BuildDirect announces key changes to senior management and the Board of Directors
Chief Executive Officer, Dan Park, to transition to Chair of the Board
Peg Hunter and Henry Lees-Buckley appointed to the Board of Directors
VANCOUVER, BC, Oct. 15, 2021 /PRNewswire/ - BuildDirect.com Technologies Inc. (TSXV: BILD) ("BuildDirect" or "Company"), an innovative platform for purchasing and selling building materials online, today announced that due to personal reasons, Chief Executive Officer ("CEO"), Dan Park, will transition to Chair of the Board effective December 31, 2021 and that seasoned executives Peg Hunter and Henry Lees-Buckley have been appointed to its Board of Directors, effective immediately.
Dan Park's transition from CEO to Chairman of the Board
Over the last four years, Dan has been integral to the success of BuildDirect, including transforming the Company through creditor protection into a lean, growth-focused organization, enabling its recent successful reverse takeover transaction, which raised $20.5 million. Effective December 31, 2021, Dan will transition to the role of Chair of the Board to guide the Company as it continues to transform the home renovation industry by bringing it into the digital era.
"I remain as bullish as ever on BuildDirect's opportunity to disrupt the building materials industry and remain focused on accomplishing this mission as I move into the role of Chair of the Board. I am committed to supporting the search for a new CEO, and the onboarding and transition process that will follow. I want to sincerely thank our employees, investors, vendor partners, and of course, our customers in the US and Canada for enabling our ongoing success," said Dan Park, Chief Executive Officer. "As we close out 2021, we are on pace to achieve our revenue guidance and our pipeline of accretive M&A opportunities that meet our well-defined criteria remains robust."
Boyden Canada, an executive search firm, has been engaged to identify a new CEO who will complement BuildDirect's strong leadership team, has public markets experience, and will drive forward BuildDirect's distinct DiPhy (digital + physical) strategy.
Additions to the Board of Directors
Peg and Henry bring fresh insights and deep market knowledge that will support BuildDirect as it actively rolls out its distinct omnichannel heavy home improvement offering to professional ("pro") and consumer markets.
Peg is an accomplished board director and senior executive. She brings 35 years of experience driving business growth and innovation in the retail sector in Canada with such iconic retailers as Canadian Tire and The Home Depot. In her role with The Home Depot, she spearheaded the $7 billion home improvement chain's digital transformation to become the country's leading omnichannel marketer and retailer in both the pro and consumer home improvement markets.
"I am thrilled to join BuildDirect's Board of Directors at this pivotal moment in the company's growth strategy," said Peg Hunter, Director of BuildDirect. "The company's mission to transform the home improvement industry through digitalization has become even more relevant. Customers online purchasing acceptance has accelerated over the last two years, as investments in the home reach new levels."
Henry is a seasoned CEO bringing almost 40 years of experience to the Board. He is currently CEO at USA Midwest based private equity owned Zone Climate Services which is expanding in the RHVAC space across the USA. Prior to that he served as President and CEO of TSX-listed Uni-Select, and also in a number of leadership roles at W.W. Grainger, Inc., where he successfully operated their Specialty Brand companies and drove its North American acquisition growth strategy. Additionally, he was a member of the board of BMC (Building Materials Corp in the USA) through its merger with Builders First Source. Henry brings a strong growth mindset and a fresh perspective having served as a senior executive for companies spanning the service, distribution, and building materials sectors.
"I'm excited to be a part of BuildDirect's story as it continues to grow and expand," said Henry Lees-Buckley, Director of BuildDirect. "BuildDirect is well positioned to grow organically, as well as acquisitively as the consolidation of the home improvement sector continues. I'm particularly looking forward to supporting management as they drive growth through new partnerships and a robust acquisition pipeline."
"We welcome Peg Hunter and Henry Lees-Buckley to our Board of Directors," said Dan Park, CEO of BuildDirect. "It will be an honor to be working with such a high-caliber board including Peg and Henry's expertise and extensive experience developing and growing home improvement leaders as we continue to advance and deliver against our strategy."
Advisory Services
BuildDirect has retained Deloitte LLP ("Deloitte") to provide investor relations and stakeholder communications advisory services. Deloitte has been engaged for an initial period expiring on June 21, 2022 and will be paid a monthly fee of $20,000 plus a monthly administrative charge of $600 and certain pre-approved out-of-pocket expenses. Deloitte and the Company are unrelated and unaffiliated entities. Deloitte is a multinational professional services network with offices in over 150 countries and territories around the world.
BuildDirect has retained Hybrid Financial Ltd ("Hybrid") to broaden the Company's reach within the investment community. Hybrid has been engaged for an initial period expiring on February 18, 2022 and will be paid a monthly fee of $22,500. Hybrid and the Company are unrelated and unaffiliated entities, Hybrid does not have a direct interest in the securities of the Company but its clients may have an interest, directly or indirectly, in the securities of the Company. Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America.
BuildDirect has retained INFOR Financial Inc. ("INFOR") to broaden the Company's reach within the investment community and provide market making services to maintain orderly trading in the Company's securities. INFOR has been engaged for an indefinite period to be terminated by either party on the delivery of a 30-day notice and will be paid a monthly fee of $8,000 plus reasonable costs and expenses. INFOR and the Company are unrelated and unaffiliated entities, but INFOR and/or its clients may have an interest, directly or indirectly, in the securities of the Company. INFOR is a leading Canadian independent investment bank offering advice on mergers and acquisitions, capital raises, risk management, private funds and corporate restructurings.
Deloitte, Hybrid and INFOR have all agreed to comply with all applicable securities laws and the policies of the TSXV in providing the above services.
About BuildDirect
BuildDirect (TSXV: BILD) is an innovative technology platform for purchasing and selling building materials online. The BuildDirect platform connects homeowners and home improvement professionals in North America with suppliers and sellers of quality building materials from around the world, including flooring, tile, decking and more. BuildDirect's growth, proprietary heavyweight delivery network, and digital reach have served to solidify its role as a ground-breaking player in the home improvement industry. For more information, visit www.BuildDirect.com.
Forward-Looking Information
This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. These statements reflect management's current beliefs and expectations and are based on information currently available to management as at the date hereof.
Forward-looking statements in this press release may include, without limitation, statements relating to BuildDirect's ability to disrupt the building materials industry, realize its growth strategy and roll out its home improvement offering to professional and consumer markets, BuildDirect's transformation of the home renovation industry, future growth and expansion, its innovative platform and its growth through new partnerships and a robust acquisition pipeline.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Among those factors are changes in consumer spending, availability of mortgage financing and consumer credit, changes in the housing market, changes in trade policies, tariffs or other applicable laws and regulations both locally and in foreign jurisdictions, availability and cost of goods from suppliers, fuel prices and other energy costs, interest rate and currency fluctuations and changes in general economic, business and political conditions. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions, including COVID-19.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this press release reflect the Company's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. There may be other risks, uncertainties and factors that cause results not to be as anticipated, estimated or intended and such changes could be material. These forward-looking statements are made as of the date of this press release, and BuildDirect assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Contact Information: Investor Relations: Ashley Nuell, [email protected]; Media Relations: Reid Adrian, [email protected]
SOURCE BuildDirect.com Technologies Inc.
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