Red Light Holland Appoints New Chief Financial Officer
● David Ascott has been appointed as Chief Financial Officer of Red Light Holland, a Psychedelics Company with more than $28 million of working capital*
● Bruce Linton, heavily involved in the CFO hiring process “ecstatic” to have Mr. Ascott join CEO Todd Shapiro and the Red Light Holland Team
Red Light Holland Corp. (CNSX: TRIP) (OTCMKTS: TRUFF), an Ontario-based corporation engaged in the production, growth, and sale of a premium brand of magic truffles, is pleased to announce David Ascott will become Red Light Holland’s Chief Financial Officer (“CFO”) effective November 2nd, 2021. The organization’s current CFO, Kyle Appleby, will assist with a smooth transition before moving on to focus on new opportunities. CEO Todd Shapiro and the Board of Directors wish to extend their gratitude to Mr. Appleby for his efforts and leadership during an important and initial stage in Red Light Holland’s journey.
Mr. Ascott whose past includes being the CFO (2011-2018) for Rocky Mountain Dealerships Inc., an agricultural equipment company with $1B in revenue, joins Red Light Holland after most recently being a Chief Financial Officer with an early stage private cannabis producer. Mr. Ascott, a CPA with over 30 years’ experience, began his career in public practice with Ernst & Young where he progressed to Senior Manager serving a variety of clients both domestically and abroad.
“Red Light Holland continues to exhibit vision and aggressive execution,” said Bruce Linton, Red Light Holland’s Chair of the Advisory Board. “We are a psychedelics company generating revenue, who have acquired multiple companies, acted on bought deals and are evermore analyzing our next moves for growth with our advantageous cash position – which is why I’m ecstatic that David Ascott is joining the Red Light Holland team. Todd Shapiro and I interviewed numerous candidates and together we realized David’s astute financial leadership with regulations, reporting, budgeting, operations and being a part of a team that grew revenues to 1 Billion dollars with a past company – would all lend well to helping with strategic growth and compliment our careful spending habits.”
“It is exciting to be joining a pioneering company in a growth sector,” added David Ascott, incoming Red Light Holland CFO. “The Red Light Holland team has the commitment and expertise to execute its strategic initiatives for the potential of psychedelics to help with positive change and continually lead the charge on providing access. I am proud to bring my dedication and financial leadership to this organization, with its balance sheet strength, including a significant cash balance, as we focus on revenue growth & future M&A opportunities while building global supply chains, distribution networks and a world class brand.”
This is a significant day for Red Light Holland and all of our shareholders. David Ascott will immediately help us with several important growth initiatives including increasing revenue growth and potential future M&As. I’m looking forward to working very closely with David who is very committed to Red Light Holland’s mission and vision.Todd Shapiro, CEO and Director of Red Light Holland
In consideration for Mr Ascott’s services, on top of his salary agreement, the Company authorized the grant of 1,000,000 incentive stock options to Mr. Ascott, with each such option entitling the holder thereof to acquire one common share in the capital of the Company for a period of 3 years, at an exercise price of $0.185 per common share. The Options shall vest according to the following schedule: (a) 1/3 of the Options shall vest one (1) year following the date of issuance; and Following the first year of the Agreement, the remaining 2/3 of the Options shall begin to vest in equal increments every six (6) months, such that 166,666 Options shall vest every six (6) months.
The Company would also like to take this time to acknowledge that CEO and Director Todd Shapiro is recovering from his recent COVID-19 diagnoses. On Behalf of the Board of Directors we wish our fearless leader and his wife, 6 year old son and 2 year old daughter a speedy recovery. Unfortunately, the diagnoses of COVID-19 limited Todd’s travel to The Netherlands where he was to meet up with Russell Peters, the company’s Chief Creative Officer and document Russell’s first psychedelic experience with Red Light Holland’s therapist and expert psychedelic guide Jeff Hamburg. As a result, both Russell Peters and Todd Shapiro have postponed traveling to The Netherlands for the documentation and live-stream event which was announced on October 15th, 2021, which will be rescheduled as soon as possible.
“I’m just glad my man Todd Shapiro and his family are recovering from COVID-19,” said Russell Peters, Chief Creative Officer. “It’s no joke. Neither is opening up about mental health and I assure everybody when the time is right, Todd and I expect to get to The Netherlands, where my plan is to have a guided truffle therapy experience and open up about my journey for the world to see. I truly believe that the more of us who tackle our demons and then share those outcomes will be beneficial for people everywhere and I feel blessed to be in a position to potentially help those struggling.”
Red Light Holland and Russell Peters will share more details, about where and when people in the Netherlands can attend the live intimate event and where individuals all around the world can view the live-stream, in due course.
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