VANCOUVER, British Columbia, May 14, 2018 (GLOBE NEWSWIRE) — Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV:N) (FRANKFURT:M5BQ) (OTCMKTS:NXTTF) is pleased to announce the integration of several critical updates to the Company’s online patient acquisition tool, NamasteMD Inc. (“NamasteMD”). NamasteMD, which is the Company’s revolutionary mobile app, which is available on desktop, Apple IOS and Android devices, has allowed Namaste to accelerate patient growth at a rate that exceeds any industry peers and at significantly lower cost per patient. NamasteMD is presently ranked as the #2 Medical application in the Canadian Apple Store. NamasteMD provides a simple digital platform for patients to acquire medical cannabis documentation from the comfort of their home. Since its initial launch, the Company has acquired over 2,000 patients exclusively through organic growth without any paid advertising. The Company believes that the recent updates to the app will allow Namaste to fully deploy its marketing strategy and accelerate growth in what the Company believes will soon be Canada’s largest database of medical cannabis patients.
With this release patients now have a more streamlined and reliable video experience, enabled by our trusted partner Twilio. This release also includes stability and performance improvements, including a fix for a bug that was preventing a small percentage of our users from logging in. The Company will focus on continued updates to increase the acceleration rate of its patient database through organic and paid advertising channels.
Additionally, the Company would like to announce that co-founder Kory Zelickson is transferring roles to become Vice President of Business Development and Investor Relations, and that Baran Dilaver will be appointed as the Company’s interim Chief Operating Officer. With the Company’s rapid expansion, Kory will focus on the growth of the Company in the areas of business development, strategic partnership and in investor relations and hand-off operations to Baran Dilaver, who has many years of experience in operations. This strategic decision will allow both Kory and Baran to excel in each of their respective areas to further propel the growth of the Company. Mr. Baran Dilaver has extensive experience in running companies and for the past three months, Baran Dilaver has been focused on improving Namaste’s operations and organizing its various business divisions. The Company welcomes Baran in joining as Interim COO and believes that these changes will provide further value to its shareholders. Upon his appointment, Baran Dilaver commented: “I am thrilled to have such a critical role in shaping Namaste’s future, and I am in a great position to lead the recruitment of a world class COO to hand over some of the initiatives I started here with the operations and finance teams.”
About Baran Dilaver
Baran is an entrepreneur, creator, and an accomplished executive. He launched several well-known brands worldwide and conceived and developed over 80 products. Baran is the founder of FutureScape, a technology focused product design and branding company and recently, as the COO and CMO at Firefly Vapor, he created and implemented business strategies that established Firefly as one of the most admired brands in the cannabis industry. Prior to Firefly, Baran Dilaver was the CEO of United Brands, a leading food technology company based out of San Francisco. He is a speaker in conferences like Tech Open Air Berlin, CannaTech, and European Communications Summit. He was a scholar athlete at UC Berkeley and studied Economics. He loves kitesurfing and snowboarding around the world and building large-scale art installations at Burning Man.
Sean Dollinger, President and CEO of Namaste comments; “We’re very pleased to have had major updates approved to the NamasteMD platform. I believe that NamasteMD provides the Company with a competitive edge in being the first company in Canada to fully digitize patient acquisition. At a cost of only $60 per patient, Namaste is able to acquire patients at a much lower cost than our peers who require the use of physical clinics or doctors to acquire patients. In a very short period of time we have managed to acquire over 2,000 patients organically with zero spend on marketing or promotion. At this point of the business cycle we now feel that the platform is ready for full launch and anticipate an even more significant acceleration of growth over the next several months through a strategic marketing campaign.
Additionally, I’m very pleased to have Kory focus on his areas of expertise in business development and investor communications where he brings major value to the Company. We have been continuously growing as a company and Kory has filled in as COO, but we have now decided to have each team member focus exclusively in their areas of expertise. The investor relations and business development role is very important to the Company and Kory is best fit for this role. We are also very pleased to be bringing on Baran Dilaver as interim COO who has many years of experience in the industry and as someone who has developed a deep level of understanding of Namaste’s global operations. Moving forward we are in a prime position to leverage an amazing management team and innovative technology to advance as a global leader in all things cannabis.”
About Namaste Technologies Inc.
Namaste Technologies is a global leader in the sale of medical cannabis consumption devices. Namaste has nine offices with multiple distribution centers around the globe and operates over 30 websites under various brands. Namaste has developed innovative technology platforms including NamasteMD.com, Canada’s first ACMPR compliant telemedicine application. The company is focused on patient acquisition through NamasteMD and intends on building Canada’s largest database of medical cannabis patients. The company’s subsidiary, CannMart Inc. is an ACMPR Licensed Producer with a “sales-only” license, whereby the company will offer a large variety of medical cannabis sourced from domestic and international producers. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
Chief Executive Officer
Direct: +1 (786) 389 9771
Further information on the Company and its products can be accessed through the links below:
FORWARD LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, Namaste assumes no responsibility to update or revise forward looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.