ISOLF - Isodiol International Inc. Corporate Update Announces Final Restructuring Actions Including Trade Halt and Strategic International Growth Plans
(TheNewswire)
Vancouver, BC - TheNewswire - OCTOBER 29, 2020 - Isodiol InternationalInc. (CSE:ISOL) (OTC:ISOLF) (FSE:LB6B.F) (CNSX:ISOL.CN) (the"Company" or "Isodiol") is sharing a corporateupdate to provide investors and the public transparency with theCompany's efforts to restructure into an agile, global sales, researchand development organization.
Resulting from the departure of Isodiol's former ChiefFinancial Officer, Eli Dusenbury, amid the global pandemic, theCompany experienced no visibility to updates from previous audits.With no line of sight, Isodiol began receiving reactive noticesincluding lack of payment for contracted services to Isodiol. As aresult, Isodiol was forced to completely reconstruct its financialdocumentation for fiscal year 2020 by President Andrew S. Alvis and aninterim Chief Financial Officer. While a 45-day grace period wasenacted during the global health crisis, it proved to be insufficient.An audit typically takes 90-days to complete once all documentation isin place.
Alvis - whose background spans multiple industries and includes vast knowledge of foreignfinance and accounting, including audit and compliance processes - wasthen appointed as Chairman of the Audit Committee and began thearduous process of rebuilding all of Isodiol's 2020 financialdocumentation.
Alvis states, "The process of rebuilding an entireyear of fiscal records was extremely challenging, even with mybackground. However, the Company is pleased to announce that all offiscal year 2020 has been rebuilt and is ready for auditors. Thisresulted in a streamlined process for all of Isodiol's future audits.What would normally have taken 90-days or more to complete in the pastwill now take approximately 45-days."
Alvis continues, "The new version of Isodiol,'Isodiol 2.0' as we refer to it internally, is about buildingprocesses, creating and enforcing standard operating proceduresincluding corporate governance, and streamlining the smoothest pathforward to company growth."
As described by Isodiol Director, Leonardo Matesanz,"Isodiol is a champion of industry. The Company is on the field,on the 5-yardline, and in the red zone."
Marcos Agramont, Chief Executive Officer of Isodiol,who holds an extensive background in corporate operations with priorexperience from large bottling, food, and co-packing corporations,states, "During the global health crisis, Isodiol has set policy,procedures, and metrics for corporate governance and discipline. Whileit is unfortunate that the decisions of past executives forced Isodiolinto what appeared from an outside perspective to be more than adeclining growth period, Isodiol's current leadership quickly andefficiently got into position to move the ball across the goalline."
Agramont continues, "Rumors plague the hempindustry; Isodiol has not been immune. With corporate governance anddiscipline fully enacted by Isodiol's Board, the unraveling of2019-2020 will likely result in legal action for violations ofcorporate governance by executives who are nolonger with the Company. We encourage the public and long-termshareholders to rely upon only corporate updates from Isodiol for theCompany's developments."
Marvin Washington, Isodiol Vice President and Directorof Business Development is a Super Bowl Champion who knows firsthandwhat it takes to achieve an ultimate level of success.
Washington states, "What Isodiol experienced isunnecessary roughness by prior executives. Isodiol was severelypenalized by deliberate actions of those who did not have theCompany's best interest at heart. Putting the past in the past,Isodiol will undergo a series of next-steps that are required tocompletely reset the Company's position for a brighterfuture."
Those steps include:
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- Formal Securities announcement placing in effect atrading halt
- Secure outside investment to fund future corporateobligations
- Expand Isodiol's global business development andoperations leadership team
- Fully engage global sales distributors for online andbrick-and-mortar "big box" to small and medium businessconsumer product access
- Strategically expand Isodiol's global digitalpresence
- Facilitate international market growth intopharmacies with current products
- Continue international pharmaceutical research anddevelopment
- Announce Isodiol's role in an unprecedentedprofessional sports sponsorship that increases hemp awareness
- Support community outreach initiatives includingworld hemp education and accessibility
- Maintain transparency with corporate announcementsfor the public and shareholders
- Unveil Isodiol 2.0's strategic global industry growthplan for 2021
Alvis concludes, "Isodiol is a 'Company offirsts'; this victorious track record continues and will be revealedin future corporate updates. Restructuring amid a global crisis hasnot been an easy process for Isodiol or for the hemp industry in 2020.However, upholding truth and justice for the betterment of the globalpopulation is this current executive leadership's vision. We thank allof Isodiol's supporters for their patience while the Companyrestructures and look forward to a very bright future."
Follow our Corporate updates onFacebook at https://www.facebook.com/isodiol/ on Twitter @Isodiolintlinc on LinkedIn at https://www.linkedin.com/company/isodiol/ and on Instagram @isodiol
ON BEHALF OF THE BOARD
ANDREW S. ALVIS
PRESIDENT &DIRECTOR
MARCOS AGRAMONT
CHIEF EXECUTIVE OFFICER & DIRECTOR
MARVIN WASHINGTON
VICE PRESIDENT & DIRECTOR
LEO MATESANZ
DIRECTOR
INVESTOR RELATIONS:
Ir@isodiol.com
604-409-4409
MEDIA CONTACT:
media@isodiol.com
ABOUT ISODIOL INTERNATIONALINC.
Isodiol International Inc. is focused on thenutritional health benefits that are derived from hemp and is aproduct development, sales, marketing, and distribution company ofhemp-based Consumer Packaged Goods (CPG) and solutions. Isodiol hascommercialized a 99%+ pure, naturally isolated CBD, includingmicro-encapsulations, and nano-technology for quality consumables andtopical skin care products. Isodiol's growth strategy includes thedevelopment of over-the-counter and pharmaceutical drugs and continuedinternational expansion into Latin America, Asia, and Europe. Foradditional information, visit https://isodiol.com
Forward-LookingInformation: This newsrelease may contain certain forward-looking information andstatements. All statements included herein, other than statements ofhistorical fact, are forward-looking information and such informationinvolves various risks and uncertainties. There can be no assurancethat such information will prove to be accurate, and actual resultsand future events could differ materially from those anticipated insuch information. A description of assumptions used to develop suchforward-looking information and a description of risk factors that maycause actual results to differ materially from forward-lookinginformation can be found in the Company's disclosure documents on theSEDAR website at www.sedar.com . The Company does notundertake to update any forward-looking information except inaccordance with applicable securities laws.
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