Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: ATURF) (FSE: AHUH) ("Sixth Wave" or the "Company") is pleased to announce the appointment of Dr. Garrett Kraft as Vice President of Innovations and the appointment of Mr. Peter Manuel as Interim Chief Financial Officer.
Dr. Kraft has been with Sixth Wave since July 10th, 2017 and is spearheading multiple initiatives in the Company, including the development of the Company's AMIPs product for pathogen detection, including the SARS-CoV-2 virus, and managing the companies Intellectual Property portfolio. Dr. Kraft earned his Ph.D. from the University of Connecticut in Polymer Science and has over a decade of polymer synthesis experience. Dr. Kraft is named as an inventor on many of Sixth Wave's patents since joining the company.
Mr. Manuel brings over 30 years of financial management experience, having spent 17 years in public practice as a chartered accountant and 12 years as Chief Financial Officer of Ucore Rare Metals Inc. Mr. Manuel will continue in his role as Director of Sixth Wave, in which he has served since January of 2020.
The Company further announces that it has granted options to acquire 525,000 common shares at a strike price of $0.30 per common share. One third of the options will vest after six months, with an additional third vesting every six months thereafter until fully vested. The options will expire five years from July 2, 2021, the date of the grant.
The Company also announces the resignations of John Veltheer from his role as Chief Financial Officer and from the Board of Directors and James McKenzie from the Board of Directors. The Company wishes to thank both Mr. Veltheer and Mr. McKenzie for their valuable contributions to the company and wishes them well in their current and future endeavors.
Digital Marketing Engagement
Sixth Wave further reports that it has engaged the services of Native Ads Inc. ("Native Ads") to provide strategic digital media services at an initial cost of USD $300,000 over an expected period of twelve months. Native Ads will provide content development, web development, media buying, and distribution, as well as campaign reporting and optimization. Neither Native Ads nor any of its directors and officers own any securities of the Company.
Shares for Interest
The Company has issued 392,668 common shares to the holders of its unsecured convertible debentures in accordance with the terms of the debentures. The Company has the option to pay interest in cash at a rate of 7.5% per annum or pay interest in common shares of the Company at a rate of 10% per annum. For the interest payment due on June 30, 2021, the Company has elected to pay the full amount of interest owing to each debenture holder in common shares of the Company.
About Sixth Wave
Sixth Wave is a nanotechnology company with patented technologies that focus on extraction and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs). The Company is in the process of a commercial rollout of its Affinity™ cannabinoid purification system, as well as, IXOS®, a line of extraction polymers for the gold mining industry. The Company is in the development stages of a rapid diagnostic test for viruses under the Accelerated MIPs (AMIPs™) label.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for the detection and separation of viruses, biogenic amines, and other pathogens, for which the Company has products at various stages of development.
For more information about Sixth Wave, please visit our website at: www.sixthwave.com
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. In particular, successful development and commercialization of the company's technologies are subject to the risks that the technologies may not prove to be effective, the uncertainty of medical product development, the uncertainty of timing or availability of required regulatory approvals, lack of track record of developing products for medical applications and the need for additional capital to carry out product development activities. The value of any products ultimately developed could be negatively impacted if the patent is not granted. The Company has not yet completed the development of a prototype for the product that is subject to its patent application and has not yet applied for regulatory approval for the use of this product from any regulatory agency.
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