Mt. Pleasant, UT, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Green PolkaDot Box (OTC Pinks: “GPDB” or the “Company”) announced today that its CEO, Rod Smith, has announced his intent to resign from his positions as the Company’s Chief Executive Officer (CEO) and Director on or before December 31, 2017, provided that a new Board can be organized and a new CEO can be identified to replace him.
Smith’s resignation is intended to eliminate any potential conflicts of interest between GPDB and Buying Collective Holdings Incorporated (“BCHI”) where he currently serves as Chairman of the Board and CEO. “It is in the best interests of GPDB shareholders and the Company that I sever ties and make a complete, independent transition to BCHI and its new operating subsidiary Green Polka Dot Box LLC (the “LLC Operating Company”), pursuant to the Asset Purchase Agreement in place between the two companies,” explained Smith.
GPDB is entitled to receive shares of BCHI common stock for distribution to GPDB shareholders when the Asset Purchase Agreement is closed and GPDB will continue to own 20% of the LLC Operating Company. “By working diligently at BCHI on a full-time basis,” Smith continues, “I can better serve the interests of GPDB shareholders and build value in their ownership through the LLC Operating Company.”
Green PolkaDot Box® was America’s “first mover” online distributor of CLEAN foods—direct to consumer—through a disruptive Health Merchant® network comprised of hundreds of market influencers that have the potential to reach an estimated 45-million consumers. In February 2017, the Company entered into an agreement to sell its assets to BCHI, including the Health Merchant® network.
Buying Collective Holdings Incorporated, as its name implies, is focused on (1) building the Buying Collective of CLEAN food shoppers through the Health Merchant® network developed by and to be acquired from GPDB; (2) sourcing CLEAN foods at the lowest possible cost; and (3) selling CLEAN foods with direct, free delivery to households that are part of the Buying Collective.
For more information about the Health Merchant® program go to: www.greenpolkadotbox.com/healthmerchant
This Press Release includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as GPDB or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates,” “Plans” or other words or phrases of similar import. Similarly, statements herein that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
Source:Green PolkaDot Box Inc.