TACOMA, WA / ACCESSWIRE / September 25, 2020 / IONIC BRANDS CORP.
(CSE:IONC)(OTC PINK:IONKF)(FRA:1B3) ("IONIC BRANDS" or the "Company")
announces the temporary discontinuation of the Company's Directors and
Officers ("D&O") Insurance policy due to the exorbitant cost of premiums to
the operations as of July 1^st 2020. While this is a difficult decision for
the Company to make, it is a necessary financial decision for the short term.
Consequently, the Company will be reducing the number of Directors, down from
seven to five, where Christian Vara was the last Company appointment, Board
ratified member added on February 25, 2020.
Ionic Brands hopes to reinstate the D&O Insurance policy sometime in the 4^th
quarter this year, at which point the Company will evaluate adding additional
board members. Mr. Brian Lofquist and Mrs. M. Carroll Benton have chosen to
relinquish their board positions as Directors of the Company effective
immediately. The resignations were not the result of any disagreement with the
Company or any of its affiliates on any matter relating to the Company's
operations, policies, or practices. Mr. Lofquist and Mrs. Benton have agreed
to assist in an advisory capacity as needed. In connection with the departure
of Mr. Lofquist and Mrs. Benton from the Board, the size of the Board has been
reduced from seven to five members.
John P. Gorst, Chairman and CEO of Ionic Brands Corp commented, "While the
temporary discontinuation of our D&O Insurance is not ideal, I would like to
thank Brian and Carroll for their contribution in assisting with the
navigation of the Company through a challenging period in the Company's
history. We are grateful for their contributions to Ionic Brands and wish them
the very best in the future."
About IONIC BRANDS CORP.
The company is dedicated to building a regionally based multi-state
consumer-focused cannabis concentrate brand portfolio with strong roots in the
premium and luxury segments of vape concentrates and edibles. The cornerstone
Brand of the portfolio, IONIC has aggressively expanded throughout the Pacific
Northwest of the United States. When combined with Dabulous, they occupy a
spot with the top ten vaporizer brands in Washington State. The brand is
currently operating in the States of Washington and Oregon. IONIC BRANDS'
strategy is to be the leader of the highest-value segments of the cannabis
On behalf of IONIC BRANDS CORP.
Chief Executive Officer & Chairman
For more information visit www.ionicbrands.com or contact:
[email protected] com
To stay better informed with the current events of the company you can join
our investor community at https://www.ionicbrands.com/investor-community
The CSE does not accept responsibility for the adequacy or accuracy of this
All statements, other than statements of historical fact, included herein are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. The risks are without limitations the price for cannabis and
related products will remain consistent and the consumer demand remains
strong; availability of financing to the Company to develop the retail
locations; retention of key employees and management; changes in State and/or
municipal regulations of retail operations and changes in government
regulations generally. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the Canadian Securities
Exchange, the British Columbia Securities Commission, the Ontario Securities
Commission and the Alberta Securities Commission.
SOURCE: IONIC Brands Corp.
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