VANCOUVER, BC – April 5, 2022 – SWMBRD Sports Inc. (CSE:SWIM.CN) (“SWMBRD” or the “Company”) is pleased to announce that it has entered into an independent contractor agreement dated April 4, 2022 with Black Tag Inc. (“Black Tag”), pursuant to which Black Tag’s principal, Mr. Chris Kypriotis, who is the former Vice President of Nike Inc. and former President of Nike Brazil, has agreed to provide management, leadership and strategic advisory services to the Company as a director and as Chairman of the Company in consideration for: (i) a signing bonus in the amount of $387,750, which amount may be settled by the issuance of 4,700,000 common shares of the Company at a deemed price of $0.0825 per share (subject to release over a 36 month escrow period); and (ii) a monthly fee of $7,000, plus any applicable taxes, which fees will be paid retroactively from January 1, 2022. The term of the agreement commenced on April 4, 2022 and will continue for a term to expire on the earlier of April 4, 2025, or the date that the Company enters into an executive employment agreement with Mr. Kypriotis as its CEO.
About SWMBRD Sports Inc.
SWMBRD Sports Inc. is a Vancouver, B.C. based sporting goods company looking to enable millions to rethink their way of recreating in the water. Management believes that SWMBRD’s proprietary aquatic sports board, by virtue of its patented design, is revolutionary in how it empowers the human body in the water like nothing before, giving water lovers of all ages and abilities the freedom to explore all aquatic environments with ease.
By offering an aquatic board sport that is versatile, easy to use, easy to store, and which can be used by all ages and body types in any body of water (rivers, oceans, lakes and pools), the Company believes the sport of swimboarding has the potential to become one of the most popular board sports in the world, and SWMBRD a great aquatic brand.
The Company has refined manufacturing techniques most relevant to the SWMBRD and has successfully produced demonstration fleets of fully functioning boards, which have been in rigorous real-world use in Hawaii, Canada and Greece. The Company is now preparing to commence large scale mass production under an OEM agreement with Tahe Outdoors of Vannes, France – the preeminent board sport manufacturer in Europe. It is SWMBRD’s intention to have Swimboards available for sale in December of 2022.
For further information please contact:
Justin Schroenn – President, Chief Executive Officer and Director
Matthew Schroenn – Vice President and Director
Telephone: 604-375 4664
Gareth Schroenn – Vice President
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature including the statements regarding: the proposed appointment of Chris Kypriotis as a director and as Chairman of the Company in consideration for the signing bonus, which may be settled in common shares (subject to escrow requirements) and payment of certain consulting fees; the term of the agreement with Black Tag continuing until the earlier of April 4, 2025 or the date that the Company enters into an executive employment agreement with Mr. Kypriotis as its CEO; that the sport of swimboarding has potential to become one of the most popular board sports in the world and that SWMBRD may become a well known and recognized aquatic brand; and the Company’s plan to mass produce the swimboard under an OEM agreement with Tahe Outdoors. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “would”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or the negative thereof or similar variations. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking statements, including: business disruption risks relating to COVID-19; that the terms of the consulting agreement, including the proposed appointment of Chris Kypriotis as a director and as Chairman of the Company, may not occur as anticipated; that the term of the consulting agreement with Black Tag may be terminated earlier than anticipated for various reasons and/or that the Company may not enter into an executive employment agreement with Mr. Kypriotis as its CEO in the future; that the sport of swimboarding and SWMBRD brand may fail to gain popularity and/or recognition as anticipated; and the Company’s plan to mass produce the swimboard may not occur as anticipated or at all; and other risks outlined in the Company’s publicly filed documents available on SEDAR. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking statements are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.