Radient Appoints Interim CEO, Appoints Director, and Announces Financing
Edmonton, Alberta--(Newsfile Corp. - October 28, 2022) - Radient Technologies Inc. (TSXV: RTI) ("Radient" or the "Company"), a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products, announces the appointment of Dr. Steven Splinter as interim CEO, Dimitris Tzanis as director, and announces that the Company intends to complete a promissory note financing.
Dr. Steven Splinter is appointed interim CEO of Radient effective October 28, 2022. Dr. Splinter is the founder of Radient and has worked with the Company for more than 20 years, most recently in the position of Chief Technology Officer. He has been a director of the Company since 2018. Dr. Splinter's appointment follows Harry Kaura stepping down as CEO and director of the Company to pursue other business interests. Mr. Kaura has notified the Radient Board of Directors that he will continue to offer guidance and support as needed.
Mr. Dimitris Tzanis is appointed to the Radient Board of Directors as independent, non-executive director. Mr. Tzanis previously served as a director of the Company from July 2016 until February 2020. Mr. Tzanis is the owner of a group of communication companies, based in Switzerland. He has more than 25 years of experience in corporate communications, brand strategy, political communication and audio-visual productions and has served as a consultant to government departments, public organizations and private companies. Over the past 10 years, his interests have expanded to include venture capital and startup seed funding and film productions. Mr. Tzanis holds a MA in Film & Television from the New York University Tisch School of the Arts.
Jocelyne Lafrenière, Interim Chair of the Radient Board of Directors commented, "On behalf of the Radient Board of Directors, I would like to welcome Steven as interim CEO, and welcome Dimitris back to the Radient Board of Directors. We are very pleased that they will contribute their skills and experience to the Radient leadership team. I would also like to thank Harry for his contribution and leadership during his tenure as CEO where he led the restructuring efforts of the Company."
Mr. Tzanis added, "Having served as a director in previous years, I am absolutely delighted to return and contribute to the Company's restructuring efforts."
Secured Promissory Note Financing
The Company intends to complete a secured promissory note financing (the "Financing") in one or more tranches for gross proceeds of up to $1,200,000. Notes issued in the Financing will mature on September 30, 2023. The outstanding principal amount of the notes as well as any accrued interest may be converted into common shares of the Company at the option of the holder at a price of $0.05. The notes will bear interest at a rate of 18% per annum.
Securities issued under the Financing are subject to a statutory four-month hold period from the date of their issuance. Closing of the Financing remains subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange. The Company intends to use the net proceeds of the Financing for working capital and general corporate purposes.
Radient Technologies is a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products. 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. Radient is focused on innovation with expertise in formulations and technologies offering unique solutions in the cannabis and wellness space. RadientInc.com
Steven Splinter, Interim CEO & Director
Forward 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 Company's intention to complete a secured promissory note financing, the intended use of proceeds and closing conditions, and other matters related thereto. 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, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; risks associated with operation in the cannabis sector; and other risks inherent in the cannabis industry. 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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