bank of America before founding and successfully exiting 2 FinTech platforms. He has an MBA from Yale University and a B.S., magna cum laude, in Business & Economics from Cornell University.

"We thank Jaisun for his service and contributions to the company as CFO and wish him well in his future endeavors," said Atul Sabharwal CEO of Snipp. "Snipp truly benefitted from Jaisun's keen financial discipline and leadership in his role as CFO, and he leaves the company in a strong position." "As we look to the future of Snipp, I am excited to execute on our stated strategy with Richard in his new role as Interim CFO.

"I am honored to assume the role of Interim CFO at Snipp, and to assist the company's search to find a full-time replacement. In this role, I look forward to working with the senior management team to help steer the company through its next phase of continued growth and sustained profitability. The strategic investments made to-date have well positioned the business to leverage its core assets and to deliver on its business plan." said Richard Pistilli. "During this transition, I intend to utilize my financial background and industry insights to help drive better outreach and communication to the broader investment community."

About Snipp:

Snipp Interactive Inc. (TSXV:SPN)(OTC PINK:SNIPF) is a leading Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 500 clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as an industry leader and standard by powering a large majority of all receipt-based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case-by-case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit Snipp's website at www.snipp.com and its profile on SEDAR+ at www.sedarplus.ca.

Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. Snipp is publicly listed on the TSX Venture Exchange in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.

FOR FURTHER INFORMATION PLEASE CONTACT:

Snipp Interactive Inc.
Richard Pistilli
Interim Chief Financial Officer
investors@snipp.com
1-888-99-SNIPP

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.

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

Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.

SOURCE: Snipp Interactive Inc.

View the original press release on accesswire.com

FAQ

Who is stepping down as CFO of Snipp Interactive (SNIPF)?

Jaisun Garcha is stepping down as Chief Financial Officer of Snipp Interactive (SNIPF) effective October 11, 2024.

Who has been appointed as Interim CFO of Snipp Interactive (SNIPF)?

Richard Pistilli has been appointed as Interim Chief Financial Officer of Snipp Interactive (SNIPF) until a permanent replacement is found.

When will the CFO transition at Snipp Interactive (SNIPF) take place?

The CFO transition at Snipp Interactive (SNIPF) will take place effective October 11, 2024, when Jaisun Garcha steps down and Richard Pistilli assumes the role of Interim CFO.

What is Richard Pistilli's background before joining Snipp Interactive (SNIPF)?

Richard Pistilli has over 20 years of experience in finance and capital markets, including roles as an investment banker in New York with CIBC, Citi, and Bank of America. He also founded and successfully exited two FinTech platforms.