Wildpack Announces Resignation of Chief Operating Officer

Rhea-AI Summary

Wildpack Beverage Inc. (OTCQB:WLDPF) announced the resignation of Chief Operating Officer Chuck Zadlo, effective June 2, 2022. During his tenure, Zadlo oversaw the expansion of operations from two to six facilities amid the challenges posed by COVID-19. The company will not be seeking a replacement for this role, opting instead for a streamlined reporting structure directly to the CEO. This move aims to enhance operational efficiency and focus on profit-centric strategies, promoting lower break-even costs across all facilities.

Positive

• Streamlined reporting structure to enhance operational efficiency.
• Focus on profit-centric operations aimed at reducing break-even costs.

Negative

• Loss of experienced leadership may introduce continuity concerns.

VANCOUVER, BC / ACCESSWIRE / June 3, 2022 / Wildpack Beverage Inc. (TSXV:CANS) (OTCQB:WLDPF) ("Wildpack" or the "Company"), a U.S. national beverage co-packer and packaging supplier focused on the aluminum can format, announced today that Chuck Zadlo, Chief Operating Officer, has resigned from the Company effective June 2, 2022.

"I thank Chuck for his contributions to Wildpack's history," commented Mitch Barnard, Chief Executive Officer. "In the time Chuck has been part of the team he helped guide our operations through the expansion from two facilities to six, while navigating the challenges of the COVID-19 pandemic. I wish Chuck well in all future endeavours."

Wildpack will not seek to fill the position, but rather reporting will be streamlined directly from key working operational personnel through to the Chief Executive Officer. This shortening of the communication feedback loop will drive quicker real time bias to action, as the team accelerates our focus on the shift to fundamental profit-centric operations, with lower break-evens across all our geographies.

Per: "Jeffrey R. Mason"

Jeffrey R Mason
Board Chair and Director

For further information, please contact us at:

invest@wildpackbev.com

or

Elijah Clare
Vice President, Investor Relations
elijah@wildpackbev.com

Advisors

Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.

Visit our investor website at:

https://investor.wildpackbev.com

About Wildpack

Wildpack is engaged in beverage manufacturing and packaging, operating in the middle market by providing sustainable aluminum can filling, decorating, packaging, and sleeve and label printing services to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of facilities in Baltimore, Maryland, Grand Rapids, Michigan, Atlanta, Georgia, Longmont, Colorado, Sacramento, California and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021, and on the OTCQB® Venture Market under the symbol "WLDPF" on February 23, 2022.

Cautionary Statement on Forward Looking Information

This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to Wildpack's plans, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of integration. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws in light of the current COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

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

SOURCE: Wildpack Beverage Inc.

View source version on accesswire.com:
https://www.accesswire.com/703808/Wildpack-Announces-Resignation-of-Chief-Operating-Officer

FAQ

What led to the resignation of Chuck Zadlo from Wildpack Beverage Inc.?

Chuck Zadlo resigned to pursue other opportunities after successfully guiding the company through operational expansions.

How will Wildpack Beverage Inc. manage operations after Chuck Zadlo's resignation?

Wildpack will implement a streamlined reporting process directly to the CEO, enhancing response times in operations.

What impact could the management change have on Wildpack Beverage Inc.?

The change may lead to increased efficiency but raises concerns about continuity due to the loss of an experienced COO.

When did Chuck Zadlo's resignation become effective?

Chuck Zadlo's resignation became effective on June 2, 2022.