MPX International Announces Resignation of CFO

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TORONTO, July 31, 2020 (GLOBE NEWSWIRE) -- MPX International Corporation (“MPX International”, “MPXI” or the “Corporation”) (CSE:MPXI; OTCQX:MPXOF), a multinational diversified cannabis company, announces that David McLaren has resigned as Chief Financial Officer of the Corporation effective July 31, 2020 to pursue other opportunities. The Corporation noted that Mr. McLaren’s departure is not related to any issues or disagreements regarding the Corporation’s financial disclosures or accounting policies and practices.

The Corporation’s Vice President Finance and Accounting, Jonathan Chu, has been appointed as Interim Chief Financial Officer. Mr. Chu holds a CPA, CA and a B. Comm from McGill University and has a strong track record in financial management having held various senior financial accounting positions. Mr. Chu has been with MPXI since inception in February 2019 following the spin-out transaction, pursuant to a plan of arrangement (the “Arrangement”) with MPX Bioceutical Corporation (“MPX Bio”) and iAnthus Capital Holdings Inc. and was Vice President Finance and Accounting with MPX Bio from October 2016 until completion of the Arrangement.

“On behalf of the Board of Directors and the employees of MPXI, I would like to thank David McLaren for his contributions to MPX International,” said W. Scott Boyes, Chairman, President and Chief Executive Officer of MPXI. “The Board has begun a process to appoint a successor to Mr. McLaren and a further announcement will be made in due course. In the meantime, the Board has full confidence that Mr. Chu will succeed in shepherding MPXI’s finance and accounting functions as he has been an integral part of the development and implementation of the financial planning and accounting functions of MPX International.”

About MPX International Corporation

MPX International Corporation is a multinational diversified cannabis company focused on developing and operating assets across the global cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, MPX International’s objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in MPX International’s public documents filed on SEDAR at www.sedar.com, including its audited annual consolidated financial statements for the financial years ended September 30, 2019 and 2018 and the corresponding annual management’s discussion and analysis; and other matters discussed in this news release. Although MPX International believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, MPX International disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information, please contact:

MPX International Corporation
W. Scott Boyes, Chairman, President and CEO
T: +1-416-840-4703
[email protected]
http://mpxi.tv

For additional information on MPXI visit our website www.mpxinternationalcorp.com or http://mpxi.tv.