Seasoned, Strategic Finance Executive Kenneth E. Puzder Joins Exactus Senior Management Team
DELRAY BEACH, Fla., July 16, 2019 (GLOBE NEWSWIRE) -- Exactus Inc. (OTCQB: EXDI) – (the “Company”), a healthcare company pursuing opportunities in hemp derived cannabidiol (CBD) products, today announced that Kenneth E. Puzder has been appointed Chief Financial Officer, effective July 15, 2019.
Mr. Puzder will lead the Company's finance strategy and oversee the Company's financial and administrative operations, including finance, accounting, financial reporting, FP&E, tax, treasury, information technology and risk. Philip Young, who has served as the Exactus Interim Chief Financial Officer, will continue in his position as Chief Executive Officer of the Company.
"I am delighted to welcome Ken to the senior management team where his skills and leadership will be a tremendous asset as we continue to pursue our growth objectives," said Exactus Chief Executive Officer, Philip Young. "He brings diversified financial and accounting experience and a proven track record of partnering with business units to drive operating efficiency and profitability. The addition of Ken as an integral member of the Exactus leadership team further demonstrates our commitment to execute our strategy, drive profitability and enhance value for Exactus shareholders.”
"I am honored to join the Exactus team at this exciting time," said Ken Puzder. "I look forward to joining the senior management team to propel the Company forward in its efforts to position ourselves as a leader in the CBD industry. Together we will focus on creating profitable and sustainable growth opportunities for Exactus. I am delighted for the opportunity to be part of the team leading the Company to achieve substantial financial results and create shareholder value."
Kenneth E. Puzder is an accomplished leader in finance and accounting across a variety of industries and companies ranging in size from start-up to Fortune 500. Mr. Puzder brings an operational focus to all areas of finance, accounting and administration. Prior to joining Exactus as a Board Member in January 2019, Mr. Puzder served as Chief Financial Officer of Ceed2Med, LLC. Prior to 2018, he served as a Co-Founder, Managing Member, and CFO of the Lukens Group, LLC, a behavioral therapy firm that focuses on a variety of behavioral struggles including alcoholism, drug abuse, depression and anxiety with a special emphasis on PTSD. From January of 2007 to December of 2017, Mr. Puzder was president of his own consulting firm, Kenneth E. Puzder Consulting. As a seasoned financial executive, Mr. Puzder specialized in debtor side representations, financial leadership in rapid growth environments, mergers and acquisitions, restructuring and turnaround, and personal and partnership tax returns. From July of 2003 through December of 2006, he served in various positions with the Arby’s Restaurant Group (“ARG”) family of companies, including: Chief Financial Officer of AFA Service Corporation (a sister company to ARG), VP of Accounting and Finance for Arby’s Restaurant Group, Inc., and Regional Controller for RTM, Inc. (a subsidiary of ARG). From August of 2000 through April of 2003, Mr. Puzder served as Controller of Panera Bread Company. From January of 1999 through August of 2000, he served as Vice President and Secretary of the Linder Funds, a series of mutual funds. Prior to serving that position, from March of 1998 through August of 2000, he was Financial Operations Principal and Assistant Secretary of Lindner Asset Management, the asset management firm for the Linder Funds. From February of 1996 until March of 1998, he was an audit manager with KPMG Peat Marwick, LLP specializing in large life insurance companies, stock brokerage firms and real estate companies. From June of 1990 through February of 1996, Mr. Puzder was with Mills Group, Inc., serving as its Chief Financial Officer and Treasurer.
Mr. Puzder holds a B.S. in Accounting from the University of Missouri, St. Louis, graduating with honors, and is a Certified Public Accountant in the state of Missouri.
To learn more about Exactus, Inc., visit the website at www.exactusinc.com.
Exactus Inc. is pursuing opportunities in hemp derived cannabidiol, which is more commonly referred to as CBD. Industrial hemp is a type of cannabis plant containing less than 0.3% THC (tetrahydrocannabinol), which is the psychoactive component of the cannabis plant. Industrial hemp is cultivated for the plant’s seed, fiber, and extracts. After 40 years of prohibition, the Agricultural Improvement Act of 2018, known as the 2018 Farm Bill, legalized hemp on the federal level. Hemp production will be regulated by the United States Department of Agriculture (USDA) and the states. As a result, Hemp has generally been removed from the Controlled Substances Act (CSA) and the Drug Enforcement Administration (DEA). A potential risk of growing hemp in the United States is that the entire crop must be destroyed if it tests at a THC percentage greater than 0.3%.
For more information about Exactus: www.exactusinc.com.
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission (the "SEC") on March 29, 2019 and under the heading “Risk Factors” in our Current Report on Form 8-K filed with the SEC on January 14, 2019, and in other periodic and current reports we file with the SEC. If any of these risks were to occur, our business, financial condition, or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Safe Harbor" below.
Safe Harbor - Forward-Looking Statements
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic and current filings with the SEC, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
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Released July 16, 2019