Planet Based Foods Appoints CFO and Independent Director as Governance Reforms Progress
Rhea-AI Summary
Planet Based Foods (OTC:PBFFF) announced significant leadership changes and governance updates as part of its operational turnaround strategy. The company has appointed Supreet Sidhu as Chief Financial Officer, replacing Emrah Petorak who will step down from the Board. Additionally, Beata Jirava joins as an independent director.
The company has filed a petition with the Supreme Court of British Columbia seeking relief regarding its AGM timing for 2023 and 2024. Due to financial constraints caused by declining consumer interest in plant-based meats and cost structure issues, PBFFF plans to hold both AGMs concurrently by December 31, 2025.
Positive
- None.
Negative
- Historical financial constraints prevented timely AGM meetings
- Sharp post-pandemic decline in consumer interest for plant-based meats
- Company facing governance compliance issues requiring court intervention
News Market Reaction
On the day this news was published, PBFFF gained 891.67%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - August 6, 2025) - Planet Based Foods Global Inc. (CSE: PBF) (OTC Pink: PBFFF) (FSE: AZ00) ("Planet Based Foods" or the "Company"), today announced key leadership and governance updates as it continues to advance its operational turnaround and rebuild investor confidence.
Effective immediately, Supreet Sidhu has been appointed Chief Financial Officer, bringing proven financial leadership to the next phase of PBFG's growth. Supreet succeeds Emrah Petorak, who will step down from the Board of Directors. The Company thanks Petorak for contributions during a critical period of transition.
In parallel, PBFG has appointed Beata Jirava as an independent director, further strengthening its board as it evolves into a professionally governed, impact-driven company.
As part of broader governance reforms, PBFG has filed a petition with the Supreme Court of British Columbia requesting relief related to the timing of its Annual General Meetings ("AGMs") for the financial years ending December 31, 2023 and December 31, 2024.
Due to historical financial constraints, stemming from a sharp post-pandemic decline in consumer interest in plant-based meats and an unsustainable cost structure, PBFG was unable to hold its AGMs within the timelines prescribed by the Business Corporations Act. These challenges have since been addressed through a recapitalization, restructuring, and a refreshed executive team.
To bring its governance fully current, PBFG's petition seeks court approval to:
- Host the 2023 and 2024 AGMs concurrently, no later than December 31, 2025
- Deem the Company compliant with AGM requirements retroactively once held
- Dispense with formal service of the petition to all shareholders, given the impracticality of individual notice
A court hearing will be scheduled following the 21-day response window, with further updates to follow.
These steps represent PBFG's continued commitment to transparency, good governance, and sustainable value creation for all stakeholders.
About Planet Based Foods Global Inc.
Planet Based Foods Global Inc. is reimagining the future of food through a diverse portfolio of sustainable ingredients, plant-based solutions, and advancements in agricultural technology. With a focus on environmental stewardship, product excellence, and scalable impact, the Company empowers food manufacturers, partners, and consumers to participate in a cleaner, healthier, and more resilient global food system. Planet Based Foods operates with integrity and purpose, delivering products that align with evolving consumer values and contribute to a more sustainable future.
Additional information is available at www.sedarplus.ca.
On Behalf of the Board
Claire Skillen
Chief Executive Officer and President
Contact: info@pbfglobal.com
For further details or inquiries regarding the petition:
Andrew McLeod
PEAK Legal Counsel
Email: andrew@peaklc.ca
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to, statements regarding future plans, strategies, objectives, expectations, and intentions of Planet Based Foods Global Inc. ("the Company"). These statements are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are beyond the Company's control.
Such risks and uncertainties include, without limitation, industry developments, regulatory changes, access to capital, operational challenges, supply chain disruptions, and economic conditions. Actual results may differ materially from those expressed or implied in forward-looking statements. Readers are cautioned not to place undue reliance on these statements.
The Company undertakes no obligation to update or revise any forward-looking statements except as required by law. Additional information, including risk factors, is available in the Company's public filings on SEDAR+ at www.sedarplus.ca.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the contents of this release and accepts no responsibility for its adequacy or accuracy.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261626
FAQ
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