PODA ANNOUNCES SHARE CONSOLIDATION AND ACQUISITION OF
CALIFORNIA DISTRIBUTION COMPANY, GRANTING OF STOCK
OPTIONS, AND APPOINTS NEW CHIEF FINANCIAL OFFICER
Vancouver, BC, January 4, 2019 – PODA TECHNOLOGIES LTD. ("Poda" or the "Company") is pleased to announce that its Board of Directors has approved a consolidation of its issued and outstanding
common shares on the basis of one (new) post-consolidation share for approximately four and one half (old) pre-consolidation common shares resulting in 24.9 million common shares outstanding post consolidation.
The Company is also pleased to announce that it has entered into a definitive agreement to acquire California Distribution Company (“CDC”), a company with expertise in the cannabis industry and distribution
connections in the state of California, for consideration of 17.9 million post-consolidation common shares representing approximately 42% of the Company.
The fair value of CDC is $638,000, which is equal to the amount of cash in the business at acquisition. “The acquisition of CDC is strategic and represents an increase in the cash position of Poda that we believe
accelerates the Company’s growth profile and also gives the Company access to the California market,” said Ryan Selby, CEO of Poda.
The Company has also granted an aggregate 4,050,000 incentive stock options to certain officers, directors and other eligible persons of the Company. The options are exercisable, subject to vesting provisions, over a period of three years at a price of $0.035 per share.
Additionally, the Company is pleased to announce the appointment of Jon Morrison as the Company’s Chief Financial Officer.
Mr. Morrison is a seasoned accounting and financial professional who most recently was Senior Manager of Accounting at Innergex Renewable Energy Inc. Prior to that, he worked at both EY and Deloitte, two of
the largest professional services firms in the world, where he led audit engagements for both public and privately held companies from a variety of industries, including the emerging markets.
Mr. Morrison is a Canadian Chartered Professional Accountant (CPA, CA), and holds a Bachelor of Arts from Simon Fraser University.
The company wishes to thank Mr. Easterbrook for his contributions to Poda and his commitment to assisting the Company in reaching its next phase of growth.
“We are extremely pleased to have Mr. Morrison join the Poda team in the role of CFO. Mr. Morrison brings a wealth of financial knowledge and experience and will play an important role as we continue to grow. We
anticipate rapid growth over the coming months, and Mr. Morrison will help to provide a stable financial foundation as we raise capital, launch our products, and expand our operations.” said Ryan Selby.
On Behalf of the Board, Ryan Selby
Chief Executive Officer and Director
