Namaste Technologies Inc. today is pleased to announce that it has reached a mutually agreed upon settlement with Sean Dollinger resulting in Mr. Dollinger entering into an advisory relationship with Namaste providing transition support to the Company to ensure the best interests of the business and stakeholders are met (the “Agreement”). Pursuant to the Agreement, Mr. Dollinger has withdrawn his previously announced legal application against the Company and has agreed to step down from all formal roles with the Company, including as a director, which will also enable him to spend more time with his young family and pursue other opportunities. Meni Morim remains Interim Chief Executive Officer (“CEO”) of Namaste.
“The events of the past few weeks have been difficult for everyone involved, but we are pleased to have reached a mutually agreed upon settlement that puts the interests of Namaste and our shareholders first,” said Interim CEO Meni Morim. “With this issue behind us, Namaste can focus on what matters most – growing our business and creating shareholder value. We have an excellent management team, a strong cash position, and a strategic plan that will drive innovation and growth. The future for Namaste is bright.”
As part of the Agreement, Mr. Dollinger has agreed to a market standard standstill, under which, among other things, he will vote his Namaste shares in favour of the election of management’s nominees to the Board of Directors (the “Board”) for three years. The Company and Mr. Dollinger have also entered into standard non-solicitation and non-competition agreements.
