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MPX Appoints New Chief Financial Officer
TORONTO, Jan. 16, 2018 (GLOBE NEWSWIRE) — MPX Bioceutical Corporation (the “Company” or “MPX”) (CSE:MPX) (OTC:MPXEF) is pleased to announce the appointment of David McLaren as the Company’s new Chief Financial Officer, effective January 15, 2018, subject to regulatory approval.
Mr. McLaren brings over 25 years of financial experience, having spent the past 10 years at the CFO level. Prior to joining MPX, Mr. McLaren was CFO for Ontario Drive & Gear Limited for the past two years and previously CFO for Belmont Meats Limited, Redpath Sugar Limited and Nealanders International Inc. Mr. McLaren also held senior finance positions with Mother Parkers Tea & Coffee, Weston Bakeries and Loblaws.
Mr. McLaren is a Chartered Professional Accountant and holds an Honours Bachelor of Commerce degree from McMaster University. In 2012, Mr. McLaren was honoured with a Fellowship from the Chartered Professional Accountants Association in recognition of his career achievements and contribution to the Association.
I would like to thank Randy Stafford, on behalf of the Board, for his service as interim Chief Financial Officer over the course of MPX’s first year of expansion. I am also very pleased that David is joining the MPX management team and I believe his financial experience will be a tremendous asset as MPX continues to grow.
Scott Boyes, Chairman, President and CEO of MPX.
Stock Option Grant
The Company also announces that a total of 8,485,762 stock options to purchase common shares of MPX were granted to officers, directors, employees and consultants of the Company and its subsidiaries at an exercise price of $0.86 per share and expiring on January 15, 2023. The grant is subject to regulatory approval.
Under the Company’s stock option plan (the “Plan”), 9.03% of the issued and outstanding common shares or 31,465,762 common shares are reserved for issuance, including the above grant, and the Company may grant an additional 3,398,201 options under the Stock Option Plan representing 0.97% of the issued and outstanding common shares.
About MPX Bioceutical Corporation
MPX, an Ontario corporation, through its wholly owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to two medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. The successful Health for Life brand operates in the rapidly growing Phoenix Metropolitan Statistical Area.
The recently acquired GreenMart of Nevada NLV, LLC (“GreenMart”) is an award winning licensed cultivation, production and wholesale business, licensed for both the medical and “adult use” sectors in Las Vegas, Nevada, and is already selling wholesale into the Nevada medical cannabis market. GreenMart has also optioned suitable locations and intends to enter the higher-margin retail arena by applying for at least two dispensary licenses in the Las Vegas market which will operate under the “Health for Life” brand.
The Company owns assets in Massachusetts supporting cultivation, production and up to three dispensaries, and with the closing of this most recent transaction, MPX manages two full service dispensaries and one producer in Maryland.
MPX continues to expand its U.S. footprint, and has recently acquired management companies that provide operational and other services to two dispensaries and one production license in Maryland. The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts to develop its legacy nutraceuticals business.
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