17 Sep 2019 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
17 September 2019
Zoetic International plc
("Zoetic International" or the "Company")
Directorate Change
Zoetic International, the London listed vertically integrated CBD and natural resources company, is pleased to announce that Paul Mendell has been appointed to the Board as Non-Executive Chairman.
Mr. Mendell has been involved with the Company since its IPO and has been instrumental in both the identification of its natural resources projects as well as taking a lead role in establishing the CBD business, particularly by identifying the significant potential of Zoetic International's nitrogen-hydrogen gas discovery in Kansas. He was also the co-founder of Iofina plc and, prior to a recent acquisition, owned interests in over 250 horizontal and vertical producing oil and gas wells in the US.
Mr. Mendell has waived any remuneration for his role until the earlier of six months' time or the Company's share price reaching 14 pence.
Following Mr. Mendell's appointment, the Board has established an executive management committee who will be responsible for overseeing the day-to-day operations of the Company. This comprises:
·; Nick Tulloch - CEO
·; Trevor Taylor - Chief Strategy Officer
·; Antonio Russo - Chief Revenue Officer
·; Eric Anderson - Senior Vice President
·; Melvyn Davies - returns to the Company as Interim CFO
Mr. Taylor and Mr. Russo have primary responsibility for the Company's CBD business and Mr. Anderson has primary responsibility for the Company's natural resources assets.
Nick Tulloch, Chief Executive Officer of Zoetic International, said: "I am delighted to welcome Paul to his new role with us. Since we announced our new strategy two weeks ago, Paul has been an enormous support. He has an in depth understanding of both sides of our business and, in particular, no one has as much knowledge of our natural resource assets, and of how to monetise them, as Paul. He is popular with our team and business partners and I am looking forward to working with him to deliver value to shareholders.
"We have a new name, a new strategy and a refocussed management team. While we are under no illusion about the scale of the task ahead of us, we are confident that our CBD business can be built into a highly profitable operation and that during that period it can be supported by realising value from our natural resources assets."
Listing Rule 9.6.13 disclosures
Zoetic International confirms that there are no disclosures to be made in respect of Paul Mendell for the purposes of Listing Rule 9.6.13.
**ENDS**
Enquiries
Zoetic International plc +44 (0) 1738 472 029
Nick Tulloch
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
David Porter
Newgate Communications +44 (0) 20 3757 6880
Elisabeth Cowell
Ian Silvera
Fiona Norman