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MONTRÉAL, Nov. 15, 2019 (GLOBE NEWSWIRE) -- Elixxer Ltd. (TSX-V: ELXR and OTC-QB: ELXIF) (“ELIXXER”) is pleased to announce that Mr. Ferras Zalt has been appointed to the role of Executive Chairman with immediate effect.
Mr. Zalt, representing Elixxer’s major shareholders, joined the board of directors in April 2019 as the non-Executive Chairman. In Mr. Zalt’s role of Executive Chairman, he will now head up all corporate and operational aspects of the Company’s activities. Mr. Zalt will be taking a salary of $1.00 per year for the position.
Previously, Mr. Zalt has held positions at the NASA Space Agency, and Compaq Computer Corp. in the USA. In 1995, Mr. Zalt founded SoftTech, an IT consultancy business with a focus on the energy sector to capitalise on the need for specialist IT technical services particularly in the Oil and Gas sector. SoftTech grew rapidly and went on to deliver the largest SAP installation in the world at the time for Saudi Aramco. In 2001, Mr. Zalt sold the company to Atos Origin achieving several fold returns on invested capital and remained on as CEO to drive the business to further success. In 2005, as a result of a global repositioning strategy, Mr. Zalt had the opportunity to lead a management buyout of the company and within two years sold the company to Hewlett Packard, achieving significant returns to investors. In 2010, Mr. Zalt led an investment management buyout in Gulf Energy, an Oil and Gas full-service company. In three years, he sold the investment achieving healthy returns. In the past five years, Mr. Zalt has been developing an Energy from Waste project in the UK. Mr. Zalt holds a Bachelor’s Degree in Computer Science and Mathematics and a Masters Degree in Computer Science.
Mr. Zalt commented, “In this fast changing and dynamic legal cannabis sector, successful companies not only look at where the market is today but also where the market is going to be tomorrow. We have a strong belief that the next big area of growth in the legal cannabis industry will be supplying the European pharmaceutical market with high quality medical cannabis products. Elixxer Ltd.’s current portfolio is well positioned to capture this growth and our future investments will be adding to these capabilities. In addition, as the industry takes its next steps towards maturity, we will be putting strong emphasis on delivering revenues and profits from our investment portfolio and into Elixxer Ltd.
About Elixxer Ltd. (www.Elixxer.com)
Elixxer Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSX-V: ELXR) and the US OTC-QB exchange (OTCQB: ELXIF). It currently has investments in legal cannabis related businesses in Australia, Jamaica, Switzerland, Italy, and Canada.
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This press release may contain forward-looking statements with respect to Elixxer and its operations, strategy, investments, financial performance and condition. These statements can generally be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Elixxer could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under “Risk Factors and Risk Management” in Elixxer’s most recent Management’s Discussion and Analysis filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to Elixxer and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and Elixxer has no obligation to update such statements, except to the extent required by applicable securities laws.