Appointment of Group Chief Financial Officer
Sydney, Jan 15, 2019 AEST (ABN Newswire) - THC Global Group Limited (THC Global or the Company) (
ASX:THC) (HDRPF:OTCMKTS) advises that the Company has appointed Mark Fortugno as the Group's new Chief Financial Officer. Mark's appointment follows Jarrod White advising the Company of his resignation and a subsequent executive search for an experienced CFO with cross-border transactional experience. The Board thanks Jarrod for his services and commitment to the Company over the past one and a half years.
Key Points:
- Mark Fortugno appointed CFO - cross border and high-growth strategy specialist
- Appointment to support expansion of the Company into new markets, and to oversee the transition into full-scale domestic production activities in 2019
- Senior financial management experience across Australia, Canada, and USA
Mark is a Chartered Accountant in Australia and Canada, in addition to being a Certified Public Accountant in the USA. Mark's experience spans over 15 years including Manager at KPMG (USA & Canada) in Cross Border Taxation, and as CFO for private-equity backed Cater Care (Aus), leading its growth in headcount by 720% and revenues by 474% (to $237 million) within 5 years of his appointment. Mark is a Canadian national and has significant financial management experience in Canada which will benefit the Company as it grows its Canadian asset portfolio including a cannabis cultivation site in Nova Scotia, Canada to be completed shortly.
Ken Charteris, Chief Executive Officer of THC Global, commented: "Mark's specialisation in cross border transactions and implementation of high-growth strategies are a perfect mix for THC Global as we seek to aggressively expand into new regions and markets over the next 12 to 24 months in addition to transitioning into full-scale operations at our domestic cannabis production facilities. We look forward to working closely with him in an exciting new period of growth for THC Global".
Mark will be issued the following long-term performance incentives under the Company's Employee Option Plan as part of his remuneration package:
- 750,000 Performance Options expiring 11 July 2021 exercisable at $0.75 each - vesting upon THC achieving a two-week Volume Weighted Average Price of $0.75 per share on or before 11 July 2020.
- 1,250,000 Performance Options expiring 11 July 2021 exercisable at $1.20 each - vesting upon THC achieving a two-week Volume Weighted Average Price of $1.20 per share on or before 11 July 2020.
Mark Fortugno
Mark has over 15+ years growing businesses internationally across Australia, Canada, the USA, Asia Pacific from start-up, to SME, corporates and multinationals. Mark's strategic and leadership experience spans finance, general management, operations, facilities management, business development, investment consulting, human capital, and restructuring. Mark has completed Leadership and Negotiations programs at the Harvard Club of Australia, in addition to governance training at the Australian Institute of Company Directors. Mark holds a Post- Graduate Degree in Accountancy and a Bachelor of Commerce with Distinction. Mark's strategic growth knowhow was forged across iconic groups including KPMG, SNC-Lavalin, and Cater Care Group. His specialist expertise includes strategy, investment and commercial appraisals, capital management and treasury, financial planning and analysis across international markets.
About THC Global Group Limited
THC Global Group Limited (ASX:THC) (OTCMKTS:HDRPF) (FRA:9TH) operates under a 'Farm to Pharma' pharmaceutical model, now holding all three key cannabis licences being a Cannabis Research Licence, a Medicinal Cannabis Licence (Cultivation), and a Manufacture Licence through its domestic medicinal cannabis subsidiaries THC Pharma and Canndeo. THC Global has secured a significant cannabis growing capacity over multiple cultivation projects and owns a pharmaceuticals bio-manufacturing facility with attached testing and product development laboratory. THC Global is in prime position to commence medicinal cannabis production to service both domestic patients and the global export market. THC Global is active globally with operations in Australia, New Zealand, and Canada and partnerships across Europe, Asia, and the Middle East. In addition to its core Australian medicinal cannabis assets, THC Global has a significant Canadian presence – both in cannabis and in hydroponics equipment. THC Global's Canadian cannabis operation, Vertical Canna, holds property in Nova Scotia, Canada being developed into a large scale cannabis production site. THC Global's hydroponics equipment division, Crystal Mountain, is a revenue generating manufacturer, wholesaler, and retailer of hydroponic equipment and supplies.
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