Edmond Lem to Reassume Role as Interim CFO
Company Provides Updated Investor Presentation
TORONTO, ONTARIO – June 24, 2021, Newtopia Inc. (“Newtopia” or the “Company”) (TSXV: NEWU), a tech-enabled habit change provider focused on disease prevention, today announced the transition in the Company’s Chief Financial Officer. Effective tomorrow, June 25, 2021, Anthony Lam will be stepping down as Chief Financial Officer. Following Mr. Lam’s departure, Edmond Lem, the Company’s current Corporate Controller, will reassume the role of interim CFO, a position he held prior to Mr. Lam’s appointment in November 2020.
Edmond Lem has over 25 years of financial accounting and reporting experience for both public and private companies. Having joined Newtopia in October 2018, Mr. Lem has served in several senior financial roles within the Company, including as Corporate Controller as well as Interim Chief Financial Officer from March to November 2020 during a critical time for Newtopia in which he played a significant role in helping take the Company public on the TSX Venture Exchange (the “TSXV”). Prior to Newtopia, Mr. Lem served as the controller of a TSXV listed technology company, Spectra7 Microsystems, Inc., a semiconductor manufacturer. Mr. Lem earned a degree in Commerce from the University of Toronto and has a professional accounting designation (CPA, CA).
Commenting on Mr. Lem’s reappointment, Jeff Ruby, Founder and Chief Executive Officer of Newtopia, stated, “We are in very good hands with Edmond, and I look forward to him reassuming his prior role. As the interim CFO responsible for leading our Company’s transition from private to public in May of 2020, Edmond is intimately familiar with our operating model and has maintained strong, established relationships with all of our key stakeholders. We have a solid management team in place to support Newtopia’s long-term growth strategy.”
“On behalf of our entire company and Board of Directors, I would like to thank Anthony for his contributions to Newtopia as we navigated our inaugural year as a publicly traded company. We wish Anthony the best on his future endeavors,” Ruby concluded.
Updated Investor Presentation
In conjunction with today’s announcement, the Company has filed an updated investor presentation that provides the results of a trial conducted with a Fortune 50 financial services company on client outcomes during COVID-19. A copy of this presentation is available under the Company’s page on SEDAR as well as on the investor relations page on the Company’s website at www.newtopia.com.
Newtopia is a tech-enabled habit change provider focused on disease prevention and reducing the cost of care for health insurers. As a provider of whole person care, we prevent, reverse, and slow the progression of chronic disease while enriching mental health, resilience and overall human performance. Newtopia’s programs leverage genetic, social, and behavioral insights to create individualized prevention programs with a focus on type 2 diabetes, heart disease, stroke and weight. With a person-centered approach that combines virtual care, digital tools, connected devices and actionable data science, Newtopia delivers sustainable clinical and financial outcomes. Newtopia serves some of the largest nationwide employers and health plans and is currently listed on the Toronto Stock Exchange (TSXV: NEWU). To learn more, visit newtopia.com, Facebook, LinkedIn or Twitter.
Forward Looking Statements
This news release contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, and forward looking statements, within the meaning of applicable United States securities legislation (collectively, “forward-looking statements”), which reflects management’s expectations regarding Newtopia’s future growth, results from operations (including, without limitation, future production and capital expenditures), performance (both operational and financial) and business prospects and opportunities. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. All statements other than statements of historical fact may be forward-looking information. Such statements reflect Newtopia’s current views and intentions with respect to future events, based on information available to Newtopia, and are subject to certain risks, uncertainties, and assumptions. Material factors or assumptions were applied in providing forward-looking information. While forward-looking statements are based on data, assumptions and analyses that Newtopia believes are reasonable under the circumstances, whether actual results, performance or developments will meet Newtopia’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of Newtopia to differ materially from its expectations. These forward-looking statements include, among other things, the estimated cost savings to plan payers associated with the use of Newtopia’s platform by plan members, the potential cost of care reduction for other Medicare risk-bearing entities, the continued engagement with Newtopia’s platform by plan members, clients continuing to offer Newtopia’s platform pursuant to agreements entered into, statements relating to Newtopia’s business plans and outlook. Forward-looking statements are not a guarantee and are based on a number of estimates and assumptions management believes to be relevant and reasonable, whether actual results, performance or developments will meet Newtopia’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of Newtopia to differ materially from its expectations. Certain of the “risk factors” that could cause actual results to differ materially from Newtopia’s forward-looking statements in this press release include, without limitation: the termination of contracts by clients, risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in Newtopia’s disclosure documents, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com including Newtopia’s final long form prospectus dated March 30, 2020.
Should any factor affect Newtopia’s in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Newtopia does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and Newtopia undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
For further information:
Chief Executive Officer:
Jeff Ruby, email@example.com; 888-639-8181
ADDO Investor Relations:
Kimberly Esterkin, firstname.lastname@example.org; 310-829-5400