SANTA ANA, Calif., July 13, 2021 (GLOBE NEWSWIRE) -- Unrivaled Brands, Inc. (OTCQX:UNRV) ("Unrivaled" or the "Company") today announced that Eric Baum and Dallas Imbimbo have joined the Company’s Board of Directors as part of the closing of the merger with UMBRLA, Inc., doing business as Unrivaled.
Dallas Imbimbo has founded and scaled multiple businesses both inside and outside the cannabis sector. Mr. Imbimbo is a co-founder and member of the Board of Directors of KushCo Holdings (OTCQX:KSHB), a publicly traded company supplying a multitude of ancillary products to the cannabis industry, with over one billion consumer units sold to date. Mr. Imbimbo was also the instrumental founder and CEO of BigRentz, the nation’s largest construction equipment rental network, where he remains on the Board of Directors. Honors include Top Company Cultures in the nation by Entrepreneur Magazine 2015 & 2016 and Inc 5000’s Fastest Growing Company in America #48 in 2016. Mr. Imbimbo studied Psychology, Economics and Communication at the University of California at Davis.
Eric Baum brings over twenty years of experience in advising executive leadership teams for both well-established Fortune 50 companies and emerging ventures, across a spectrum of industries, including life sciences, cannabis, education, travel, technology, and real estate. In his concurrent roles as Managing Director of Acquis Consulting Group and Managing Director / Co-Founder of its affiliate company, Solidea Capital, he leverages his extensive management and operational consulting expertise to guide companies in areas such as corporate strategy, market positioning, growth and scale strategies, trajectory management, M&A, partnering frameworks, risk evaluation, and more. He also serves in several advisory and Board of Director roles for public and private companies such as KushCo Holdings, Starton Therapeutics, Big Rentz, Tenant Tracker, B Great, and Trip Kicks. In addition to advising companies on how to scale to the next level, Mr. Baum founded and leads a rapidly growing real estate investment firm operating in several U.S. markets. Mr. Baum holds a Bachelor of Business Administration from Emory University, where he graduated Valedictorian. He was awarded the Goizueta Business School Organizational Management Highest Award for Excellence and was inducted into Beta Gamma Sigma, the highest national business honor society.
The addition of these two high-quality board members come on the heels of the successful closing of the merger with UMBRLA and growing list of accomplishments over the last six months, which include but are not limited to:
- Launching initiative to restructure balance sheet and operations
- Monetizing investment in Hydrofarm Holdings Group, Inc. stock, yielding gross proceed of approximately $40 million in non-dilutive cash to the Company
- Entering into definitive agreements to acquire SilverStreak Solutions, Inc., one of the leading direct-to-consumer cannabis delivery services in greater Sacramento
- Updating governance and setting forth clear strategic goals
The Company's CEO, Frank Knuettel II, stated, "I am very pleased to welcome Eric and Dallas to the Company’s Board of Directors and believe that they will provide invaluable strategic and industry insight. They are also a strong addition to the board, capable of providing high levels of oversight, professionalism and corporate governance. I look forward to working with these two accomplished individuals.”
Knuettel continued, “I would also like to extend my warm appreciation to Ira Ritter, who has stepped down from the Company’s Board of Directors, for the hard work, diligence and dedication he provided in support of the growth of the Company. As a shareholder committed to the success of the Company, we expect to continue to receive feedback from him in that capacity and believe he will continue to make valuable contributions to Unrivaled Brands’ long-term growth.”
Securities Disclosure
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of the Company's securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Unrivaled Brands
Unrivaled Brands is a multi-state vertically integrated company focused on the cannabis sector with operations in California, Oregon and Nevada. In California, Unrivaled Brands operates three dispensaries, state-wide distribution network, company-owned brands and a cultivation facility and has two additional cultivation facilities and a dispensary under development. In Oregon, we operate a state-wide distribution network and company-owned brands. In Nevada, by way of a joint venture, Unrivaled Brands operates a cultivation and manufacturing facility. Unrivaled Brands is home to Korova, the market leader in high potency products across multiple product categories, currently available in California, Oregon, Arizona and Oklahoma, as well as Sticks and Cabana. For more info, please visit: https://unrivaledbrands.com.
Cautionary Language Concerning Forward-Looking Statements
Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "continue," "guidance," and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors.
New factors emerge from time to time and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in our reports with the SEC. Additional risks and uncertainties are identified and discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to Company as of the date of this release. The Company undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this release.
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