Lucas Russell President and CEO, Cloud Nine

Cloud Nine Web3 Technologies Inc., a decentralized network and storage technology company, appointed Lucas Russell as president and CEO.

Allan Larmour has resigned as CEO and Sefton Fincham has resigned as president effective immediately. Larmour steps down as CEO to pursue other opportunities but will continue to remain a director of the company. Fincham will continue to be available to provide consulting services upon request.

The company also announces the resignation of Peter Lee from the board of directors effective immediately.

Russell will assume the roles of president and CEO effective February 14, 2022. He has over a decade of experience in the financial markets and has been involved with entrepreneurial businesses for over 15 years, including the development and financing of start-ups. He has served on boards and executive teams of several publicly traded companies, guiding them from private to public corporations including the turnaround and eventual sale of a cannabis company which was guided from near bankruptcy to an 8-figure exit in under 2 years. He has been an early and active investor in several crypto start-ups and currently serves as CEO of Valdor Technology International Inc., where he is overseeing the acquisition and a $5 million capital raise of a Layer 2 crypto technology company, and implementing its new business strategy and direction. He is passionate about building company value and finding accretive acquisitions for corporations.

The board commented: “We are very pleased to welcome Lucas as Cloud Nine’s president and CEO. Lucas has extensive leadership experience in the technology industry and corporate finance, and he has demonstrated his ability to build successful businesses which will help lead Cloud Nine to its next phase of growth.”

Russell commented: “I am honoured to join the company and this role as I have followed Cloud Nine’s progress. I look forward to working with the executive team and I am eager to support the company’s expansion as I work to deliver success and create value for our shareholders.”

The company also announces the appointment of Justin Jacobson as VP of operations. He has over 15 years of experience in strategic business development and operational project management with both US and Canadian private and public companies. In 2012, he founded Fraser Valley Capital Inc., a boutique angel investment firm dedicated to helping emerging ventures in their early start-up stages. Through this company, he has helped to raise millions of dollars in seed capital, served on multiple executive teams, and provided contract consulting to a variety of business sectors and technology companies.

Russell said: “We are pleased to welcome Justin as VP of operations. Mr. Jacobson has been working with Cloud Nine as an independent contractor for the past year and I am confident that his experience within the industry will help Cloud Nine in its next stage of growth.”

The company also announces that it has granted stock options to directors and officers to acquire an aggregate of 1,100,000 common shares exercisable at a price of $0.42 per share for a period of five years. In addition, 900,000 restricted share units (RSU) were awarded to directors and officers which vest over a period of 2 years. Each RSU entitles the holder to receive one common share of the company. These grants were made pursuant to the company’s Omnibus Equity Incentive Plan approved by the shareholders of the company at its annual general and special meeting held on September 14, 2021.