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Namaste Board Launches Strategic Review Process; Announces Termination of CEO Sean Dollinger and Commences Legal Action
Namaste Board Launches Strategic Review Process; Announces Termination of CEO Sean Dolling...
About this update from Lifeist Wellness Inc
[{"type":"text","content":"\n\n\n\nNamaste Board Launches Strategic Review Process; Announces Termination of CEO Sean Dollinger and Commences Legal Action\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 4, 2019\n\n\n\nAppoints Meni Morim as Interim CEO \n TORONTO, Feb. 4, 2019 /CNW/ - Namaste Technologies Inc. (\"Namaste\" or the \"Company\") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) announced today that, following a recent expression of interest in the Company, the Board of Directors of the Company (the \"Board\") has launched a strategic review process to consider all value-maximizing alternatives.\n\n \n \n\n \nNamaste also announced that following an investigation by a Special Committee of the Board of Directors, the Board has terminated the employment of Sean Dollinger as Chief Executive Officer of the Company for cause and removed him from his position as Director, effective immediately. Meni Morim has been appointed Interim CEO of the Company. To help strengthen our strategic partnerships, the Company has also appointed Darren Gill as Chief Strategy Officer.\nStrategic Review Process Initiated\nThe Board has initiated a formal strategic review process to consider all value-maximizing alternatives, which could include exploring a potential corporate transaction that may, but not necessarily, result in the sale of the Company.  We are in the process of engaging an investment bank to advise a Special Committee of the Board overseeing the process.\nThe Company does not intend to set a definite schedule to complete its evaluation or process and cautions that there are no assurances or guarantees the process will result in a transaction or, if a transaction is undertaken, of the terms or timing of such a transaction.\nNamaste remains in a strong financial position, with cash balances intact, and will continue to execute on its unique and effective business strategy. The Company will provide an update regarding the outcome of the strategic review process once it has concluded.\nSpecial Committee Investigation\nIn O...