On November 17, 2020, an overwhelming majority of attending shareholders voted to support the new leadership team that was proposed by a group of concerned shareholders. Consequently, Dr. Duke Fu, Dr. Jason Dyck, Mr. Avi Geller, Mr. Hanoz Kapadia and Mr. John Esteireiro were elected as Directors of the Company. Dr. Duke Fu also was appointed as Interim CEO of the Company.
The period under review, Fiscal Q3 2021, relates to the period ended December 31, 2020. Results reported therefore relate predominantly to the legacy business and do not include any financials related to the proposed ALPS and Green Therapeutics LLC (“GT” or “Green Therapeutics”) acquisitions (see press releases dated January 5, 2021, February 9, 2021 and February 24, 2021).
Events subsequent to the quarter
The new leadership team immediately commenced executing on the strategy put forward by the concerned shareholder group. In short order, predominantly subsequent to quarter’s end, a number of important changes and major achievements were reported:
The Company appointed Jon Paul as its new CFO. Mr. Paul brings with him considerable public company experience in the cannabis industry, as well as a strong track record in driving profitability in very fast paced, emerging, regulated consumer industries. In relation to the transaction whereby AUSA is proposing to acquire a majority interest in ALPS (see below), the Company announced that Mr. Terry Booth is to be appointed as CEO upon completion of the transaction. Mr. Booth is one of the visionaries and pioneers in the cannabis sector and has a strong track record in executing and driving shareholder value. Upon the appointment of Mr. Booth as CEO, Dr. Duke Fu, currently Interim CEO, will take on the position of COO, with a special focus on driving organic growth and innovation. Dr. Fu, former President at MedMen Enterprises (2014-2015), also acts as