12:18:52 EST Sun 05 Feb 2023
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Hypercharge Networks appoints Kitsch as director

2022-12-06 12:34 ET - News Release

Mr. David Bibby reports


Hypercharge Networks Corp. has appointed Trent Kitsch as an independent member of the board of directors.

Mr. Kitsch is a well known Canadian entrepreneur with a record of success and a focus on consumer product innovation. He founded SAXX Underwear in 2007 and, following the sale of that business, co-founded DOJA Cannabis Company Ltd., which became Hiku Brands Company Ltd. through its merger with TS Brandco Holdings Inc. (Tokyo Smoke) and sold to Canopy Growth Corp. in 2018 for $630-million. In 2015, Mr. Kitsch co-founded Kitsch Wines with his wife, Ria Kitsch, with whom he works closely on developing the brand. He also co-founded Stately Capital Corp., which merged with Gold Flora LLC, a vertically integrated California cannabis company, earlier this year.

"I have been driving an electric vehicle since 2016 and believe the charging industry is still in the first inning. When David Bibby and I began speaking, I believed in his vision and strategy to serve this growing market opportunity," said Mr. Kitsch. "As an independent board member of Hypercharge, I will bring my experience as a public markets CEO and capital markets to this corporate governance role for the benefit of the company's investors. I believe the Canadian EV [electric vehicle] charging market will see tremendous top-line growth from the increasing number of electric vehicles on the road and geographic consolidation of charging providers and that Hypercharge will benefit from both of these trends."

"We are extremely pleased to welcome Trent to the Hypercharge board, as his proven experience developing strong, reputable brands and growing companies will strengthen the board and further our commitment to good corporate governance," said David Bibby, chief executive officer of Hypercharge.

In connection with his appointment as a director, Mr. Kitsch has replaced Liam Firus on the company's audit committee and the company's compensation and corporate governance committee. As a result, both such committees are now fully composed of independent directors, as required under the rules and policies of the NEO Exchange and the non-venture issuer rules of National Instrument 52-110 (Audit Committees).

The company also announces it has granted Mr. Kitsch 300,000 stock options at 56 cents for a three-year term. The options vest as to 25 per cent on each of three, six, nine and 12 months postissuance. Mr. Kitsch has also been granted 300,000 restricted share units, which will vest as to 25 per cent on each of six, 12, 18 and 24 months postissuance.

Change of financial year-end

The company is also pleased to announce that it has changed its financial year-end from Aug. 31 to March 31. The company hopes that the change in year-end to align with calendar quarter reporting will enhance market comparability and better accommodate audit firm staffing constraints.

For details regarding the length and ending dates of the company's new financial periods, including the comparative periods of the interim and annual financial statements to be filed for the company's transition year and its new financial year, reference is made to the notice of change in year-end filed by the company on SEDAR pursuant to Section 4.8 of National Instrument 51-102 (Continuous Disclosure Obligations).

About Hypercharge Networks Corp.

Hypercharge Networks is a leading provider of smart electric vehicle charging solutions that offers turnkey technology to multiunit residential and commercial buildings, fleet operations, and other rapidly growing sectors. Driven by its mission to accelerate EV adoption and enable the shift toward a carbon neutral economy, Hypercharge is committed to providing seamless, simple charging solutions by offering industry-leading equipment and a robust network of public and private charging stations.

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