SWMBRD Sports Inc (CSE:SWIM) has announced the appointment of Chris Kypriotis as a director and chairman of the company effective April 20, 2022.
The Vancouver-based sporting goods company said Kypriotis is one of the global sports world's most creative and effective leaders and executives.
He has formerly held positions as vice president at Nike Inc. Global, president at Nike Inc. Brazil, vice president at Billabong Global and president of C&C/Rusty Surfboards, one of the worlds' iconic surfboard manufacturers and apparel companies, as well as several other well-known global apparel brands.
Outside of the sports world, SWMBRD said Kypriotis has previously held senior-level positions and/or collaborated with some of the world's most iconic apparel brands such as Mossimo Inc., Stussy Inc. and The Donna Karan Company, LLC.
“His renowned skills and experience at the highest levels of major global brands will be critical in helping us navigate the waters towards full production and the implementation of our full brand vision,” SWMBRD president and CEO Justin Schroenn said in a statement.
READ: SWMBRD announces consulting agreement with Black Tag Inc.
Schroen added: “Chris' passion, creativity and critical thinking as well as his aligned vision of the company's future have been obvious since our first meeting, and it is difficult to imagine a person more uniquely and powerfully suited to our intended goal of growing SWMBRD into a significant global board sports brand. We believe his extensive experience as former VP Nike Global, former president Nike Inc. Brazil and former CEO of Billabong, among others, will accelerate our global ambitions exponentially and we could not be more excited to have Chris be a pivotal part of this journey.”
The appointment follows an independent contractor agreement with Black Tag Inc., where Kypriotis is the principal.
In consideration for the agreement to provide management, leadership and strategic advisory services, SWMBRD said it will pay a signing bonus of $387,750, which may be settled by the issuance of 4.7 million common shares at $0.0825 per share, subject to release over a 36-month escrow period, as well as a monthly fee of $7,000 plus any applicable taxes..
“It is my aim to lead this profoundly innovative company into the future, to the next levels of evolution and most importantly, to bring its unique and unprecedented products/innovation to the consumer and the world,” Kypriotis said. “I believe that SWMBRD could become one of the most exciting and game-changing chapters in the already extremely rich board riding history. SWMBRD will provide customers with the opportunity to have totally new experiences in the water, will give other board riders new ways to enjoy the water element, and as a whole, allow all of us the opportunity to more readily access/explore/enjoy the water.”
Also, effective April 20, 2022, SWMBRD said Roc Smith has resigned from his position as director of the company but plans to remain directly involved in its important front-line activities, particularly in Europe, as it enters its next stage of development in the upcoming months.
Additionally, the company has hired Venture Liquidity Partners to provide market-making services for a monthly payment of $5,000 plus HST (harmonized sales tax) and a number of stock options at an exercise price to be agreed upon at the time of issuance. The term of the agreement commenced on April 20, 2022, and will continue for a period of three months and will automatically renew for successive additional one-month terms, it added.
SWMBRD is looking to enable millions to rethink their way of recreating in the water. Management believes that SWMBRD's proprietary aquatic sports board, by virtue of its patented design, is revolutionary in how it empowers the human body in the water, giving water lovers of all ages and abilities the freedom to explore all aquatic environments with ease.
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