Transformational Entrepreneur Yona Shtern to Lead Hapbee as it Advances Commercialization Phase of Business Development
VANCOUVER, BC, June 2, 2021 – Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) (“Hapbee” or the “Company”), a wellness technology company and creator of the Hapbee wellness wearable powered by EMulate Therapeutics, Inc. ulRFE® technology, is pleased to announce the appointment of Mr. Yona Shtern as the Company’s new Chief Executive Officer. Hapbee’s board of directors selected Mr. Shtern to lead the Company as it advances its aggressive product marketing and development initiatives.
Named Entrepreneur of the Year in 2015 by Start Up Canada, Mr. Shtern adds a robust strategic backbone and a breadth of experience in creating global go-to-market opportunities across e-commerce, apparel, consumer products, mobility, and technology.
As the co-founder of Beyond the Rack, which launched in 2008, Mr. Shtern was instrumental in taking it from concept to what became an e-commerce marketplace that served 15 million consumers and 5,000 brand partners. Under his leadership, Beyond the Rack reached $150 million in annual revenues and had 450 employees.
Following the sale of Beyond the Rack, Mr. Shtern served as Executive Chairman and CEO of Chicago-based Arrive. He helped the seven-year-old technology company pivot from a transactional B2C website into an industry-leading, mobile-first, enterprise SaaS platform. Arrive evolved into a primary partner within automotive, smart cities, events, and technology verticals. Mr. Shtern completed several acquisitions for Arrive, led equity financing initiatives, and executed its sales strategy, resulting in approximately 1,000 enterprise clients. He led Arrive’s merger with FlashParking in 2021 to create the first vertically-integrated solution and marketplace for mobility services.
“The opportunity and technology that Hapbee offers are game-changing,” said Mr. Shtern. “I am looking forward to helping evolve Hapbee and make it one of the most widely-used and recognizable wearable, health and wellness products in the world, all while helping our customers reach their health and wellness goals.”
“Our momentum is building and Hapbee’s popularity has grown in the consumer marketplace. I’m excited to welcome Yona as our new CEO. His vast experience in direct-to-consumer marketing and his track record of building businesses that scale are exactly what the Company needs at this stage in its growth. I look forward to working with him as we advance our e-commerce rollout and full-scale commercial launch this year,” said Scott Donnell, the Company’s co-founder, director, and former CEO.
Committed to Hapbee’s long-term success, Mr. Donnell will transition into a key advisory role focused on product development and sales. Mr. Donnell will assist Mr. Shtern as he undertakes the CEO role and later a board director role (currently held by Mr. Donnell), while continuing to work alongside Hapbee’s marketing partners and product development team.
“Speaking on behalf of the Board of Directors,” stated Chris Rivera, Chairman of the Board, “we are extremely pleased to be joined by Yona. His experience of leading companies at stages similar to Hapbee’s will undoubtedly be a tremendous asset in expanding market penetration for our one-of-a-kind technology.”
Hapbee is also pleased to announce that, in connection with Mr. Shtern’s appointment and for his benefit, Hapbee has granted stock options exercisable to purchase up to 330,000 shares of the Company and up to 1,072,000 restricted stock units pursuant to the Company’s stock option plan (the “Option Plan“) and restricted stock unit plan (“RSU Plan“), respectively. The options are exercisable at the price of C$0.48 per share until June 1, 2029, subject to any earlier termination in accordance with the Option Plan, and the restricted stock units are exercisable until June 1, 2024, subject to any earlier termination in accordance with the RSU Plan.
Hapbee is a wearable magnetic field technology company that aims to help people choose how they feel. Powered by patented ultra-low radio frequency energy (ulRFE®) technology invented and licensed by EMulate Therapeutics, Inc., Hapbee delivers low-power electromagnetic signals designed to produce sensations such as Happy, Alert, Focus, Relax, and others.
Hapbee is available for purchase at Hapbee.com. The Company initially launched with six signals, and recently launched its seventh. It is currently in the research and development phases of creating future signals intended to be rolled out later this year.
You can learn more about how Hapbee works at www.hapbee.com/science.
Forward-Looking Information Disclaimer
Certain statements included in this news release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This news release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Any statements about Hapbee’s product marketing and development initiatives; Mr. Donnell’s transition to a contractor role and work with Hapbee’s product marketing partners and product development team; Mr. Donnell providing assistance to Mr. Shtern; and the e-commerce rollout and commercial launch and timing thereof, are all forward-looking information. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Such statements and information are based on numerous assumptions regarding Mr. Shtern’s contributions to the Company; the Company’s ability to meet its planned product marketing and development initiatives; Mr. Donnell’s continued involvement with the Company; and the Company’s ability to achieve its e-commerce rollout and full-scale commercial launch as anticipated.
Factors that could cause the actual results to differ materially from those in the forward-looking statements include, Mr. Shtern may not provide the benefits to the Company as anticipated; Mr. Donnell’s involvement with the Company may be different than expected; the Company may not be able to achieve its targets as anticipated or at all; changes in legislation and regulations; increase in operating costs; equipment failures; failure of counterparties to perform their contractual obligations; litigation; the loss of key directors, employees, advisors or consultants and fees charged by service providers. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. These risks, uncertainties and assumptions include, but are not limited to, those described in Hapbee’s annual information form dated January 27, 2021, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.
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