VANCOUVER, British Columbia, Sept. 28, 2018 (GLOBE NEWSWIRE) — Affinor Growers Inc. (“AFI” or the “Company”) (CSE:AFI, OTC:RSSFF, Frankfurt:1AF) announces that Mr. Nick Brusatore has decided to step down as President and CEO of the Company. Mr. Brusatore will be focusing his time and effort on working with VDA Vertical Designs Aruba VBA in preparing the vertical farming project as well as working with the Government of Aruba in setting up and developing an agricultural research facility.
In addition, Mr. David Mack has decided to step down from the Board of Directors in order to focus his energies on his legal career.
The Company is very thankful to both Mr. Brusatore and Mr. Mack for their service to the Company and wish them both the best in their future endeavors.
The Company is excited to announce that the Company’s current CFO, Mr. Minhas, will be replacing Mr. Brusatore as the new President and CEO and will also join the Board as a Director. The Company has started the search for a new CFO to replace Mr. Minhas. Until such time as a replacement has been found, Mr. Minhas will remain on as the interim CFO.
The Company has also appointed Mr. Whitlock, a current director, as the Chairman of the Board. Mr. Whitlock has played an integral role in helping the Company move forward with its technology and in working to get the vertical farming project approved in Aruba.
Mr. Brusatore, commented that “The Company is in a great position to capitalize on its vertical farming technology. I felt I had done all I could do in getting the technology ready for commercialization and it was time to step down and focus my energies on Aruba. I have a great working relationship with the Government of Aruba and I am looking forward to working with them and VDA Vertical Designs VBA in developing the vertical farming project as well as an agricultural research facility.
Having been involved in designing the vertical farming technology, serving in various roles within the Company over the years and being an investor in Affinor, I am extremely excited in the direction the Company is headed under the leadership of Mr. Minhas, Mr. Whitlock and the rest of the Board.”
In connection with the appointment of Mr. Minhas as the new CEO and Director and Mr. Whitlock as the Chairman of the Board, Mr. Minhas and Mr. Whitlock have been granted 500,000 stock options each at an exercise price of $0.10, exercisable for a period of three year.
About Affinor Growers
Affinor Growers is a publicly traded company on the Canadian Securities Exchange under the symbol (“AFI”). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries using its vertical farming techniques. Affinor is committed to becoming a pre-eminent supplier of vertical farming technology.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
AFFINOR GROWERS INC.