Edmonton, Alberta, 12 December, 2023 – Innovotech Inc. (TSX-V: IOT) has appointed Bernard Grobbelaar as CFO, effective immediately. Mr. Grobbelaar’s new role is part of a greater realignment at Innovotech to strengthen the company’s operations and improve its efficiency and capacity to scale. Mr. Grobbelaar will relinquish his Board of Directors seat, allowing him to maintain maximum independence. Mr. Grobbelaar is a Chartered Professional Accountant and provides services through his professional services firm, Oikonomos. “I am looking forward to working closely with Bernard, as he brings decades of experience, strong fiduciary oversight, and a keen drive to modernize and optimize,” says Craig Milne, CEO.
The appointment of Mr. Grobbelaar completes a planned transition with Alan Savage concurrently resigning from his role as Innovotech CFO which the Board of Directors has accepted. “We are immensely grateful for Alan’s contributions over the past few years. In his many capacities at Innovotech, he has stabilized the company and laid the foundation for successes to come,” says Jim Timourian, Board Chair.
The company has five Board Members and will seek to recruit two additional members in 2024.
Innovotech has also granted 40,000 incentive stock options under its stock option plan exercisable at $0.085 per share to Tyler Boone, Chief Operating Officer, and Patricia Nadworny, Chief Scientific Officer, in the amount of 20,000 each. The options are for 5 years and expire on 12 December, 2028.
