Founder and current CEO Joseph E. Meehan will assume new role as CENTR's Founder and Board Chairman. Founder and current President, Arjan Chima, to become new CENTR CEO
CENTR Brands Corp. (CSE: CNTR) (FSE: 303) (OTCQB: CNTRF) (the "Company"), one of the fastest-growing premium functional wellness drink brands in North America, today announced:
- the transition of current CEO, Joseph E. Meehan, to Board Chairman,
- the appointment of Arjan Chima as Chief Executive Officer of the Company, relinquishing his current role as President,
- the appointment of David Young as President of the Company, in addition to his current role as Chief Financial Officer, and
- the transition of R. Campbell Becher from his role as Board Chairman, remaining as an elected Director.
As one of the Company's founding partners, Arjan has played an important catalyst to the Company's growth in his past roles of President and CFO. Arjan will play a key role in scaling CENTR Brands as one of North America's premier functional wellness beverage companies. Prior to CENTR Brands, Arjan was the Chief Commercial Officer of G&W Distilling Inc. ("G&W"), leading the accelerated growth plan of G&W's commercial strategy as their main brand, NÜTRL Vodka (&Soda), was increasing market penetration across Canada. Due to the success of G&W's business, Arjan was responsible for negotiating and securing the eventual sale of G&W to Labatt Breweries of Canada, a subsidiary of Anheuser Busch InBev. Arjan earned a BA Degree in Economics from Simon Fraser University, and an MBA from Alliance Manchester Business School.
David Young, having served as CFO since June 2021, brings more than 20 years of executive and financial leadership, drawing on roles in both industry and private equity settings. David's previous roles included Principal at global investment firm The Carlyle Group and other leading investment institutions including Perella Weinberg Partners, and as a director of private equity firm Talara Capital Management. Mr. Young is a distinguished alumni of the University of Virginia's McIntire School of Commerce.
"The Board of Directors would like to thank Mr. Meehan for his significant contributions as CEO," said Campbell Becher, the Company's current Board Chair. "Under his leadership, the Company has successfully closed numerous private placements, navigated the pandemic, and expanded its product portfolio into new beverage categories offering a strong value proposition for consumers as they seek new ways to find their CENTR. With an opportunity to mean more to all stakeholders and capitalize on global health & wellness trends, Arjan is the right leader for CENTR Brands. We are confident that Arjan will strengthen our position as an industry leader in functional wellness, focusing on revenue growth opportunities and improving returns to our shareholders."
Arjan commented: "CENTR Brands has a highly differentiated and innovative brand offering and is at the intersection of many global health trends. I am excited by the significant growth opportunities ahead for CENTR Brands with our current portfolio and our innovation pipeline. No company in this category is better positioned to win in the emerging health beverage market. I am excited by the foundation built by our team to develop an offering that strongly resonates with consumers, and captures additional market opportunity ahead. Together we will drive sustainable, industry-leading growth that benefits employees, shareholders and other stakeholders."
About CENTR Brands Corp.
CENTR Brands Corp. is one of North America's leading functional wellness beverage companies, and maker of the #1 selling CBD beverage brand in the United States, according to Brightfield Research. The Company develops and markets non-alcoholic, functional ingestibles for the global market. The Company produces CENTR, CENTR Sugar Free, both sparkling, low-calorie CBD beverages and CENTR Instant, a family of on-the-go, adaptogen-based CBD powders. CENTR Sugar Free and CENTR Instant are winners of Best CBD/Hemp Drink at the InnoBev Awards 2022. For more information on CENTR Brands visit www.findyourcentr.com or contact us at [email protected]. Be sure to follow us on the socials @findyourcentr. Consumers that do not yet have a local CENTR Brands retailer can visit our online store at: www.findyourcentr.com/shop
On behalf of the Board,
CENTR BRANDS CORP.
Arjan Chima, Chief Executive Officer
This press release may contain "Forward-Looking Statements" within the meaning of applicable Canadian securities laws. Forward-Looking Statements are not comprised of historical facts. Forward-Looking Statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-Looking Statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since Forward-Looking Statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with Forward-Looking Information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such Forward-Looking Information. "Forward-Looking Information" in this news release includes, but is not limited to, the Company's intentions regarding its objectives, goals or future plans and statements, including with respect to the value proposition the Company offers to consumers, the Company's ability to capitalize on global health & wellness trends, its ability to grow revenue opportunities and improve returns to its shareholders, the Company's positioning in the emerging health beverage market and the Company's ability to drive sustainable, industry-leading growth. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such Forward-Looking Statements. The Company does not intend, and does not assume any obligation, to update these Forward-Looking Statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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