RevoluGROUP Canada Inc. announces the welcome of an Interim CEO, Interim Chairman and two New Directors, and the resignation of the current members of the board of directors

Vancouver, BC, Aug. 14, 2024 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92) (the "Company") today announced the naming of an Interim CEO & Director, Erik Aaron Lara Riveros, of the interim Chairman, Yoel Rosenheck, and of two new Directors, Gavin McMillan and Mab Shahriar, and announces the resignation of the actual members of the board of directors. The Company also confirms the CAD $7 million private placement from Meridien Holdings LLC led by the new board of directors.

The company acknowledges the services of the outgoing board of directors and welcomes the new members of the board

After the period of time, from to the resignation of the previous CEO and the Chairman, the remaining members of the board, Fernando Guillen, Francisco Balboa and Alfredo Manresa, have made a tremendous effort in terms of own human and capital resources to be able to fulfill their responsibilities, having to occupy positions and functions for which they were not initially called as board members. In an exercise of responsibility and in view of the urgent financial needs of the company, and with the sole intention of accelerating the capitalization of RevoluGROUP, they have decided to take a step back and appoint a new board of directors in coordination with some of the company's most significant shareholders.

Therefore, the Company is pleased to announce the approval with immediate effect of the new Board of Directors, subject to the TSX Venture acceptance of the requisite PIF (“Personal Information Form”), as follows:

• Erik Aaron Lara Riveros as Interim CEO 
• Yoel Rosenheck as Interim Chairman 
• Mab Shahriar as Director
• Gavin McMillan as Director 

Bios of the new Management team will be added to the corporate website https://revolugroup.com/about/management/ shortly.

This leadership team has been carefully selected to navigate RevoluGROUP through its current challenges and to capitalize on the opportunities ahead. Erik Aaron Lara Riveros and Yoel Rosenheck bring the leadership and strategic vision necessary to conclude the investment from Meridien and to guide the company toward sustainable growth. Mab Shahriar’s extensive experience on Wall Street will be invaluable in steering our financial strategy, while Gavin McMillan’s insights will enhance our strategic direction. As Gavin McMillan was previously the CEO and therefore not considered independent, a fifth independent board member will be appointed as soon as possible once the new board of directors takes office.