VANCOUVER, BC, May 12, 2023
/CNW/ - Simply Better Brands Corp. ("SBBC" or the "Company") (TSXV:
SBBC) is pleased to announce that at the annual general and special
meeting on May 12, 2023 (the
"Meeting"), holders of common shares of SBBC: (i) elected
Paul Norman, Kathy Casey, Michael
Galloro, J.R. Kingsley Ward
and Richard Kellam to the Board of Directors; (ii) re-appointed
Marcum LLP as SBBC's auditors; (iii) approved the equity incentive
plan of the Company; (iv) approved grant of an aggregate 1,012,000
options previously approved by the board of the directors of the
Company.
Further disclosure on the matters approved at the Meeting can be
found in the Management Information Circular dated March 29, 2023 available on SEDAR.
SBBC is pleased to announce the addition of Richard Kellam, President and CEO of Data
Communications Management Corp. to its Board of Directors. Mr.
Kellam will bring a wealth of general management, customer
development and marketing experience through his 35-year
international career with leading global companies. Mr. Kellam's
professional experience includes positions at Robin Hood
Multifoods, Molson Breweries, The William Wrigley Company and Mars
Inc. Following a 17 year, primarily internationally-based, career
with Mars Inc., he joined Goodyear as Senior Vice President of
Global Sales and Marketing. "We are excited to leverage
Richard's over 35 years senior management experience with top CPG
brands on the Simply Better Brands Board of Directors.", says
Paul Norman, Simply Better Brands
Board Chairman.
Grant of RSUs
Simply Better Brands Corp. also announced that, subject to
regulatory approval, it has issued 2,070,000 restricted stock units
("RSUs") of SBBC to certain directors and officers of SBBC
which shall vest in 1/4 increments every six months until
May 12, 2025. The RSUs are subject to
the provisions of the Company's equity incentive plan, as approved
by SBBC's shareholders at its Meeting. The Company relied on
section 5.5(b) of Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions
("MI-61-101") as the exemption from the formal valuation
requirements of MI 61-101 and TSXV Policy 5.9 in respect of the
grant of RSUs to a director of the Company as the common shares of
the Company are not listed on a specified market (as the common
shares are only listed on the TSXV). The Company relied on section
5.7(1) (a) of MI 61-101 as the exemption from the minority approval
requirements of MI 61-101 and TSXV Policy 5.9 in respect of the
grant of RSUs to the directors and officers of the Company as
neither the fair market value of the subject matter of, nor the
fair market value of the consideration for, the grant of the RSUs
to a director of the Company exceeded 25% of the Company's market
capitalization.
Ambassador Agreement
SBBC further announces today that it intends to pay the last two
payments to Julianna Peña, for services rendered pursuant to an
ambassador agreement effective as of May 1,
2022 (the "Agreement") which include online posts,
endorsements and social media content. Pursuant to the Agreement,
the Company has agreed to pay the last two payments in the
aggregate amount of CAD$66,875
through the issuance of 139,323 common shares ("Common Shares") at
a deemed price of CAD$0.48 which is
determined based off of the 10-day volume weighted average price
of the Common Shares as of the date of this news release, the
Agreement and issuance of Common Shares are both subject to
approval of the TSX Venture Exchange. For further information on
the Agreement, SBBC refers the reader to its news release dated
March 10, 2022.
About Simply Better Brands
Corp.
Simply Better Brands Corp. leads an international omni-channel
platform with diversified assets in the emerging plant-based and
holistic wellness consumer product categories. The Company's
mission is focused on leading innovation for the informed
Millennial and Generation Z generations in the rapidly growing
plant-based, natural, and clean ingredient space. The Company
continues to focus on expansion into high-growth consumer product
categories including CBD products, plant-based food and beverage,
and the global pet care and skin care industries. For more
information on Simply Better Brands Corp., please visit:
https://www.simplybetterbrands.com/investor-relations.
SOURCE Simply Better Brands Corp