BARRIE, Ontario, Aug. 05, 2020 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, today announced the results of matters voted on at its annual and special meeting of holders of common shares held on Wednesday, August 5, 2020 (the “Meeting”). The voting results for each of the matters presented at the Meeting are outlined below.
There were 308 shareholders represented virtually or by proxy at the Meeting holding 40,152,300 common shares, representing 29.46% of MediPharm Labs total issued and outstanding common shares as at the record date for the Meeting. As the Meeting was held virtually, all resolutions were passed by a ballot vote.
1. Election of Directors
Each of the nominees for election as directors were elected as directors of MediPharm Labs for the ensuing year or until their successors are elected or appointed. In addition to those seven (7) nominees set out in the management information circular dated June 29, 2020 (the “Circular”), Chris Taves and Chris Halyk, who were appointed to MediPharm Labs’ board on July 13, 2020 and August 4, 2020, respectively, were nominated by management at the Meeting for election as independent directors of MediPharm Labs. Voting results for the election of the individual directors are as set out below:
| Nominee | Votes For | Votes Withheld | ||
| # | % | # | % | |
| Patrick McCutcheon | 35,050,179 | 97 | 1,066,328 | 3 |
| Christopher Hobbs | 35,183,696 | 97 | 932,811 | 3 |
| Shelley Martin | 35,434,171 | 98 | 682,336 | 2 |
| Miriam McDonald | 35,187,024 | 97 | 929,483 | 3 |
| Marufur Raza | 34,950,482 | 97 | 1,166,025 | 3 |
| Keith Strachan | 35,258,289 | 97 | 858,218 | 3 |
| Dr. Paul Tam | 35,286,789 | 98 | 829,718 | 2 |
| Chris Taves | 40,152,300 | 100 | - | - |
| Chris Halyk | 40,152,300 | 100 | - | - |
2. Appointment of Auditor
KPMG LLP, Chartered Professional Accountants, was appointed auditor of MediPharm Labs until the next annual meeting of the holders of the Shareholders at remuneration to be fixed by the directors. Voting results are as set out below:
| Votes For | Votes Withheld | ||
| # | % | # | % |
| 39,917,921 | 99 | 234,679 | 1 |
3. Omnibus Equity Incentive Plan
The resolutions were passed approving a new omnibus equity incentive plan, as more fully described in the Circular. Voting results are as set out below:
| Votes For | Votes Against | ||
| # | % | # | % |
| 34,005,572 | 94 | 2,110,935 | 6 |
4. Private Placement
The resolutions were passed approving matters related to a private placement transaction, as more fully described in the Circular. Voting results are as set out below:
| Votes For | Votes Against | ||
| # | % | # | % |
| 34,670,231 | 96 | 1,446,276 | 4 |
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and is nearing commercialization of its Australian extraction facility. MediPharm Labs Australia was established in 2017.
For further information, please contact:
Laura Lepore, VP, Investor Relations and Communications
Telephone: 416-913-7425 ext. 1525
Email: [email protected]
Website: www.medipharmlabs.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, supply of products to Hybrid Pharm for distribution pursuant to the agreement. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
