DioneyMed Brands CEO, Interim COO, Quit

DionyMed Brands (CSE: DYME) announced this morning that its Chief Executive Officer, as well as the firms interim Chief Operating officer have resigned effective immediately. Both individuals have resigned from all roles within the company, including its subsidiaries.

The news of CEO Edward Fields and interim COO Mark Zinselmeier departing the company was issued as a short bulletin this morning via Stockwatch and the Financial Post. Little other details were provided on the resignations, aside from the firm stating that no other executive changes occurred at the firm.

It is unknown who will take over the role as CEO on an interim or full time basis at this time.

The announcement of the executive departure comes as DionyMed struggles to stay afloat as it swims in debt. Last month, the firm announced that it had managed to refinance some of its secured debt, however even with the refinancing DionyMed indicated that the debt was currently in default status due to the inability to make the required payments. It currently owes over $19.2 million to the lender.

At the same time, the issuer also announced that Gotham Green Partners had requested the $2.2 million it lent to the company be returned, and that it would be reducing its head count from 299 people to 199.

Further compounding the news at the time, was that later that week Flow Capital (TSXV: FW) announced it would be taking DionyMed to court over unpaid royalty fees, for which is was demanding a total of $2.7 million b paid to the issuer.

DionyMed Brands last traded at $0.095 per share on the Canadian Securities Exchange. The equity is currently halted at the request of the company, due to pending news.

Information for this briefing was found via Sedar and DionyMed Brands. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.