CENTR Brands Corp. Provides Corporate Update

November 29, 2023 4:42 PM EST | Source: CENTR Brands Corp.

Vancouver, British Columbia--(Newsfile Corp. - November 29, 2023) - CENTR Brands Corp. (CSE: CNTR) (FSE: 303) (OTCQB: CNTRF) ("CENTR" or the "Company"), a pioneering force in the functional wellness beverage industry, today announced with immediate effect:

  • the resignation of current President, Chief Financial Officer & Director, David Young,
  • the appointment of Arjan Chima as President, in addition to Mr. Chima's current role as Chief Executive Officer of the Company,
  • the resignation of Director, Joseph Elmlinger.

The Company acknowledges the contributions made by Messrs. Young and Elmlinger during their tenure and extends its sincere appreciation for their dedication and service. Their leadership has been important in guiding the Company to its current position in the market. The departures do not reflect any disagreement or dispute within the Company. The Board is presently considering potential candidates to fill the vacancies and will make further announcements in due course.

As part of our commitment to ensure a smooth transition and continuous operation, the Company is actively seeking a new Interim CFO. The new appointee will play a crucial role in the strategic financial management of the Company during this period of change. We are confident that this position will be filled by an individual with the right experience and expertise to help lead CENTR forward. Further announcements regarding this appointment will be made as soon as a suitable candidate is found.

Considering current economic and market conditions and the Company's lack of financial security, the Company further announces today that it is actively pursuing strategic alternatives and cutting costs to preserve capital. These alternatives include exploring various financing opportunities to improve the company's financial position and provide for future growth. The Company is confident a course of action will enable it to continue delivering its innovative wellness beverages to its customers while also enhancing stakeholder value. Further updates on this process will be provided as they become available.

Considering the aforementioned updates, the Company also announces that the Annual General Meeting ("AGM") of shareholders of the Company previously scheduled for December 14th has been postponed until further notice. The Board will fix a new date for the AGM. Notice of the postponed AGM and the record date for determining the shareholders of the Company entitled to receive notice thereof and vote thereat will be provided to shareholders in due course. The Company believes this decision is in the best interests of the Company and all stakeholders, allowing CENTR the necessary time to focus on the critical tasks at hand and secure the future of the Company. The Company appreciates our stakeholders' understanding and will provide further information in due course.

CENTR remains committed to its mission of delivering quality wellness beverages to its customers and will continue to pursue growth strategies with the same vigor and commitment.

About CENTR Brands Corp.
CENTR Brands Corp. is one of North America's leading functional wellness beverage companies dedicated to promoting holistic well-being. With a commitment to providing high-quality products and exceptional customer experiences, CENTR offers a range of functional wellness beverages that support individuals in their pursuit of balanced and healthy lifestyles. By leveraging innovative technology and embracing consumer-centric strategies, CENTR empowers customers to prioritize their well-being and discover the benefits of wellness beverages.

The Company produces CENTR CBD, a family of sparkling, low calorie CBD beverages; CENTR Instant, a family of on-the-go, adaptogen-based CBD powders; and CENTR Enhanced, a family of refreshing, ZERO calorie, non-CBD, nootropic and adaptogen sparkling waters incorporating a variety of science-backed ingredients.

The Company's ethos revolves around functional efficacy, exceptional flavor, and a visual design that resonates with consumers seeking a well-rounded approach to wellness.

For more information on CENTR Brands visit www.findyourcentr.com or contact us at media@findyourcentr.com. Be sure to follow us on social media @findyourcentr. Consumers that do not yet have a local CENTR Brands retailer can visit our online store at: www.findyourcentr.com.

On behalf of the Board,

/s/ Arjan Chima
Arjan Chima, Chief Executive Officer

Forward-Looking Information
This press release may contain "Forward-Looking Statements" within the meaning of applicable Canadian securities laws. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's intentions regarding the appointment of directors to fill vacancies on the Company's Board, the ability of the Company to appoint an interim chief financial officer, the Company's pursuit of strategic alternatives, the date and timing of the postponed AGM, the Company's objectives, goals or future plans and statements, the value proposition the Company offers to consumers, the Company's ability to capitalize on global health & wellness trends, its ability to grow revenue opportunities and improve returns to its shareholders, the Company's positioning in the emerging health beverage market and the Company's ability to drive sustainable, industry-leading growth. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

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