Pollard Banknote Announces Resignation of Director

WINNIPEG, MB, March 4, 2022 /PRNewswire/ - Pollard Banknote Limited (TSX: PBL) ("Pollard Banknote", "Company") announced that Garry Leach has resigned from the Board of Directors of Pollard Banknote effective today due to health reasons. 

Mr. Leach was originally elected as a Trustee to the Pollard Banknote Income Fund on May 7, 2009 and was elected to the Pollard Banknote Board of Directors on May 6, 2010, following the conversion of the business to a corporation.  He has served as Lead Director and Chair of the Governance and Nominating Committee and the Compensation Committee and as a member of the Audit Committee.

"Garry has made a significant impact on our organization and indeed on every person in our company who has had the good fortune to benefit from Garry's many years of experience in manufacturing, leadership and critical thinking," said Gordon Pollard, Chair of the Board of Directors, Pollard Banknote. "His contribution to board deliberations has been invaluable to our Company, and his counsel to the management team has been greatly appreciated.  His mentorship, advice and support of Pollard Banknote has been instrumental in leading our company in its successful growth over the past 13 years.  On behalf of the Pollard family and all the shareholders and our management team, I wish to thank Garry for his guidance and wisdom in supporting our vision over these many years."

The Governance and Nominating Committee of Pollard Banknote will begin its recruitment of a replacement Director immediately.

With the resignation, John Pollard has been appointed to the Audit Committee effective immediately to serve as the third member, until a new independent director is appointed to the Board and to the Audit Committee.  The Board of Directors, upon the recommendation of the Companies' Governance and Nominating Committee, determined in accordance with Section 3.9 of National Instrument 52-110, Audit Committees, that the appointment of John Pollard as an interim member of the Audit Committee and the reliance on the exemption in Section 3.5 from the independence requirements will not materially adversely affect the ability of the Audit Committee to act independently and to satisfy the requirements of National Instrument 52-110.  The Company is entitled to rely on this exemption for up to six months.

About Pollard Banknote

Pollard Banknote is a leading lottery partner to more than 60 lotteries worldwide, providing high quality instant ticket products, licensed games, Schafer Systems and Fastrak retail merchandising solutions, and a full suite of digital offerings, ranging from world-class mkodo game apps to comprehensive player engagement and iLottery solutions, including strategic marketing and management services. The company is a proven innovator and has decades of experience helping lotteries to maximize player engagement, sales, and proceeds for good causes. Pollard Banknote also provides pull-tab tickets, bingo paper, and its Diamond Game and Compliant Gaming electronic games and devices to charitable and other gaming markets in North America.  Established in 1907, Pollard Banknote is owned approximately 64.3% by the Pollard family and 35.7% by public shareholders, and is publicly traded on the TSX (PBL). For more information, please visit our website at www.pollardbanknote.com.

Forward-looking Statements

Certain statements in this press release may constitute "forward-looking" statements and information, which involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. When used in this document, such statements include such words as "may," "will," "expect," "believe," "plan," and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this document. There should not be an expectation that such information will in all circumstances be updated, supplemented, or revised whether as a result of new information, changing circumstances, future events, or otherwise.

SOURCE Pollard Banknote Limited

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