The Jenex Corporation Announces Board Change; Appointment of Advisory Board, Debt Settlement and Option Grants
Toronto, Ontario--(Newsfile Corp. - January 17, 2018) - The Jenex Corporation (TSXV: JEN), ("Jenex" or the "Company"), a progressive medical device technology company, today is pleased to announce the appointment of Tim Peterson as a director. In conjunction with this appointment, Tak Wing Law, the Company's Chief Financial Officer, has resigned as interim director.
Mr. Peterson has a Bachelor of Arts degree in economics from the University of Western Ontario. He sat on the Board of Directors of Augen Gold, Trelawney Mining, Northern Crown Capital, Inc. (a merchant banking firm), Process Capital, Nordex Explosives and Oxygen and Prescott Paper Products, as well as the Mississauga Hospital Foundation. Mr. Peterson is a former Ontario MPP (Mississauga South). Mr. Peterson is the brother of two prominent Liberal politicians: former Premier of Ontario, David Peterson and former federal cabinet minister, Jim Peterson.
Jenex also announces the appointment of four members to its advisory board: Leo Notidis, Joseph Galli, Steve McNeill and Michael Bosman.
Leonidas Notidis has spent nearly two decades advising Senior leadership teams from multinational corporations on entering global retail markets. As a previous Senior Director of Negotiation Strategy for a global leader in negotiation, he has consulted and coached C-suite leadership teams from over 200 of the Fortune 500 companies. His in-depth knowledge of the Retail and Pharmaceutical industry and the dynamics of the North American market have seen him take on the role of teacher, lecturer, consultant and practitioner. Having previously served on the Board of The Jenex Corporation, he is proud to lend his expertise from the pharmaceutical industry to once again build strategies to maximize the enormous potential present.
Joseph is involved in the early stage capital markets as an investor and sits on numerous Boards of Advisors in the healthcare & cannabis, technology and financial services industries. He is also the founding member of the Montreal chapter of the Private Capital Markets Association of Canada (PCMA) and is on the National Board of Directors for Canada. Over the past 35 years, Joseph has completed dozens of restructuring, due diligence and acquisition mandates in numerous industries on behalf of private equity and venture capital firms and industry clients. Joseph has directed over 200 conferences, seminars and workshops, has been a board member of several private and public organizations and is also an investor in a number of early stage public companies in Canada and the USA. Mr. Galli is the Chairman of PENTOR Finance, a residential mortgage lending company.
Stephen McNeill is a marketing strategist who has been helping businesses increase sales through innovative solutions. As managing partner of Q4 Communications, he has been instrumental in the evolution of Q4 from traditional marketing to digital advertising, sales funnels, chatbots and other emerging technologies that are having significant success in generating leads, and sales, for clients. He has been working in the cannabis industry for the past 5 years and is an associate of 3 West Management Group, an Ontario-based consulting firm of pharmaceutical, biomed and medical device experts with over 30 years experience in product launches, sales and marketing.
Michael is leveraging 20 years of senior commercial roles in the pharmaceutical/OTC industry to advise promising stakeholders in the medical device and cannabis industry. Michael's breadth of experience includes multiple therapy areas at both Global and Affiliate operations at 3 major organizations- GlaxoWellcome, Eli Lilly, and, most recently, Novartis Pharma. Senior roles have included New Product Planning, Market Research, Marketing, Sales, Brand Planning and extensive collaboration with Clinical, Health Policy & Regulation divisions. Michael has been an active team leader during all phases of product development from 6 years pre-launch through launch through to generic introduction. Michael has also served as a Global Expert Consultant on Customer Segmentation and Direct-To-Consumer marketing.
The Company announces that it proposes to effect a debt conversion of $255,717.20 owing to suppliers, consultants and creditors, including some insiders. The debt conversion will consist of common shares of the Company at a deemed price of $0.10/share which will result in the issuance of an aggregate of 2,557,172 shares. This settled debt will include the issuance of 200,000 shares (approx. 0.1% of Jenex's then issued shares) to Joe Heng, a director of the Company, to settle $20,000 debt, 375,000 shares (approx. 0.2% of Jenex's then issued shares) to Tak Wing Law, CFO of the Company, to settle $37,500 debt, and 237,022 shares (approx. 0.15% of Jenex's then issued shares) to Rob Fia, the CEO and a director of the Company, to settle $23,702.20 debt. The debt settlements to Messrs. Heng, Law and Fia will be related party transactions as defined in Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation requirement and the shareholder approval requirement of MI 61-101.
Jenex also announces that it has granted incentive stock options to certain directors, officers and consultants of the Company to purchase up to an aggregate of 3,200,000 common shares of the Company pursuant to the Company's share option plan. The options will vest after 6 months, and are exercisable for a period of five years at a price of $0.10/share.
The Company has also negotiated the acquisition of a domain name, the purchase price of which will be US$25,000 cash and 328,098 common shares of the Company at a deemed price of CAD$0.095/share. The Company expects to announce a decision on the Proposed Acquisition for acne and other cosmetic applications, as outlined in a press release on Dec 12th, 2017 in the near future.
Rob Fia, CEO, Commented:
"I am honored to work with our new Board and Advisory team to advance Jenex forward. The depth of expertise offered by this new group will provide invaluable advice to bring our existing thermal therapy technology along with new ideas to market to create tremendous shareholder value."
The above share issuances are subject to Exchange approval. All securities issued pursuant to the above proposed distributions will be subject to statutory and Exchange imposed hold periods expiring four months and one day from the date of issuance of such securities.
For further information please contact:
The Jenex Corporation
Rob Fia, CEO
Jenex is a progressive medical device technology company focused on providing consumers with quality medical devices that address their dermatological needs. Clear and healthy skin for all is at the core of Jenex's philosophy as is the belief that such outcomes should not be a privilege for only those who can afford costly procedures and treatments. The Company's breakthrough proprietary technology delivers effective, non-invasive and pain free skin care.
Jenex received a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation from over 20,000 different insect stings and bites, (including bees, wasps, hornets, mosquitoes, black flies and jellyfish). Jenex received approval for the above claims from FDA (United States) in 1997.
FORWARD LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance and include references to the proposed advisory board appointments, debt settlement, option grants, domain name purchase, laboratory tests involving the TherOZap™ technology, Proposed Acquistion, all as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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 press release.
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES