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Announces Corporate name change to reflect expanded Business Model
Vancouver, British Columbia–(Newsfile Corp. – March 23, 2021) – CannaOne Technologies Inc. (CSE: CNNA) (OTC PINK: CNONF) (FSE: 3CT) (“CannaOne” or the “Company”) is pleased to announce Mr. Robert Yu as its first appointment to the newly formed Strategic Advisory Board of the Company. Mr. Yu brings a depth of insight and expertise from the global financial sector to the CannaOne organization.
Mr. Yu has deep industry and market knowledge in the Company’s target market with a career specializing in structuring and facilitation of a broad array of financings and and acquisitions. Known for developing efficient solutions to difficult problems while ensuring alignment to targeted business roll-out and growth strategies. This inaugural addition to the Strategic Advisory Board, will greatly assist to strengthen our ever-expanding network and to enhance our recognition as Pan-Global leaders in the Fintech sector.
“As we look to our future growth trajectory, it is critical that our Company receive timely insight and guidance from industry experts familiar not only with the digital financial services sector at large, but with the geography, demography and business culture of the regions that we look to operate and expand our network infrastructure and service footprint.” stated Mr. Mike Penner, President and CEO.
Mr. Yu currently is a Principal at Sierra Madre Advisors, a Manila-based private equity firm, investing in Philippine companies and entities that can become leaders in their sector(s), actively engaging with them to deliver significant change in their trajectory through strategy development, upgraded governance and operational improvement.
Prior to joining Sierra Madre, Mr. Yu served as an Interim CFO capacity for Converge ICT, focused on crafting a more efficient capital structure for the Company. He negotiated ~US$ 350 million of debt financing from various local banks and helped raise ~US$ 200 million of strategic equity investment from a private equity sponsor.
Since moving full-time to Asia in 2014, Mr. Yu has been active in various finance roles in the investment banking and private equity sector, where he was responsible for origination, structuring and execution of M&A and capital raising transactions. Among the projects that he has spearheaded are the US$ 1 Billion+ sale of AES Corporation’s majority stake in Masinloc Power to San Miguel Corporation (Philippines) and the US$ 780 million acquisition of 20% of Security Bank (Philippines) by Bank of Tokyo Mitsubishi UFJ.
Mr. Yu previously served as a Vice President for Morgan Stanley in Hong Kong from 2015-2018, a Senior Associate at Lake Capital Partners in Chicago from 2010 – 2013, and as an Analyst for Citigroup in New York from 2007 – 2009. His capabilities to conduct and navigate international business transactions that require real world emerging market expertise pertaining to general economic conditions, industry trends, regulatory requirements, and other relevant items of consideration have always been recognized as traits of enormous inherent value.
Mr. Yu’s transaction experience and long term standing in the Asian market positions him perfectly to identify more investment and acquisition opportunities for CannaOne.
PLANNED NAME CHANGE
Subject to all necessary approvals, including that approval of the CSE, the company intends to proceed with a change of its name to Lynx Global Digital Finance. Further details will be announced when available.
“The team has worked very hard to bring to closure on many various initiatives over the recent months – we are now bringing many of these projects to closure and it is a fantastic feeling. We are really developing a deep bench as far as management talent – and I am very optimistic about what the future will bring. To be able to attract talent like Mr. Yu is also a great sign of things to come. We have identified a great market opportunity and I look forward to growing our Company to meet an obvious market need.” Stated Mike Penner, CEO, CannaOne.
ABOUT CANNAONE TECHNOLOGIES:
Since inception Cannaone has focused on development and deployment of its proprietary online marketplace platform. Integral to the true intent and directive of the long-term planning of these development efforts was an early-stage technology agreement to allow for integration of a payment and financial technology platform to facilitate merchant sales within its online platform. As such, since March 2017 the company has worked closely with payment technology providers in SE Asia, to ascertain the pathways to the greatest potential for future growth in the world’s fastest growing digital payment markets. With the existence of ever-evolving international relationships with parties specifically focused on the facilitation of payment processing and bank acquiring infrastructure, the Company sees potential to increase revenue over time with the continued integration and utilization of complete payment processing capabilities within our online marketplace solutions. The Company will look to expand its online client portfolio to include additional business sectors, such as those to most effectively service the payment processing requirements of e-commerce providers.
CannaOne seeks to become a global leader in financial technology, solutions, and services for merchants as it works hand in hand with select niche banking partners. CannaOne intends to integrate PCI certified payment solutions with its proprietary and proven online marketplace technology platform to offer a truly comprehensive suite of products and services to serve B-to-B merchant clientele. The Company has targeted banking relationships outside of North America, (specifically in SE Asia), and by working with selected banking or licensed EMI partners, our solutions may include merchant acquiring solutions; integrated payment solutions; global eCommerce solutions; core processing and ancillary applications solutions; digital and online marketplace solutions, including internet, mobile and eBanking; fraud, risk management and compliance solutions; electronic funds transfer and network services solutions; and/or card and online retail payment solutions. The Company is focused on organic growth while investigating potential strategic acquisitions, that may contribute critical technology applications, services and immediate revenue streams that can complement or enhance our existing offerings and potentially increase or expedite our path to future profitability. While Cannaone believes that significant near-term opportunities exist for the Company’s solutions, there can be no assurance that customer agreements will be reached or that such agreements will be profitable should they be implemented.
For more information, please contact:
Michael Penner, CEO
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. The securities referred to herein will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be”, or variations of such words and phrases or statements that certain actions, events, or results “will” occur. Forward-looking statements are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of CannaOne and Vasu to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures, other costs, or implied future forecasts. There can be no assurance that the acquisition of an interest in Vasu will be completed on the terms described herein, or at all. The Company further again cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the Company’s limited operating history and the need to comply with environmental and governmental regulations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. CannaOne will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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