- new Lead Director brings audit & governance expertise complemented by an unparalleled career in consumer packaged goods, hospitality/food service, retail and branding sectors -

TORONTO, April 30, 2018 (GLOBE NEWSWIRE) -- Newstrike Resources Ltd. (TSX-V:HIP) ("Newstrike" or the "Company”) announced today that it is pleased to welcome Stephen A. Smith CPA, CA to its Board of Directors.  Mr. Smith is expected to serve as Lead Director and Chair of Newstrike’s Audit Committee.  

“I want to warmly welcome Stephen to our Board and our Company,” said Newstrike CEO Jay Wilgar. “Stephen brings a wealth of Board-level perspective and sector-specific operational experience that is unparalleled and will be invaluable to our Board, Management team and shareholders as we enter a critical phase of our growth strategy with the pending opening of the Canadian market for adult-use recreational cannabis,” added Wilgar.

Mr. Smith served on the Board of Directors, Audit Committee and the Executive Committee for CST Brands (recently acquired by Couche-Tard), was recently an Advisory Board member of Jackman Reinvention Inc., a brand strategy consultancy in Toronto and is a member of the Board, and Chair of the Finance1 and Audit Committee, for the Metro Toronto Convention Centre.  His Executive experience includes serving as an Executive Vice President with the Loblaw Companies Ltd. and CFO, later Co-CEO of Cara Operations Ltd.

As part consideration for consenting to serve as a director, Newstrike issued Mr. Smith 1,000,000 options with an exercise price of $1.02 and a term of 3 years in accordance with the terms of Newstrike’s option plan.

Mr. Smith succeeds Scott M. Kelly, who has resigned as Executive Chair and stepped down from the Board.  Jay Wilgar, has accepted the role of Board Chair on an interim basis.   Mr. Kelly’s departure and the appointment of Mr. Smith are the latest steps in a well-coordinated succession plan developed by Newstrike’s Board to enhance both the Board itself and Newstrike’s Management team as the Company prepares to participate successfully in the opening of the Canadian market for adult-use cannabis. 

“Scott Kelly was instrumental in building this company into what it is today: a strong and focused company with a very bright future,” said Mr. Wilgar.  “On behalf of the Board of Directors, the Management team and everyone at Newstrike and Up Cannabis, I would like to express our gratitude to Scott for his unwavering commitment to the Company, his guidance, and his many contributions to our success.  Scott is stepping off the Board, but he is not stepping away, he will continue to provide counsel to me personally, the Board and the Company as a whole, as a Special Advisor and Chair of our Advisory Board.”

For further information, please contact:
Jay Wilgar, Director and CEO
Telephone: (905) 844-8866 ext. 12

1 Committee Chair.

About Newstrike and Up Cannabis

Newstrike is the parent company of Up Cannabis Inc., a licensed producer of cannabis that is licensed to both cultivate and sell cannabis in all acceptable forms. Up Cannabis is in turn the parent company of Up Cannabis Niagara Inc. Newstrike, through Up Cannabis and together with select strategic partners, including Canada’s iconic musicians The Tragically Hip, is developing a diverse network of high quality cannabis brands.  

For more information visit www.up.ca or www.newstrike.ca

Forward-Looking Information

This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Newstrike to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to Newstrike’s expectations with respect to growth, expansion plans and approvals, legalization of adult-use cannabis and timing thereof. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.

Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.

Newstrike does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.