Chill Brands Group PLC (LSE:CHLL, OTCQB:CHBRF) chief executive Callum Sommerton said he and management are "working hard to restore confidence" after a turbulent period that saw the ejection of former management and a new board appointed.
Sommerton, meanwhile, has been exonerated of using inside information. An investigation concluded that the accusations, related to his investment in the company's equity fundraising in January, were "without merit."
In a comprehensive update, the company also confirmed that former boss Nick Tulloch is set to rejoin the company as a non-executive director, while Chill has overhauled its corporate governance with the creation of nomination and remuneration committees.
It has also appointed US legal advisers to assist in recovering intellectual property transferred by former directors. Discussions are ongoing to retrieve the chill.com domain and related trademarks.
Chill continues the UK retail rollout of its vape products, which appear to have gained significant commercial traction. At the same time, it continues to expand its program with America's largest smoke shop chain. Purchase orders in the UK totalled £1.8 million, while the figure was around £50,800 ($66,113.96) for the US.
The company debuted a prototype rechargeable, reusable product at the World Vape Show, attracting interest from international distributors.
Finally, Chill is expected to restart the audit process soon, but the process won't be complete by the deadline of July 31. The shares will remain suspended.
"Over the past month we have been working hard to restore confidence in our business," said Sommerton.
"We thank our customers and suppliers for continuing to work with us through this period.
"We recognise that there is much work to do to ensure that the company can progress from a position of strength, but I am pleased that Chill Brands has maintained its trading activities."