Radient Conducts Strategic Review of Operations and Announces Management Changes
EDMONTON, Alberta, Sept. 18, 2020 (GLOBE NEWSWIRE) — Radient Technologies Inc. (“Radient” or the “Company”) (TSX-V:RTI; OTCQX:RDDTF), a manufacturer of high quality cannabinoid-based formulations and products, announces its Board of Directors (the “Board”) is conducting a strategic review of the Company’s operations targeting a path to positive cash flow by evaluating costs and under utilized assets. Radient will build on its recent successes in launching white label products and increasing its distribution to additional provinces. The review will address items that are strategic to the Company’s operations and includes management changes being announced today.
Today, the Board named Jan Petzel as Interim President and Chief Executive Officer, effective immediately. Mr Petzel has been a Director of the Radient since 2016 and has a comprehensive understanding of the Company, and a pragmatic view of the priorities that need to be addressed. Jan was a Managing Director in the Merchant Banking Division of Goldman Sachs, ultimately responsible for private credit in Germany and Scandinavia. While at Goldman Sachs, Mr. Petzel served on the board of several successful companies including Cognis GmbH, a worldwide supplier of specialty chemicals and nutritional ingredients, up to its sale to BASF for €3.1bn in 2010. He holds an MBA from Harvard Business School, a Master of Engineering from the Swiss Federal Institute of Technology and was a Visiting Scholar at the Massachusetts Institute of Technology.Denis Taschuk will step down as President & Chief Executive Officer and Director of the Company, effectively immediately, for family reasons. He will continue as advisor to the Board to facilitate the transition to a new Chief Executive Officer. Denis has been instrumental in leading Radient to become a significant company in the cannabis industry, and the Board wishes to thank Denis for his contribution and tireless efforts over the last 10 years.Mike Cabigon will step down as Chief Operating Officer and Director of the Company, effective immediately, to pursue other interests. Mike was instrumental in the Company’s pivot into the cannabis industry in 2016, and the Board thanks him for all his contribution over the years and wishes him well in his future endeavors.About Radient Radient Technologies is a commercial manufacturer of high-quality cannabinoid-based formulations, ingredients, and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Please visit www.radientinc.com for more information.SOURCE: Radient Technologies Inc.For further information please contact:
Radient – Investor Relations, firstname.lastname@example.orgForward Looking Information:This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; the impact to the Company resulting from the review of operations and management changes, the Company’s ability to grow its business in the cannabis sector and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, 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 is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.