Xylitol Canada Inc. Announces Appointments of Mitch Shore as Chief Marketing Officer and Eli Grossman as Special Advisor and Shares for Services Agreements
Toronto, Ontario--(Newsfile Corp. - June 15, 2017) - Xylitol Canada Inc. (TSXV: XYL) ("Xylitol" or the "Corporation") is pleased to announce that it has reached an agreement with Mitch Shore to act as Chief Marketing Officer of Xylitol and Eli Grossman as Special Advisor to Xylitol.
"On behalf of our team, I am excited to have Mitch and Eli join our growing natural sweetener company as we continue to build a world class team to promote healthier eating for families by providing innovative, alternative sweetener solutions to reduce the amount of added, refined sugars in their diets" said Steven Haasz, Chief Executive Officer of Xylitol.
Mr. Shore brings to Xylitol experience across a variety of customer focused companies including start-ups such as Yak Communications and consumer brands such as Dr. Bernstein Diet Centers and Beaver Canoe. Mr. Shore's most recent achievement was with building, branding, and marketing Mill Street Brewery into one of Canada's most successful craft breweries which experienced 15 per cent year-over-year growth in sales of its popular organic beers. Mill Street, including Mr. Shore's ownership, was sold to Labatt Breweries in 2015.
Mr. Grossman brings to Xylitol over 30 years of experience building all aspects of Canada's leading natural sweetener brand Billy Bee Honey started in 1958. Mr. Grossman was directly involved in global product sourcing, production and processing systems, employee programs, product innovation, packaging design and marketing.
Mr. Haasz explains "that being able to attract the caliber of exceptional people such as Eli and Mitch to the team is a positive milestone in our journey and we look forward to their valuable contributions as we continue our transformation in 2017 into a leading natural sweetener company."
Shares for Services Agreements
Xylitol and Mr. Shore have entered into an agreement (the "Shore Agreement") whereby Xylitol intends to issue shares for services to Mr. Shore in exchange for his services as Chief Marketing Officer (the "CMO Services"). Pursuant to the terms of the Shore Agreement, the Company intends to issue to Mr. Shore that number of common shares of the Company that has a deemed value of $130,000, or $32,500 per quarter, payable in quarterly instalments for the term of the Shore Agreement, being one year.
Xylitol and Mr. Grossman have entered into an agreement (the "Grossman Agreement") whereby Xylitol intends to issue shares for services to Mr. Grossman in exchange for his services as Special Advisor (the "SA Services"). Pursuant to the terms of the Grossman Agreement, the Company intends to issue to Mr. Grossman that number of common shares which has a deemed value of $32,500, payable at the end of the initial term of the Grossman Agreement, being three months. The Grossman Agreement may be extended on mutual agreement of the parties for one year, pursuant to which Mr. Grossman will be issued common shares of the Company in exchange for the SA Services with a deemed value of $32,500 per quarterly period.
The number of common shares of the Company to be issued at the end of each quarterly period will be determined by using the closing price of the common shares of Xylitol on the TSX Venture Exchange on the first trading day following each quarterly period for which the CMO Services and SA Services, respectively, were provided.
About Xylitol Canada Inc.
Xylitol Canada is a consumer packaged goods business focused on an assortment of natural sweetener based products including xylitol, coconut palm sugar and honey. The Corporation operates a 30,000 square foot facility in Colorado where it produces and packages a full catalog of natural sweetener products, most notably its natural sweetener alternatives. Xylitol Canada services major retail customers such as Loblaws, Whole Foods, Costco, Trader Joe's, Sprouts, Walmart, Publix and distributors including UNFI and KeHE.
For more information about Xylitol please contact:
CEO and a director of Xylitol Canada Inc.
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