Schyan Exploration Inc. Enters into Letter Agreement with Trulieve
Toronto, Ontario–(Newsfile Corp. – July 18, 2018) – Schyan Exploration Inc. (‘Schyan’ or the ‘Company’) announces that it has entered into a non-binding letter agreement (‘Letter Agreement’) with George Hackney, Inc. d.b.a. Trulieve (‘Trulieve’) whereby the Company and Trulieve have agreed to merge their respective businesses resulting in a reverse takeover of the Company by Trulieve and change of business of the Company from a mining issuer to a marijuana issuer (the ‘Transaction’). Concurrently with the closing on the Transaction the resulting issuer will apply to have its shares listed on the Canadian Securities Exchange (‘CSE’). Accordingly, the Transaction is subject to the approval of the CSE.
Trulieve is a vertically integrated ‘seed-to-sale’ company and is the first and largest fully licensed medical marijuana company in the state of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve branded stores throughout the state of Florida as well as directly to patients via home delivery.
As a vertically integrated company with a patient-first mantra, Trulieve has developed a suite of Trulieve branded products with over 80 SKUs including flower pods for vaporizing, concentrates, topicals, capsules, tinctures, and vape cartridges.
Headquartered in Quincy, Florida, Trulieve is focused on being the brand leader for quality medical cannabis products and service in Florida and beyond. Trulieve employs over 800 people and is committed to providing patients a consistent and welcoming retail experience across Trulieve branded stores.
Trulieve intends to continue to focus on penetrating the Florida market with plans to open an additional 15 Trulieve branded stores by January 2019. In addition, Trulieve is focused on leveraging its manufacturing and retail expertise to expand into other states in the United States.
For more information please visit: www.trulieve.com
Information Concerning the Transaction
The Transaction terms set out in the Letter Agreement is subject to the parties successfully negotiating and entering into a definitive agreement in respect of the Transaction (the ‘Definitive Agreement’). The final legal structure for the Transaction will be determined after the parties have considered all applicable tax, securities law, and accounting efficiencies.
Management and Board of Directors of Resulting Issuer
Upon completion of the Transaction, it is expected that the board of directors and management of the resulting issuer will consist of the persons identified below.
- Kim Rivers – Chief Executive Officer, Chairman and Director
- Mohan Srinivasan – Chief Financial Officer
- Kevin Darmody – Investor Relations
- Jason Pernell – Chief Information Officer
- Craig Kirkland – Research and Development Manager
- Ben Atkins – Director
- Thad Beshears – Director
- George Hackney – Director
- Richard May – Director
- Michael J. O’Donnell, Sr. – Director
Kim Rivers – Chief Executive Officer, Chairman and Director
Ms. Rivers received her Bachelor’s degree in Multinational Business and Political Science from Florida State University and her Juris Doctorate from the University of Florida. She spent several years in private practice as a lawyer where she specialized in mergers, acquisitions, and securities for multi-million dollar companies. For over a decade, Ms. Rivers has run numerous successful businesses from real estate to finance.
Mohan Srinivasan – Chief Financial Officer
Mr. Srinivasan has over 35 years of experience in various areas of finance and accounting and is a versatile senior financial leader in public companies. He has been CFO for over 12 years with such high growth companies as AINS, Inc., ARA Inc., PPIC Ltd., and Household Financial Toronto where he assisted with strategic planning, capital raise, IPO preparation, governance, and public company reporting. He earned a MBA degree from the University of Toronto, the ICD.D designation from the University of Toronto, and has CPA licenses in Florida and Ontario.
Kevin Darmody – Investor Relations
Mr. Darmody received his Bachelor of Science in Biology from Dickinson College. He served in various senior management roles with Bear Stearns for 29 years and, more recently, with JPMorgan Chase & Co, and Bank Leumi. His achievements include creating and leading a successful, innovative start-up bank in a market-driven, fast-paced, client-focused culture. While serving as the bank’s COO and Chief Lending Officer, he created cash management tools and operational products for the bank’s clients that were not then readily available.
Jason Pernell – Chief Information Officer
Mr. Pernell earned his Masters of Business Administration Degree from Florida State University after receiving his Bachelor of Science Degree in Electrical engineering. For the past decade Mr. Pernell has owned and operated successful engineering consulting firms and is an experienced medical marijuana business owner in California and Oregon.
Craig Kirkland – Research and Development Manager
Mr. Kirkland holds a Masters Degree in Computer Science from the Florida Institute of Technology along with this Bachelors of Science in Computer Science from the University of Louisiana at Monroe. Mr. Kirkland has over 25 years of Engineering leadership. He has lead the innovation teams on multiple high level defense projects.
Ben Atkins – Director
Mr. Atkins earned a Bachelor of Science and Master in Gerontology from the University of South Florida. In addition, he has a Certified Master of Business Administration degree. Mr. Atkins has over 25 years of Healthcare Executive role experience. He is the majority owner of 35 senior health care facilities throughout the United States.
Thad Beshears – Director
Mr. Beshears is the Co-Owner and Chief Operating Officer of Simpson Nurseries. He is responsible for all sales operations, production, and inventory tracking for the operation. Mr. Beshears is also the CEO of Simpson Nurseries of Tennessee, where he develops and implements the company’s strategic vision while monitoring the market for opportunities for growth and expansion.
George Hackney – Director
Mr. Hackney is the President and Owner of the Hackney Nursery Company in Quincy, Florida. He has presided over all aspects of the operations of the company. Mr. Hackney has served on several agricultural industry associations’ boards and has earned many honors for his commitment to the industry.
Richard May – Director
Mr. May is the General Manager of May Farms Inc. where he also serves as the Sales Manager. He has sat on several agricultural industry boards and served on the Gadsden County Chamber of Commerce Board, including a term as its chairman, as well as contributing to the general Gadsden County community. Mr. May graduated from Auburn University with Bachelor of Science degrees in Agricultural Economics and Horticulture.
Michael J. O’Donnell, Sr. – Director
Mr. O’Donnell is the Executive Director of the Office of Innovation and Entrepreneurship at the University of Central Florida. He participates in business coaching, program development, business commercialization and trade missions. Mr. O’Donnell formed the Florida Angel Nexus, the FAN Fund I, LLP, which supports select statewide emerging growth businesses. Additionally, Mr. O’Donnell is principal in MOD Ventures LLC, which invests in new ventures in various sectors. He holds a Bachelor of Science in Business Administration from Central Michigan University, and a Master of Science in Management from the University of Central Florida.
Further comprehensive information regarding the Transaction will be provided in a future press release at such time the parties execute a Definitive Agreement.
Completion of the proposed Transaction is subject to a number of conditions including, but not limited to: completion of satisfactory due diligence; execution of a definitive agreement in respect of the Transaction; receipt of regulatory approvals; and receipt of approval for the listing of the shares of the resulting issuer. There can be no assurance that the Transaction will be completed as proposed or at all.
FOR MORE INFORMATION, PLEASE CONTACT:
Chief Executive Officer
Tel: (416) 361-2515
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