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VANCOUVER, BC / ACCESSWIRE / November 1, 2020 / Thoughtful Brands, Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the "Company" or "Thoughtful Brands"), is pleased to announce that, effective immediately, Mr. Geoff Balderson has been appointed as Chief Financial Officer of the Company. Mr. Balderson has over 20 years of capital markets experience having worked for both private and public corporations. Mr. Balderson is a senior officer and director of several TSX Venture Exchange and Canadian Securities Exchange listed companies. Mr. Balderson is the President of Harmony Corporate Services Ltd., a private consulting company that advises public companies, and provides accounting, filing and corporate secretarial services to a multitude of publicly listed companies. Prior to his years in private business, Mr. Balderson was an investment advisor at Union Securities and Georgia Pacific Securities Corp. Mr. Balderson is a University of British Columbia Marketing and Sales Management graduate.
"I am pleased to announce the appointment of Geoff Balderson as the Company's new Chief Financial Officer," said Thoughtful Brands President, Joel Shacker. "Geoff brings to our team a breadth of experience and knowledge, having worked with a number of publicly traded companies, as well as private companies offering advisory services to public companies. Geoff is a great addition to our team and I am looking forward to have him aboard."
In addition to the above, the Company announces that its wholly-owned subsidiary, Verrian Germany GmbH ("Verrian"), has sought creditor protection in Germany. Verrian lacks sufficient working capital to sustain current operations, and satisfy creditor demands, and as a result is compelled to institute insolvency proceedings under applicable German insolvency law.
Verrian operates a pharmaceutical manufacturing facility in Radebeul, Germany, in which it is involved in clinical studies utilizing psychedelic compounds for the treatment of opiate addiction. In connection with the filing for the opening of the insolvency proceedings, Verrian has suspended all operations and is awaiting the appointment of a court-ordered (preliminary) administrator to oversee its affairs in the interest of the creditors and to decide the next course of action.
The decision for Verrian to file for insolvency was made after careful consideration. With the future of the global economy uncertain due to the pandemic, Thoughtful Brands has decided to focus on its core business: direct to consumer eCommerce brands, eCommerce technology and the vertical integration of its supply chain. The Company recently signed a definitive agreement to acquire Kentucky-based American CBD Extraction Corp., a leader in quality hemp cultivation. The acquisition would set the stage for Thoughtful Brands to become fully vertically integrated, controlling each aspect of the supply chain including production, logistics and value chain. The Company will launch new superior quality CBD brands offering products made from hemp they extract and produce themselves, as well as develop products formulated for future brand clients.