LOS ANGELES, Sept. 12, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- Los Angeles-based Cannabis Strategic Ventures Inc. (OTC: NUGS) (the Company) announced today the appointment of four new directors to the Companys board of directors, one of which will assume the role of board chairman.
LOS ANGELES, Sept. 12, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- Los Angeles-based Cannabis Strategic Ventures Inc. (OTC: NUGS) (the “Company”) announced today the appointment of four new directors to the Company’s board of directors, one of which will assume the role of board chairman. These new appointments were made in accordance with the Company’s commitments in its strategic investment agreement with LW Ventures Inc., which has already yielded an $8 million financing commitment toward the scaling of operations at the Company’s wholly owned and operated flagship greenhouse farm, NUGS FARM.
Cannabis Strategic Ventures welcomes George Wen as chairman of the board and Danny Cheung, Yang Lin and Pyng Soon as independent directors.
George Wen has served as director of Guangzhou IKE Computer Information Technology Co. LTD since January 2006. Between January 2003 and December 2005, Wen served as China product team sales director and south and west manager of UGS PLM. Between October 1997 and December 2002, Wen was regional manager of Unigraphics Solutions, China, a subsidiary of Electronic Data Systems (EDS). Wen received a bachelor's degree from the Radio Technology Department of South China Institute of Technology.
Danny Cheung has served as a director of the Spyder Auto corporate board since 2005, where he is responsible for operations, business development, new capital investments and corporate strategy. Cheung received his bachelor’s degree from the University of California, Los Angeles.
Yang Lin is the executive director and chairman of the board at PacRay International Holdings Ltd. (HKG: 1010). Lin is a senior manager at Shenzhen Magic Display Technology Co., Ltd. and was previously the CEO of Shenzhen Zhong Shi Tai He Digital Technology Limited.
Pyng Soon is a legal and executive professional with experience in the pharmaceutical, legal and finance industries. Soon is the general counsel for USA Miniso Depot Inc., a franchised retail merchandise store with approximately 30 directly owned stores located in various cities in California. Soon has also served as the CLO for Autotelic Inc., Oncotelic Inc. and LipoMedics Inc. since 2015, and he was successful in closing a $10 million investment from Fangsheng Pharmaceutical Company into LipoMedics Inc. Soon has served as the CEO, CFO and secretary for Stocosil Inc. since December 2014 and led the IPO and fundraising for the organization. Soon served as in-house general counsel of EFT Holdings, Inc., a publicly traded company listed on the OTCBB, from October 2008 to Dec. 31, 2014. Soon has previously held significant positions with large public companies and accounting firms, including Yokohama Tire Corporation, KPMG, and Murchison and Cumming, LLP. Soon served as the corporate controller of Yokohama Tire Corporation overseeing the accounting, auditing, budget, manufacturing and insurance departments.
The Company additionally announces that Alan Tran and Simon Yu have resigned as directors. Yu will remain in his role as chief executive officer.
About Cannabis Strategic Ventures
Cannabis Strategic Ventures Inc. (OTC: NUGS) is one of the largest publicly traded marijuana cultivators in the United States. The Company is Los Angeles-based and incubates, develops and partners with category leaders within the cannabis and ancillary sectors. The firm's NUGS brand experience provides operational and financial strategic partnerships and a range of essential services to emerging and existing cannabis consumer brands.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance.
Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.