TORONTO, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Aleafia Health Inc. (TSX: AH, OTC: ALEAF) (“Aleafia Health” or the “Company”) is pleased to announce that the board of directors (the “Board”) has appointed Lu Galasso and Carlo Sistilli as independent directors to the Board. Mr. Galasso will be appointed to the Strategic Planning Committee and Mr. Sistilli will be appointed to the Audit Committee.
“I would like to welcome Lu and Carlo to our Board,” said Acting Chair Lea Ray. “Their collective professional experience will bring unique skills to the Board that will serve Aleafia Health well in its continued growth.”
Lu Galasso is a Chartered Professional Accountant, CA, CPA and holds the Institute of Corporate Directors ICD.D designation.
Lu is a Partner with the Zzen Group of Companies, a company in the real estate and manufacturing sectors, where he is the CFO and head of strategic developments for the manufacturing operations.
Lu is Chair of the Board of Directors for Titanium Transportation Group, a trucking and logistics business listed on the TSX. He is also the President of the Board of Directors of the Meta Foundation, a member of the Board for the St. Christopher Children’s Home, and a member of the Dean’s Advisory Board for the Faculty of Management at Laurentian University.
Carlo Sistilli is a Chartered Professional Accountant and a Certified Management Accountant, CPA, CMA. As Chief Financial Officer and member of the Senior Management team of Arista Homes, Carlo plays a key role in overall operations including evaluation of mergers and acquisitions.
Prior to Arista, Carlo co-founded and served as CFO, member of the M&A team and member of the Board of Directors of an Internet start-up company, playing a key role in taking the company public on the Alberta Ventures Exchange.
Carlo is a member of the Board of Directors and Chair of the Audit Committee of Edesa Biotech, Inc., a company listed on NASDAQ. Mr. Sistilli is an officer and a member of the Board of Directors of Mother of Mercy Centre, a charity operating in Ontario.
In connection with the director appointments, the Company entered into a director nomination agreement with a group of shareholders of the Company representing approximately 15.65% of the issued and outstanding common shares of the Company pursuant to which, among other things, such shareholders have agreed to a customary standstill provision in favour of the Company until December 31, 2021 (provided that it may be terminated after the 2021 annual meeting of the shareholders of the Company (the “2021 Annual Meeting”) in certain circumstances) and to vote all of their common shares in favour of the director nominees recommended by the Company for election at the 2021 Annual Meeting, which the Company has agreed to hold no later than June 30, 2021. The Company has also agreed to nominate seven directors for election at the 2021 Annual Meeting consisting of four current directors, Messrs. Galasso and Sistilli and one independent director to be selected following a search process and approval by the Board, having regard to the Company’s corporate governance and director nomination policies and the skills matrix of the Board.
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About Aleafia Health:
Aleafia Health is a vertically integrated and federally licensed Canadian cannabis company offering cannabis health and wellness services and products in Canada and in international markets. The Company operates medical clinics, education centres and production facilities for the production and sale of cannabis.
Aleafia Health owns three significant licensed cannabis production facilities, including the first large-scale, legal outdoor cultivation facility in Canadian history. The Company produces a diverse portfolio of commercially proven, high-margin derivative products including oils, capsules and sprays. Aleafia Health operates the largest national network of medical cannabis clinics and education centres staffed by MDs, nurse practitioners and educators and operates internationally in three continents.
Innovation, the heart of Aleafia Health’s competitive advantage, has led to the Company maintaining a medical cannabis dataset with over 10 million data points to inform proprietary illness-specific product development and its highly differentiated education platform FoliEdge Academy. The Company is committed to creating sustainable shareholder value; the TSX Venture Exchange named Aleafia the 2019 top performing company prior to its graduation to the TSX.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian and United States securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including risks contained in the Company’s annual information form filed with Canadian securities regulators available on the Company’s SEDAR profile at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company does not undertake any obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.