SWIM:CC - SWMBRD Announces Entry into Consultant Agreements Appointment of new CFO Employment Agreements with Existing Management Termination of Services Agreement and Grant of Restricted Share Units
(TheNewswire)
VANCOUVER, BC – TheNewswire - July 6, 2023 - SWMBRD Sports Inc.(CSE:SWIM) (“ SWMBRD ” or the “ Company ”) announces that it has entered into consultingagreements with Mr. Paul Done and Mr. Brian Fong (the “ Consultants ”) to provide variousbusiness development and brand execution services to the Company. TheCompany has agreed to engage Mr. Done for a term of twelve months,subject to earlier termination by the Company upon 10 days’ writtennotice, or by the Consultant or upon 30 days’ written notice, andwill grant Mr. Done 240,000 RSUs in consideration for his services.The Company has agreed to engage Mr. Fong for a term of twelve months,subject to earlier termination by the Company upon 10 days’ writtennotice or by the Consultant upon 30 days’ written notice. TheCompany has agreed to grant Mr. Fong 693,000 RSUs in consideration forhis services. The RSUs granted to the Consultants will vest as to 50%of the first three months and the other 50% over the remaining 9months, commencing July 1, 2023.
Mr. Brian Fong brings notable experience in brand management andgrowth strategies. During a six-year tenure at Sleeman/SapporoBrewing, he launched, managed, and expanded a diverse portfolio ofnational and international brands, including Dos Equis and otherglobal brands.
Mr. Fong then embarked on a consulting career that has includedworking with advertising agencies, CPG brands, virtual brand agencies,and working as a fractional CMO providing strategic guidance andsupport to various organizations including helping them with brandpositioning, marketing, and growth strategies. His consulting work hasspanned industries such as sports, tourism, and hospitality,collaborating with notable clients to develop and implement effectivemarketing and sales strategies.
For more information please visit his LinkedIn profile atlinkedin.com/in/brand-tastic.
Mr. Paul Done is an experienced communications professional who hasworked extensively in the sports, tourism, and hospitality sectors.Beginning his career in journalism in Southern Ontario, he laterrelocated to British Columbia to focus on the sports industry. Duringhis tenure at companies such as Sugoi Apparel and Outdoor Gear Canada,he developed and managed marketing and communications strategies forboth consumer and trade audiences.
In 2005, Mr. Done established epicmedia, a boutique public relationsand communications agency. Through his agency, he has led andsupported media and communications efforts for national and regionalbrands including Hy's of Canada, Donnelly Group Hospitality, NÜTRLVodka, Red Truck Brewing, TransRockies Events, the St. Regis Hotel,and RBC GranFondo Whistler.
To learn more, visit www.epicmedia.ca .
The Company is pleased that Mr. Fong and Mr. Done will be joining theSWMBRD Team. Both will be working closely with SWMBRD CreativeDirector, Mr. Liam Greenlaw, to plan and execute the Company’sfuture consumer advertising campaign, strategic brand development, andsales strategies.
(Please see news release of May 30, 2023 https://swmbrd.com/blogs/news
More about Liam Greenlaw
Liam Greenlaw has written, art directed and shot over 150 broadcastcommercials, and created network branding and promo packages for TheMovie Network, Much Music Video Awards, Edge TV and Major LeagueBaseball. He's been founder and Creative Director of Barkinhotsudio (an international high octane Creative agency ) and is formerlyCreative Director at Wasserman and Partners Advertising (BC's largestindependent agency). Liam has been Creative Director on campaigns forLevis, Adidas, Nike, Toronto Blue Jays, Toronto Maple Leafs andNascar. He's designed over 150 poster campaigns for North American andinternational feature films. He's done editorial shoots from BritneySpears to Marilyn Manson. His current work includes high profilecampaigns for iconic BC brands such as ICBC, WorkSafe, Counter Attack,Preventable and Vancity to name a few.
The Company also announces that has given one month’s notice toterminate it’s Services Agreement with Zimtu Capital Corp. for CFO,office premises and administrative services. Further in this regardthe Company announces the resignation of Ms. Jody Bellefleur as CFO ofSWMBRD effective July 5, 2023. The Company sincerely thanks Jody forher important service to the Company through the CSE listing processand subsequently, and to Zimtu, Dave Hodge and the entire Zimtu Teamfor providing a supportive, professional and welcoming environmentduring this period.
In connection with the above, the Company announces the appointment,effective July 5, of Mr. Dong Shim as CFO of the Company, subject toCSE and related approval. Mr. Shim is a member of the CharteredProfessional Accountants of British Columbia and a Certified PublicAccountant registered in the State of Illinois, United States.
Mr. Shim has served as an audit partner on numerous audit engagementswith a mid-size firm located in Vancouver, British Columbia, where heaudited various publicly traded companies, primarily focusing onjunior mining, oil and gas, pharmaceutical, and high-tech industries.As an audit partner, Mr. Shim also assisted various start-up companiesin achieving public listings on the TSX Venture Exchange, CanadianSecurities Exchange and the OTC Market. Mr. Shim founded afull-service accounting firm SHIM Accounting Corporation, now SHIM& Associates LLP, in 2013 and is also the President and CEO ofGolden Tree Capital Corp. which provides corporate advisory servicesto publicly listed entities.
In this regard the Company also announces that it has entered intoconsulting agreements with Mr. Dong Shim, Mr. Stefan Beukman, andGolden Tree Capital Corp. (the “Consultants”) to provide variousCFO, accounting, bookkeeping and related services to the Company. TheCompany has agreed to engage the Consultants for a term of twelvemonths, subject to earlier termination by the Company upon 60 days’written notice or by the Consultant upon 60 days’ written notice andwill grant Mr. Shim 126,000 RSUs; Mr. Beukman 63,000 RSU’s; andGolden Tree Capital Corp. 189,000 RSU’S in consideration for thefirst three months of their services. The RSUs granted to theConsultants will vest over the first three months of the contract.,commencing July 1, 2023. For the fourth month of Services andthereafter under the Consulting Agreement, and subject to thefinancing of the Company, a cash fee will be paid in the amount of$5000 per month (the “Cash Fee”) to Mr. Shim and $1000 to Mr.Beukman, or otherwise such additional grants of RSUs as are agreedbetween the Company and the Contractor; The agreements will commenceon July 1, 2023.
Mr. Beukman is an accounting professional with over 25 years ofaccounting experience both in North
America and Internationally. He graduated from the University ofJohannesburg, South Africa in 1992 with
a Bachelor of Commerce Degree, before moving to Canada. He currentlyworks as a consultant for various public and private companies. Hisfocus is mainly on a number of TSX-V and CSE listed companies,predominantly focusing on the resource sector, both in Canada andabroad. In addition to his accounting experience, he has worked in thefinancial sector with various large insurance companies bothInternational and across North America.
The Company also announces it has filed it’s Feb 28, 2023 Year EndAudited Financial Report. The report can be accessed on SEDAR, as wellas on the Company’s website, www.swmbrd.com.
The Company is also pleased to announce that the Board of Directors ofthe Company has approved the award of an aggregate of 360,000 RSUs tocertain non-executive directors of the Company in accordance with theCompany’s Plan. The RSUs granted to the non-executive directors willvest at a rate of 10,000 RSUs per month over a period of twelvemonths.
The Company also announces the entry into written executive employmentagreements (the “Agreements”) with Justin Schroenn, in hiscapacity as CEO of the Company; Matthew Schroenn and Gareth Schroenn,in their capacities as Vice Presidents of the Company (together, the“Executives”) effective July 1, 2023. Pursuant to the Agreements,the Executives will each receive a monthly salary of $7,000, and willeach be granted a total of 1,200,000 restricted share units each,
(“RSU’s”), in accordance with the Company’s Omnibus EquityIncentive Plan (the “Plan”). The RSUs granted to the Executiveswill vest over a period of twelve months. The Agreements will continueindefinitely until terminated pursuant to the terms of the Agreements.
About RSUs
Each RSU represents the right to receive, once vested, one commonshare in the capital of the Company. In accordance with the policiesof the Canadian Securities Exchange, all of the 5,271,000 RSUs andcommon shares underlying such RSUs are subject to a hold period offour months and one day from the date of issuance.
None of the securities acquired will be registered under the UnitedStates Securities Act of 1933, as amended (the “ 1933 Act ”), and none of them maybe offered or sold in the United States absent registration or anapplicable exemption from the registration requirements of the 1933Act. This news release shall not constitute an offer to sell or asolicitation of an offer to buy nor shall there be any sale of thesecurities in any state where such offer, solicitation, or sale wouldbe unlawful.
About SWMB RD Sports Inc.
SWMBRD Sports Inc. is a Vancouver, B.C. based sporting goods companylooking to enable millions to rethink their way of recreating in thewater. Management believes that SWMBRD’s proprietary aquatic sportsboard, by virtue of its patented design, is revolutionary in how itempowers the human body in the water like nothing before, giving waterlovers of all ages and abilities the freedom to explore all aquaticenvironments with ease. By offering an aquatic board sport that isversatile, easy to use, easy to store, and which can be used by allages and body types in any body of water (rivers, oceans, lakes andpools), the Company believes SWMBRD and the sport of swimboarding hasthe potential to become one of the most popular board sports in theworld, and a great aquatic brand. The Company has refinedmanufacturing techniques most relevant to the SWMBRD and hassuccessfully produced demonstration fleets of fully functioningboards, which have been in rigorous real-world use in Hawaii, Canadaand Greece. The Company has now commenced large scale mass productionunder an OEM agreement with Tahe Outdoors, Vannes, France - thepreeminent board sport manufacturer in Europe.
For further information please contact:
Justin Schroenn – President, Chief Executive Officer and Director
E-mail: justin.schroenn@swmbrd.com
Telephone: 778-870-1497
Matthew Schroenn – Vice President and Director
E-mail: matthew.schroenn@swmbrd.com
Telephone: 604-375 4664
Gareth Schroenn - Vice President
E-mail: gareth.schroenn@swmbrd.com
Telephone: 604-339-2721
Forward-Looking Statements
Certain statements in this pressrelease are forward-looking statements and are prospective innature. Forward-looking statements are not based on historical facts,but rather on current expectations and projections about future events, and aretherefore subject to risks and uncertainties which could causeactual results to differ materially from the future results expressedor implied by the forward-looking statements. These statementsgenerally can be identified by the use of forward-looking words suchas “may”, “should”, “will”, “could”, “intend”,“estimate”, “plan”, “anticipate”, “expect”,“believe” or “continue”, or the negative thereof or similarvariations. Such statements are qualified in their entirety by theinherent risks and uncertainties surrounding the Company’s businessplan with respect to the engagement of the Executives and theConsultants and the services to be provided to the Company; the grantsof RSUs; the anticipated commercial production and sale of itsSWMBRDs; the Company’s plan to develop its brand and the sport of swimboarding; and those additional risks set out in theCompany’s public documents filed on SEDAR at www.sedar.com. Suchforward-looking statements should therefore be construed in light ofsuch factors, and the Company is not under any obligation, andexpressly disclaims any intention or obligation, to update or reviseany forward-looking statements, whether as a result of newinformation, future events or otherwise.
The Canadian Securities Exchange hasnot reviewed or approved the contents of this news release.
THIS NEWS RELEASE IS NOT FORDISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FORDISSEMINATION IN THE UNITED STATES
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