SOL Global Announces Board Changes and Business Update
Toronto, Ontario--(Newsfile Corp. - June 7, 2023) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) (FSE: 9SB) ("SOL Global"or the "Company") is pleased to announce that the board of directors of the Company has appointed Jason Batista to the board to replace Arena Prado-Acosta, who has resigned from the board.
Mr. Jason Batista is a highly experienced and commercially astute financial services professional with over 15 years of experience in banking and investment management, combined with corporate development, corporate communications, and commercial strategy. Certified Chartered Investment Manager; he is currently President of TBJ Consulting which provides a suite of services including corporate development, investment management, and investor relations. Mr. Batista will serve as a member of the Audit Committee.
"On behalf of the Board and management team, we would like to thank Arena for her service and wish her the very best in her future endeavors," said interim CEO and Chief Financial Officer, Paul Kania.
The Company also announces that it has been advanced an additional $2,029,650 (the "Advance") from its senior secured lender, Braebeacon Holdings Inc. (the "Lender"), in connection with which it has entered into an amended accommodation agreement (the "Amending Letter") to the loan agreement between the Lender and the Company dated August 6, 2021, as amended from time to time (as amended, the "Loan Agreement"). The Amending Letter provides for certain requirements of the Company to continue repayment of the total loan under the Loan Agreement, additional reporting obligations and confirmation of certain security interests provided to the Lender. The Advance was used to reduce the amount owed to a former officer of the Company.
Grant of Deferred Share Units
The Company also announces the grant of an aggregate of 650,000 deferred share units ("DSUs") of the Company to the Vice President and Director, Ms. Deena Siblock, and to Mr. Mehdi Azodi and Mr. Jason Batista, as members of the board of directors (the "Board"), in connection with their recent appointments to the Company. The DSUs have been granted pursuant to the terms and subject to the conditions of the Company's DSU Plan, as amended. The DSUs may be settled in cash or common shares in the capital of the Company, at the sole discretion of the Board. Any common shares issued in settlement of vested DSUs will be subject to a stock exchange hold period that will expire four months and a day from the issue date of the DSUs.
Disclaimer for Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws.Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking information in this press release includes, without limitation, statements relating to the Company's business and strategic plans; expected liquidity of current positions and the plans to restructure the assets.
Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to stock exchange approval of the newly-appointed directors, the ability of the Company to execute its business plan, the liquidity of assets in the Company's portfolio and the continued implementation of existing plans. The Company considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those expressed or implied in the forward-looking information. Such risks include, without limitation: the ability of the Company to service its debt; the Company's ability to obtain additional financing from time to time to pursue its business objectives; a resurgence in the cases of COVID-19, which has occurred in certain locations and the possibility of which in other locations remains high and creates ongoing uncertainty that could result in restrictions to contain the virus being re-imposed or imposed on a more strict basis, including restrictions on movement and businesses; the extent to which COVID-19 impacts the global economy; the success of new COVID-19 workplace policies and the ability of people to return to workplaces; the Company's reliance on management; not adding new assets to the Company's portfolio; adverse market and economic conditions; inflation; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; costs of inputs; currency fluctuations; competition; and loss of key management and/or employees. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
Contact Information
SOL Global Investments Corp.
Paul Kania, CFO
Phone: (212) 729-9208
Email: info@solglobal.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169123
