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PharmaCielo Ltd. Appoints Dr. Patricio Stocker as President and CEO

TORONTO, Canada (July 8, 2016) — The Board of Directors of PharmaCielo Ltd. announced today that, upon achieving the goal of receipt of a manufacturing licence to process cannabis plants for medical and scientific purposes from the Colombian Ministry of Health and Social Protection, Jon Ruiz has resigned from his operating position as President and CEO.

The Board of Directors also announced the appointment of Dr. Patricio Stocker as President and CEO, effective immediately.

“My key goal when I took on the role of CEO of PharmaCielo was to prepare the company to start full operations in Colombia,” said Mr. Ruiz. “With PharmaCielo to be the first company to be granted this licence my goal has now been achieved, and it is therefore the moment for me to hand over the reins to Dr. Stocker's leadership for the next phase of PharmaCielo’s development. I will nevertheless remain fully involved as a member of the Board of Directors.”

“PharmaCielo has come a very long way in a relatively short period, and Mr. Ruiz must be thanked for his leadership through the essential and complex process of the licensing structure for the manufacture of cannabis oil extracts in Colombia,” said Simon Langelier, Chair. “The Board of Directors and I are pleased that Dr. Stocker has agreed to use his business leadership experience and knowledge to undertake the next phase in the company’s operational development and growth. Working together with Federico Cock-Correa, CEO of PharmaCielo Colombia Holdings, we are confident that the company is entering into its next phase of operations equipped for global growth and success.”

Jon Ruiz will be resuming his position as a member of the Board of Directors and continuing to help guide the company in the next phase of its growth and expansion.

“The recent achievement of being the recipient of the first-ever licence to process cannabis plants for medical and scientific purposes granted in Colombia provides a substantial platform on which to complete the overall licensing process through receipt of a cultivation licence, and eventually an export licence,” stated Dr. Stocker. “I am looking forward to guiding the company in this process as well as establishing our global sales and distribution channels.”

Dr. Stocker has been a member of the Board of Directors of PharmaCielo since its founding, serving on key Board committees. Prior to accepting the role of President and CEO, Dr. Stocker was CEO of Motorysa, a Colombian company in the automotive industry. Previously, Dr. Stocker was also President and CEO of Daimler Chrysler Colombia S.A. and as well the head of Daimler Commercial Vehicles in Latin America, based in São Paulo. 

Dr. Stocker is a member of the board of Cono S.A., an agricultural company headquartered in Argentina. He has previously served on boards of several Daimler AG affiliated companies in Latin America and the German-Colombian Chamber of Trade and Commerce in Bogotá, and was a member of the Young Presidents' Organization (YPO) in Bogotá and Sao Paulo.

A resident of Bogotá, Colombia, Dr. Stocker holds an undergraduate degree in business administration and a PhD in economics from the University of St. Gallen. Multilingual and multicultural, Dr. Stocker speaks Spanish, German, English and Portuguese.

About PharmaCielo Ltd.

PharmaCielo Ltd. is a global company privately held and headquartered in Canada with a focus on processing all natural, medicinal-grade cannabis oil extracts and related products to large channel distributors of standardized medical cannabis products.

The boards of directors and executive teams of PharmaCielo Ltd. and PharmaCielo Colombia are comprised of a diversely talented group of international business executives and specialists with the relevant expertise to ensure long-term success. The team recognized the significant role Colombia’s ideal location would play in building a sustainable business in the medical cannabis industry and has built a strong business plan focused on supplying the international medical marketplace.

PharmaCielo Colombia Holdings S.A.S., a wholly owned subsidiary of PharmaCielo Ltd., is headquartered at the company’s Nursery and Propagation Centre based in Rionegro, Colombia.

 

This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or “recurring” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, such as demand for the Company’s products, currency exchange changes and risks, internal funding and the financial condition of the Company, product roll-out, competition, technological changes, and other commercial matters involving the Company, its products, and the markets in which the Company operates, as well as general economic conditions, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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