Toronto, Ontario--(Newsfile Corp. - November 24, 2023) - PesoRama Inc. (TSXV: PESO) ("PesoRama" or the "Company"), a Canadian company operating dollar stores in Mexico under the JOi Dollar Plus brand, announces the appointment of Rodrigo Castañón as Chief Operating Officer of the Company's operating subsidiaries in Mexico City.
Mr. Castañón joins with vast experience in several sectors including retail, marketing and fast-moving consumer goods. Within retail he has had experience in operations, expansion, finance, and marketing, among other areas. He worked for four years in Colombia for Tiendas D1, the largest hard discount retailer in Latin America with over 2,300 stores, where he was responsible for expansion and opened north of 1,100 stores during that period. With Tiendas D1 he implemented an expansion booster plan, led store maintenance, relocations, remodelling, and national security, as well as being a member of the executive committee. Before joining Tiendas D1 he worked for several years for DIA Group, a Spanish food retail company with more than 7,000 stores. With DIA he held responsibilities in Spain and in China where he lived for several years in Shanghai. He covered areas such as operations, sales manager, human resources, expansion, and business controlling. He holds a Business Administration and Law Degree from Universidad Pontificia Comillas and a Master's Degree in International Business from Zhejiang University.
In connection with his appointment, the Company has granted to Mr. Castañón incentive stock options (the "Options") to purchase an aggregate of 1,000,000 common shares (each, a "Share") of the Company.
The Options are exercisable until November 24, 2028 at a price of $0.23 per Share and shall vest as follows: ¼ on the first anniversary of the date of grant, ¼ on the second anniversary of the date of the grant, ¼ on the third anniversary of the date of the grant, and ¼ on the fourth anniversary of the date of the grant.
The Options are granted pursuant to the Company's stock option plan which was most recently approved by shareholders at the Company's annual and special meeting held on August 8, 2023, and remain subject to approval of the TSX Venture Exchange.
About PesoRama Inc.
PesoRama, operating under the JOi Dollar Plus brand, is a Mexican value dollar store retailer. PesoRama launched operations in 2019 in Mexico City and the surrounding areas targeting high density, high traffic locations. PesoRama's 22 stores offer consistent merchandise offerings which include items in the following categories: household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, confectionery and more.
For further information please contact:
Rahim Bhaloo
Founder & Executive Chairman
rahim@rahimbhaloo.com
416-816-3291
Erica Fattore
President & Chief Executive Officer
erica@joi.mx
Cautionary Note
This press release contains "forward-looking information" within the meaning of applicable securities laws, including, among other things, statements regarding the Company's planned expansion, new store openings and expected future developments and other factors that have been considered appropriate. While the Company believes that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements, including due to changes in consumer behaviour, general economic factors, the ability of the Company to execute its strategies, the availability of capital and the risk factors which are discussed in greater detail in the "Risk Factors" section of the Company's prospectus dated January 31, 2022 and filed under the Company's profile on www.sedar.com. The statements in this press release are made as of the date of this release. PesoRama undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of PesoRama, its securities, or its financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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