EnWave Appoints Mr. Pablo Cussatti to its Board of Directors, Announces Retirement of Director, Mr. Hugh McKinnon
VANCOUVER, British Columbia, Nov. 20, 2020 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company"), announced today that Mr. Pablo Cussatti has
been appointed to EnWave’s Board of Directors. Mr. Cussatti brings 28 years of food operations and manufacturing experience to the Company. He is currently the Senior Vice President of
Manufacturing for Ventura Foods and has extensive experience with other national brands such as Blue Apron, Pinnacle Foods, Pepsi Bottling Group, and Dean Foods. EnWave believes that Mr. Cussatti’s
expertise will benefit the operations and growth prospects of NutraDried Food Company (“NutraDried”), the Company’s wholly-owned subsidiary, and other strategic initiatives currently underway at
EnWave, including the buildout of a Radiant Energy Vacuum toll manufacturing facility.
Mr. Cussatti’s appointment coincides with the retirement of Mr. Hugh McKinnon from his role as a Director. Mr. McKinnon is on a number of public and private company Boards and has decided to reduce the number businesses that he is involved with. EnWave is very grateful for the high-level governance and strategic guidance provided by Mr. McKinnon throughout his six-year tenure as a director of the Company. EnWave would like to thank Mr. McKinnon for his past contributions and ongoing support of EnWave.
EnWave’s Board of Directors currently sits at seven members including Ms. Mary Ritchie (Audit Committee Chair), Mr. Stephen Sanford (Independence Committee Chair), Mr. Patrick Turpin, Dr. Steward Ritchie, Mr. Pablo Cussatti, Mr. Brent Charleton (EnWave’s President and CEO) and Mr. John P.A. Budreski (Executive Chairman).
Upon his appointment to the Board of Directors, the Company has granted Mr. Cussatti an aggregate of 150,000 incentive stock options, subject to the terms of the Company’s Stock Option Plan (the “Plan”), that are exercisable at the last closing price of the Company’s common shares on the TSX Venture Exchange (“TSXV”) on November 19, 2020. The incentive stock options are exercisable for a term of five years expiring on November 19, 2025 and will vest in accordance to the provisions set out in the Plan, or as otherwise required by the TSXV. The Company also granted Mr. Cussatti an aggregate of 20,000 Restricted Share Rights (“RSRs”) pursuant to the Company’s Restricted Share Rights Plan. The RSRs granted will vest three years from the date of the award.
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