Cloud 9 Appoints Lucas Russell as President & CEO


VANCOUVER, British Columbia, Feb. 16, 2022 (GLOBE NEWSWIRE) — Cloud 9 Web3 Applied sciences Inc. (CSE: CNI) (OTC: CLGUF) (FRANKFURT: 1JI0) (“Cloud 9” or the “Firm”), a number one decentralized community and information storage know-how firm, is happy to announce the appointment of Lucas Russell as President and Chief Government Officer.

Allan Larmour has resigned as CEO and Sefton Fincham has resigned as President efficient instantly. Mr. Larmour steps down as CEO to pursue different alternatives however will proceed to stay a director of the Firm. Mr. Fincham will proceed to be obtainable to offer consulting providers upon request. The Board of Administrators want to thank Mr. Larmour for his service to the Firm as CEO, and Mr. Fincham for his contributions to the Firm and want them success of their future endeavours.

Cloud 9 additionally declares the resignation of Peter Lee from the Board of Administrators efficient instantly. The Firm thanks Mr. Lee for his devoted years of service on the Board and needs him nicely in his different endeavours.

Lucas Russell will assume the roles of President & CEO efficient February 14, 2022. Mr. Russell has over a decade of expertise within the monetary markets and has been concerned with entrepreneurial companies for over 15 years, together with the event and financing of start-ups. He has served on boards and government groups of a number of publicly traded corporations, guiding them from non-public to public firms together with the turnaround and eventual sale of a hashish firm which was guided from close to chapter to an 8-figure exit in beneath 2 years. Mr. Russell has been an early and lively investor in a number of profitable crypto start-ups and at the moment serves as CEO of Valdor Expertise Worldwide Inc. (CSE: VTI), the place he’s overseeing the acquisition and a $5 million capital increase of a Layer 2 crypto know-how firm, and implementing its new enterprise technique and course. Mr. Russell is captivated with constructing firm worth and discovering accretive acquisitions for firms.

The Board of Cloud 9 commented, “We’re very happy to welcome Lucas as Cloud 9’s President & CEO. Lucas has intensive management expertise within the know-how business and company finance, and he has demonstrated his potential to construct profitable companies which is able to assist lead Cloud 9 to its subsequent section of development.”

Mr. Russell commented, “I’m honoured and excited to affix the Firm and this function as I’ve adopted Cloud 9’s progress. I look ahead to working with the chief staff and I’m desirous to assist the Firm’s enlargement as I work to ship success and create worth for our shareholders.”

The Firm additionally declares the appointment of Justin Jacobson as Vice President of Operations. Mr. Jacobson has over 15 years of expertise in strategic enterprise growth and operational venture administration with each US and Canadian non-public and public corporations. In 2012, Mr. Jacobson based Fraser Valley Capital Inc., a boutique angel funding agency devoted to serving to rising ventures of their early start-up phases. Via this firm, Mr. Jacobson has helped to lift thousands and thousands of {dollars} in seed capital, served on a number of government groups, and offered contract consulting to a wide range of enterprise sectors and know-how corporations.

Lucas Russell, President & CEO, stated, “We’re happy to welcome Justin as VP of Operations. Mr. Jacobson has been working with Cloud 9 as an impartial contractor for the previous 12 months and I’m assured that his expertise throughout the business will assist Cloud 9 in its subsequent stage of development.”

The Firm additionally declares that it has granted inventory choices to administrators and officers to accumulate an combination of 1,100,000 widespread shares exercisable at a worth of $0.42 per share for a interval of 5 years. As well as, 900,000 restricted share models (“RSU”) have been awarded to administrators and officers which vest over a interval of two years. Every RSU entitles the holder to obtain one widespread share of the Firm. These grants have been made pursuant to the Firm’s Omnibus Fairness Incentive Plan permitted by the shareholders of the Firm at its annual basic and particular assembly held on September 14, 2021.

ON BEHALF OF THE BOARD,
Cloud 9 Web3 Applied sciences Inc.

Allan Larmour
Director
(604) 669-9788

About Cloud 9 Web3 Applied sciences Inc.
Cloud 9 is a diversified know-how firm centered on leveraging its proprietary Net 3.0 know-how merchandise to allow the decentralized motion amongst shoppers and enterprise alike. Net 3.0 permits a sustainable world the place decentralized customers and machines are in a position to work together with information, worth and different counterparties by way of a substrate of peer-to-peer networks with out the necessity for third events creating many advantages resembling giving every person full management and possession of all private and company information.

For additional info, please contact:
Paul Searle
Company Communications
Citygate Capital Corp
Telephone: (778) 240-7724
psearle@citygatecap.com

Neither the Change nor its regulation providers supplier accepts accountability for the adequacy of accuracy of this launch. No inventory trade, securities fee or different regulatory authority has permitted or disapproved the data comprise herein.

Disclaimer for Ahead-Wanting Data

Sure statements on this press launch are forward-looking statements and are potential in nature. Ahead-looking statements aren’t based mostly on historic details, however slightly on present expectations and projections about future occasions, and are due to this fact topic to dangers and uncertainties which may trigger precise outcomes to vary materially from the long run outcomes expressed or implied by the forward-looking statements. These statements typically might be recognized by means of forward-looking phrases resembling “might”, “ought to”, “will”, “may”, “intend”, “estimate”, “plan”, “anticipate”, “anticipate”, “imagine” or “proceed”, or the unfavourable thereof or comparable variations. Ahead-looking statements on this information launch embody statements relating to: the Firm’s potential to efficiently launch merchandise and broaden partnerships; its pursuit of rising know-how merchandise; assist its pursuit of Web3 alternatives on a world scale; and the power of the brand new administration to make use of their expertise to positively affect Cloud 9’s enterprise. Such forward-looking statements ought to due to this fact be construed in gentle of such elements, and, besides as required by relevant regulation, the Firm will not be beneath any obligation, and expressly disclaims any intention or obligation, to replace or revise any forward-looking statements, whether or not on account of new info, future occasions or in any other case.



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