Hempco Announces Change of Directors and CFO

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Hempco Announces Change of Directors and CFO

Canada NewsWire

And Amendment to News Release of February 17, 2017

Symbol: TSX.V – HEMP

VANCOUVER, Feb. 27, 2017 /CNW/ - Hempco Food and Fiber Inc. (TSXV: HEMP) ("Hempco®") is pleased to announce a change of its Chief Financial Officer ("CFO") and the new directors appointed in connection with the Company's annual general meeting of shareholders held on February 23, 2017 (the "AGM").

Further to its news release of February 17, 2017, Hempco® advises that the resignation of Praveen Varshney from the Hempco board of directors (the "Board") and as CFO, and of the appointment of John Ross as the new CFO, were effective following the AGM on February 23, 2017, rather than on February 17, 2017 as previously announced.

"I am extremely grateful to Praveen for his support and mentorship taking our small family business – into the "big time" of the public market and funding the incredible growth we have experienced over the last 1 ½ years. Praveen's capacity as CFO was more of an "external participation", and with all our growth and financial ability and needs, we are especially grateful for Praveen's help in identifying a successor and passing the torch to John Ross – our new CFO with a more "internal" hands on focus," said Hempco's Chief Executive Officer, Charles Holmes.

At the AGM, Hempco's first as a publicly  traded  company, Hempco's shareholders elected each of the individuals set out below to the Board (in addition to Mr. Varshney who resigned following the AGM). Lorne Gerntner did not stand for re-election at the AGM, but will continue to serve as a consultant to the Company. Additional biographical information with respect to the directors elected at the AGM is included in Hempco's information circular for the AGM, which is available on SEDAR.

Charles Holmes – CEO and founder. Continues to guide Hempco® as a pioneer and leader in the hemp industry.

Angela Holmes – COO and founder. Continues to manage operations and the office team. Angela will also be serving on the audit committee.

Don Mosher – Don was also appointed as VP Capital Markets following the AGM. He has over 30 years experience in the public market in the areas of funding, business development and strategic alliances.

Mary-Lynn Bellamy-Wilms – Mary-Lynn has a background in the areas of branding, marketing and image. She will also be serving on the audit committee.

Joel Watson – CPA, CA, with a background in accounting and finance. Joel will also be serving on the audit committee.

James Longshore – B.A., has over 25 years experience working with public companies in the resource sector with a focus on the areas of strategic alliances, funding and business development.

Hempco® is honoured to be working with such a committed and skilled team of leaders in their fields.

In connection with the new director and officer appointments, James Longshore and Joel Watson were granted 150,000 options and John Ross was granted 100,000 options. Each of these options is exercisable into one common share in the capital of Hempco at a price of $0.62 per share until February 23, 2022.

ON BEHALF OF THE BOARD

"Charles Holmes"                 

Charles Holmes
Chief Executive Officer
HEMPCO FOOD AND FIBER INC.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Hempco Food and Fiber Inc.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2017/27/c6372.html

Copyright CNW Group 2017

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