KIRKLAND, Wash.–(BUSINESS WIRE)–POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) (“POSSIBLE” or “Company”), the premier cannabis payment and sales platform, is proud to appoint Chris Baker to the company’s newly created role of Chief Strategic Officer.
“Chris’ extensive experience leading strategic initiatives and teams is a great fit. We couldn’t be more excited to welcome him to the POSaBIT team,” said Ryan Hamlin, CEO/co-founder of the company. “I have no doubt that Chris will provide tremendous strategic support and insight as our organization continues to expand.”
“POSaBIT is a fantastic opportunity,” commented Baker. “The company’s year-over-year growth has been incredible and I am impressed with the strong market fit of their products. I am thrilled to join the team and continue to expand the company’s footprint throughout North America.”
Chris is passionate about the power of technology, and has over 20 years of leadership in the industry. In previous roles, he has led award-winning, multidisciplinary teams spanning 4 continents for global corporate clients. In his role as Chief Strategy Officer at the company, he will lead strategy with the POSaBIT team, collaborating across the business to keep the company ahead in a rapidly changing business environment. His career began at IBM Global Services, where he focused on delivering projects and programs across technology service delivery. Most recently, he served as VP of Technology and Innovation at Genius Avenue, an Insuretech/Fintech startup.
In connection with his appointment, the company has granted 1,000,000 share options (“Alternatives”) to Chris Baker pursuant to the terms of the Company’s Stock Option Plan (“Plan“). The options are exercisable into common shares of the company at an exercise price of $1.10 CDN per share over the next 10 years, vesting over 4 years, all in accordance with the plan and the policies of the Canadian Securities Exchange.
POSaBIT (CSE: PBIT) POSaBIT is a FinTech that works exclusively within the cannabis industry. We offer a best-in-class Point-of-Sale solution and are the leading cashless payment provider for cannabis retailers. We work tirelessly to build better financial services and transaction methods for sellers. We bring cutting-edge software and technology to the cannabis industry so that all merchants can have a safe and compliant set of services to solve the problems of a cash-only industry. For more information, visit www.posabit.com.
Warning regarding forward-looking information and statements
This press release contains certain forward-looking information under applicable Canadian securities laws (“forward-looking statements“). All statements other than statements of current or historical facts are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “ongoing”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negative words, that imply future outcomes or that certain events or conditions “may” or “will” occur. These statements are predictions only.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, business, economic and capital market conditions ; the ability to manage our operating expenses, which could adversely affect our financial condition; our ability to remain competitive when other better-funded competitors develop and release competitive products; regulatory uncertainties; market conditions and the demand and prices of our products; our relationships with our customers, distributors and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers’ needs; our ability to attract, retain and motivate qualified personnel; competition in our industry; our ability to maintain technology leadership; our ability to manage risks inherent in foreign operations; the impact of technology changes on our products and industry; our inability to develop new and innovative products; our ability to maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect our business; our ability to manage working capital; and our dependence on key personnel. POSaBIT is an early stage company with a short operating history; it cannot achieve profitability; and it may not actually achieve its plans, projections or expectations.
Important factors that could cause actual results to differ materially from POSaBIT’s expectations include consumer sentiment towards POSaBIT’s products, litigation, global economic climate, loss of key employees and consultants, additional funding requirements, changes in laws, technology failures, competition and counterparty failures. to fulfill their contractual obligations.
Neither we nor any of our representatives make any representation or warranty, expressed or implied, as to the accuracy, adequacy or completeness of the information contained in this news release. Neither we nor any of our representatives shall have any liability whatsoever, in contract, tort, trust or otherwise as a result of the use of the information in this news release or for omissions from the information in this news release.