Phoena Announces Resignation of CEO, Greg Guyatt and Appoints Corné Melissen as Interim CEO

VAUGHAN, ON, Feb. 24, 2023 /PRNewswire/ - Phoena Inc. (the "Company" or "Phoena") (unlisted) today announces the resignation of Greg Guyatt as CEO, effective February 24, 2023. Mr. Guyatt has been CEO of Phoena since February 2020.

"After careful consideration, I have decided that it is time for me to pursue new challenges and opportunities. Today, I am handing the reins over to Corné Melissen, who will take on the role of Interim CEO," said Greg Guyatt, former Chief Executive Officer. "I accepted the CEO role three years ago because I saw the potential in our business and our people, and that continues to be true today. We re-launched the business, brought the Company out of CCAA, brought in new business partners, and have set up Phoena for the next phase of its evolution."

"We wish Greg well with his future endeavours, and I am looking forward to working with the Phoena team to continue our journey to becoming a formidable player in the cannabis industry," said Corné Melissen, Interim CEO.

Corné Melissen, owner of majority shareholder of Phoena has been appointed Interim Chief Executive Officer and has resumed responsibilities effective February 24, 2023.

About Phoena

Phoena is an award-winning, federally regulated licensed cannabis producer, with locations in Vaughan and Fenwick, Ontario. We operate a portfolio of well-known brands, including estora, Liiv, SYNR.G and Xscape.

We are committed to providing exceptional consumer experience, quality products and consistency. Our greenhouse produces Grade A cannabis flower, which is sold in a variety of dried flower and extract formats.

Phoena creates cannabis products that meet the diverse needs of patients and consumers, promoting positivity, supporting creativity, and inspiring confidence.

Phoena, empowering you every day.

Learn more at Phoena.com

Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbor laws, and such statements are based upon Phoena's current internal expectations, estimates, projections, assumptions and beliefs and views of future events.

Forward-looking information and forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy.

Forward-looking information and statements necessarily involve known and unknown risks, including, without limitation: the risk that, if the Company requires additional capital, such capital might be unavailable; the risk that the Company or its affiliates could default under its credit facilities which are secured against substantially all of the Company's assets; the risks associated with general economic conditions and/or adverse industry events; the risk of loss of markets; the risk of future legislative and regulatory developments in Canada, the United States and elsewhere; the state of the cannabis industry in Canada generally; the ability of the Company to attract and retain suitable directors, officers and employees; the risks that, even if the CTO can be revoked, the Company will be unable to obtain a stock exchange listing for the its common shares; the risk that the Company will be able to satisfy the requirements of such exchange; and the ability of the Company to successfully implement its business strategies.

Any forward-looking information and statements speak only as of the date on which they are made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking information and statements, readers should keep in mind the risk factors and other cautionary statements in the Company's Annual Information Form dated March 28, 2019 (the "AIF") and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com and filed as an exhibit to the Company's Form 40-F annual report under the United States Securities Exchange Act of 1934, as amended, with the United States Securities and Exchange Commission on EDGAR at www.sec.gov (the "March 2019 Form 40-F"). The risk factors and other factors noted in the AIF could cause actual events or results to differ materially from those described in any forward-looking information or statements. Readers are also reminded that the Company remains in default of its periodic disclosure requirements under applicable securities laws and stock exchange requirements, that its most recent AIF, Form 40-F and other disclosures do not reflect all risk factors that currently facing it, and that it has not completed or filed the restatements of the financial statements included in the AIF or the March 2019 Form 40-F or otherwise filed an amendment to such Form 40-F, and that it was permitted by the Initial Order of the Superior Court of Justice to not correct its prior filings or make any further filings in respect of periodic disclosure requirements under applicable securities laws and stock exchange requirements and, by a subsequent order, to extend the time for the Company to call an annual general meeting of shareholders to a date no later than 120 days after the expiry or termination of the CCAA stay period. None of Phoena's securities is listed for trading on any stock exchange in any jurisdiction and, in Canada, trading in its securities is subject to a cease-trade order issued on April 13, 2020 by the Ontario Securities Commission for the Company's failure to comply with its disclosure obligations under applicable securities laws.

SOURCE Phoena Holdings Inc.

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