Ingredients and extraction firm Arev Brands International Ltd (CSE:AREV) announced Thursday that it has appointed Mike Withrow as the company's chief executive officer, effective Oct. 11, 2018.
The company said Stephane Maher has stepped down as CEO to focus his efforts on being the Business Development Manager, Quebec.
Maher will be executing the company's tactical direction in Quebec, and review strategic opportunities presented to the company within this territory and the surrounding areas.
"It is great to have Mr. Withrow come on in the capacity of CEO to see the company through to the next phase. We have been so fortunate to not only have his skills and expertise to guide us, but Mr. Withrow has also agreed to work for $1 a year, until such time as the company is revenue positive," said Scott Davis, Arev CFO.
Last month, Arev announced that it reached a major milestone - discovering an extraction approach which could be a game-changer in the drinks and cannabis space.
Shares of Arev Brands International were $0.38 on Thursday.