Vancouver, BC - TheNewswire - OCTOBER 29, 2020 - Isodiol International Inc. (CSE:ISOL) (OTC:ISOLF) (FSE:LB6B.F) (CNSX:ISOL.CN) (the "Company" or "Isodiol") is sharing a corporate update to provide investors and the public transparency with the Company's efforts to restructure into an agile, global sales, research and development organization.
Resulting from the departure of Isodiol's former Chief Financial Officer, Eli Dusenbury, amid the global pandemic, the Company experienced no visibility to updates from previous audits. With no line of sight, Isodiol began receiving reactive notices including lack of payment for contracted services to Isodiol. As a result, Isodiol was forced to completely reconstruct its financial documentation for fiscal year 2020 by President Andrew S. Alvis and an interim Chief Financial Officer. While a 45-day grace period was enacted during the global health crisis, it proved to be insufficient. An audit typically takes 90-days to complete once all documentation is in place.
Alvis - whose background spans multiple industries and includes vast knowledge of foreign finance and accounting, including audit and compliance processes - was then appointed as Chairman of the Audit Committee and began the arduous process of rebuilding all of Isodiol's 2020 financial documentation.
Alvis states, "The process of rebuilding an entire year of fiscal records was extremely challenging, even with my background. However, the Company is pleased to announce that all of fiscal year 2020 has been rebuilt and is ready for auditors. This resulted in a streamlined process for all of Isodiol's future audits. What would normally have taken 90-days or more to complete in the past will now take approximately 45-days."
Alvis continues, "The new version of Isodiol, 'Isodiol 2.0' as we refer to it internally, is about building processes, creating and enforcing standard operating procedures including corporate governance, and streamlining the smoothest path forward to company growth."
As described by Isodiol Director, Leonardo Matesanz, "Isodiol is a champion of industry. The Company is on the field, on the 5-yardline, and in the red zone."
Marcos Agramont, Chief Executive Officer of Isodiol, who holds an extensive background in corporate operations with prior experience from large bottling, food, and co-packing corporations, states, "During the global health crisis, Isodiol has set policy, procedures, and metrics for corporate governance and discipline. While it is unfortunate that the decisions of past executives forced Isodiol into what appeared from an outside perspective to be more than a declining growth period, Isodiol's current leadership quickly and efficiently got into position to move the ball across the goal line."
Agramont continues, "Rumors plague the hemp industry; Isodiol has not been immune. With corporate governance and discipline fully enacted by Isodiol's Board, the unraveling of 2019-2020 will likely result in legal action for violations of corporate governance by executives who are no longer with the Company. We encourage the public and long-term shareholders to rely upon only corporate updates from Isodiol for the Company's developments."
Marvin Washington, Isodiol Vice President and Director of Business Development is a Super Bowl Champion who knows firsthand what it takes to achieve an ultimate level of success.
Washington states, "What Isodiol experienced is unnecessary roughness by prior executives. Isodiol was severely penalized by deliberate actions of those who did not have the Company's best interest at heart. Putting the past in the past, Isodiol will undergo a series of next-steps that are required to completely reset the Company's position for a brighter future."
Those steps include:
- Formal Securities announcement placing in effect a trading halt
- Secure outside investment to fund future corporate obligations
- Expand Isodiol's global business development and operations leadership team
- Fully engage global sales distributors for online and brick-and-mortar "big box" to small and medium business consumer product access
- Strategically expand Isodiol's global digital presence
- Facilitate international market growth into pharmacies with current products
- Continue international pharmaceutical research and development
- Announce Isodiol's role in an unprecedented professional sports sponsorship that increases hemp awareness
- Support community outreach initiatives including world hemp education and accessibility
- Maintain transparency with corporate announcements for the public and shareholders
- Unveil Isodiol 2.0's strategic global industry growth plan for 2021
Alvis concludes, "Isodiol is a 'Company of firsts'; this victorious track record continues and will be revealed in future corporate updates. Restructuring amid a global crisis has not been an easy process for Isodiol or for the hemp industry in 2020. However, upholding truth and justice for the betterment of the global population is this current executive leadership's vision. We thank all of Isodiol's supporters for their patience while the Company restructures and look forward to a very bright future."
ON BEHALF OF THE BOARD
ANDREW S. ALVIS
PRESIDENT & DIRECTOR
CHIEF EXECUTIVE OFFICER & DIRECTOR
VICE PRESIDENT & DIRECTOR
ABOUT ISODIOL INTERNATIONAL INC.
Isodiol International Inc. is focused on the nutritional health benefits that are derived from hemp and is a product development, sales, marketing, and distribution company of hemp-based Consumer Packaged Goods (CPG) and solutions. Isodiol has commercialized a 99%+ pure, naturally isolated CBD, including micro-encapsulations, and nano-technology for quality consumables and topical skin care products. Isodiol's growth strategy includes the development of over-the-counter and pharmaceutical drugs and continued international expansion into Latin America, Asia, and Europe. For additional information, visit https://isodiol.com
Forward-Looking Information: This news release may contain certain forward-looking information and statements. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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