MONTREAL, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Terranueva Corporation (CSE: TEQ) (“Terranueva” or the “Company”). The Board of Directors of Terranueva announced today a new organizational structure. Mr. Peter Polatos is appointed as interim President and Chief Executive Officer for the entire organization and also becomes a director of the Company.
"I am delighted to join the Terranueva team as interim President and Chief Executive Officer," said Polatos. "By supporting the team in achieving its strategic vision, I can help accelerate the company's development into the next phase of growth.
"The arrival of Peter Polatos coincides with the recent progress made in the exploitation of our genetics," says Francisco Perez Junior, Vice-president & Chief Operating Officer of Terranueva. "In fact we have made significant advances in our cultivation methods, reaching a THC level that will fully meet the expectations of the cannabis market and facilitate the development of our products".
About Peter Polatos
Mr. Polatos is President of IPC (Investments Polatos Corp), a firm specializing in alternative financing and corporate restructuring. He is also a founding member of the BTB Real Estate Investment Trust (BTB-Un.TO) and a member of the organization's Investment Committee where he previously served as Vice President, Acquisitions and Assistant Secretary until March 31, 2009.
Until September 2005, he held the position of Assistant Vice President of Colliers International (Quebec) Inc., following four years (November 2001 to July 2005) as Vice President, Business Development at Technoparc Saint-Laurent and five years (March 1996 to September 2001) as a senior consultant at the National Bank of Canada.
Peter Polatos has extensive experience in the business world and the real estate industry, both in reorganization and restructuring, and the management, acquisition and sale of buildings. He holds a Master of Business Administration (MBA) from Concordia University, which he obtained in March 1997.
Departures within Management
As a result of these organizational changes and the evolution of its strategic plan, Terranueva announces the immediate departure of Pierre Ayotte, Rafaël Percopo and Louis Doyle, respectively former President and Chief Executive Officer, Chief Quality Assurance Officer and Chief Compliance Officer. Mr. Percopo and Mr. Doyle remain directors on the Company's Board of Directors.
ABOUT TERRANUEVA
Terranueva is leveraging research and development, innovation and operational efficiency to become a major player in the emerging cannabis industry. Their goal is to supply Canadian and international markets with premium quality medicinal and recreational cannabis. To reach this goal, Terranueva has implemented a modular production approach integrating the latest advances and innovations in the automation of these processes. Terranueva Pharma Corporation is a wholly owned subsidiary, possessing the necessary licenses from Health Canada to carry out its mission.
For more on Terranueva, visit www.terranueva.ca
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For more information, please contact:
Francisco Perez Junior, Vice-president & Chief Operating Officer
Telephone: (514) 883-8733