Fort Lauderdale, Florida - 
(NewMediaWire) - May 11, 2021 - Veritas
Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “Company”), a vertically
integrated CBD and Wellness company focused on the production of full spectrum
hemp oil products with naturally occurring cannabinoids, announces that on May
11, 2021, the Company entered into a Securities Purchase Agreement (the “SPA”)
with an existing shareholder, pursuant to which the Company contemporaneously
sold to the Purchaser an aggregate of (a) 2,000,000 shares of its Series A
Convertible Preferred Stock, and (b) 1,000,000 shares of its Series B
Convertible Preferred Stock, and as a result of the transaction and the voting
rights accorded the preferred stock issued, the Purchaser now holds
approximately 88% of the voting power of the Company and accordingly, a “Change
in Control” has occurred. For more information, please refer to the Form 8-K
that the Company filed with the Securities and Exchange Commission in relation
to the transaction.
Pursuant to the SPA, the
Company announces the resignation of Alexander Salgado, CEO and Co-Founder. Mr.
Salgado set out on a mission several years ago to produce the best and purest
quality hemp products on the market, with the goal of offering customers a
natural remedy for their ailments. He led the company to scalability by
expanding to 8,000 retail stores and navigating Veritas Farms to continued
success via their D2C e-commerce website in 2020 when the pandemic hit. Mr.
Salgado will be devoting more time to his family and other endeavors in the
wellness community.
Alexander Salgado, CEO, and
Co-Founder of Veritas Farms, said, “I am proud to have led Veritas Farms for so
many years. I am looking forward to my next path and am honored to pass the
torch to the new management team that I know will grow the company to even
greater success.”
Veritas Farms has named Stephen
Johnson as the new CEO. Mr. Johnson has over 20 years of executive
management experience, including as CEO of OmniComm Systems, a publicly held
health sciences company focusing on the delivery of technology products for
clinical research. Prior to that Mr. Johnson held management positions in
sales and marketing for Oracle Corporation, PHT, Inc. and Pfizer
Pharmaceuticals.
“Much of my recent career has
been focused on growing companies and building new product divisions to leading
positions in the industry,” said Stephen Johnson, CEO of Veritas Farms.
“I am honored to be taking on this new position with Veritas Farms. I am
looking forward to working with the talented and dedicated team at Veritas
Farms as we continue our journey to becoming the market leading provider of
sustainably produced, full spectrum CBD products.”
About Veritas Farms, Inc.
Veritas Farms, Inc. (OTCQB: VFRM)
is a vertically integrated agribusiness focused on producing superior quality,
whole plant, full spectrum hemp oils, and extracts containing naturally
occurring cannabinoids. The Company currently owns and operates a
140-acre farm and production facility in Pueblo, Colorado, and is registered
with the Colorado Department of Agriculture to grow industrial hemp. The
Company markets and sells products under its Veritas Farms™ brand and
manufactures private label products for a number of leading distributors and
retailers.
Veritas Farms full spectrum hemp oil products include
vegan capsules, tinctures, formulations for sublingual applications and infused
edibles, lotions, salves, skincare products, and pet products in a
variety of sizes, formats, and flavors. All Veritas Farms brand products
are tested for strength and purity by third-party, ISO certified
laboratories. The Company files periodic reports with the Securities and
Exchange Commission, which can be viewed at www.sec.gov.
For additional information and online product purchase,
visit www.theveritasfarms.com.
Veritas Farms, Inc. -
Investor Contact
Toll-Free: 833-691-4367
E-mail: ir@theveritasfarms.com
Veritas Farms, Inc. - Social
Media
Instagram: www.instagram.com/veritasfarmsofficial/
Facebook: www.facebook.com/VeritasFarmsOfficial/
LinkedIn: www.linkedin.com/company/veritasfarms/
Twitter: www.twitter.com/theveritasfarms
Cautionary Language
Concerning Forward-Looking Statements
This press release contains
“forward-looking statements” within the meaning of the safe harbor provisions
of the U.S. Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact, including those with
respect to the Company’s mission statement and growth strategy, are
“forward-looking statements.” Although the Company's management believes
that such forward-looking statements are reasonable, it cannot guarantee that
such expectations are, or will be, correct. These forward-looking
statements involve many risks and uncertainties, which could cause the
Company’s future results to differ materially from those anticipated.
Potential risks and uncertainties include, among others, general economic
conditions and conditions affecting the industries in which the Company
operates; the uncertainty of regulatory requirements and approvals; and the
ability to obtain necessary financing on acceptable terms or at all.
Additional information regarding the factors that may cause actual results to
differ materially from these forward-looking statements is available in the
Company’s filings with the Securities and Exchange Commission. The
Company assumes no obligation to update any of the information contained or
referenced in this press release.
