Yield Growth Appoints Former COO and CFO of MAC Cosmetics Thomas Bond as Director of Yield & Chairman of the Board, Urban Juve
December 17, 2018 MJ Shareholders
December 17th, 2018
News, Top News
VANCOUVER, British Columbia, Dec. 17, 2018 (GLOBE NEWSWIRE) — The Yield Growth Corp. (CSE:BOSS, C.BOSS), is pleased to announce that it has appointed Mr. Thomas Bond to the Yield Growth Board of Directors and appointed him as Chairman of the Board of Urban Juve Provisions Inc., which is 100% owned by Yield Growth.
Thomas Bond has over 35 years experience partnering with entrepreneur businesses to build and deliver the operational and financial infrastructure to support annual double-digit revenue growth. During that time, he has held C-level financial and operational positions with companies engaged in cosmetics, apparel, and construction including M.A.C Cosmetics, Cover FX Skin Care and Tridel.
Thomas was with M.A.C Cosmetics from 1993 until its sale to Estee Lauder in 1999. He started as the CFO and in 1994 the COO role was added to his portfolio. From 1993 to 1999, annual revenues at M.A.C Cosmetics grew from $12 million to over $300 million. His achievements included building an executive team that could support the growth objectives, opening M.A.C owned retail stores, diversifying the business geographically by expanding into the U.K., France, Italy and Hong Kong, and mitigating the retailer concentration risk in the U.S. by adding distribution agreements with a number of major department stores. He was personally responsible for leading the discussions with Estee Lauder and negotiating the final sale agreement. After the acquisition, he continued to provide full time consultant services to M.A.C Cosmetics until 2002.
M.A.C Cosmetics is named one of the top three global makeup brands, with an annual turnover of over $1 billion and 500 independent stores. M.A.C Cosmetics is headquartered in New York City and became part of the Estée Lauder Companies in 1998. The Estée Lauder Companies reported net sales of $13.68 billion for fiscal year 2018.
After M.A.C Cosmetics, Thomas joined Cover FX Skin Care Inc., a startup cosmetics company based in Toronto, as a shareholder and the CFO and COO. During his tenure, Cover FX expanded rapidly by entering into agreements with Shoppers Drug Mart, Sephora in the U.S., and Harvey Nichols in the U.K. In order to accelerate the rate of growth additional capital was required, so in 2011 a controlling interest was sold to L. Catterton, the largest and most experienced consumer-focused private equity company in the world. Today, Cover FX products are being distributed in 1875 stores in Canada, the U.S., U.K., the Middle East, Australia, India, Malaysia, Indonesia, Singapore, Thailand and Latin America. From April 2013 to the present, Thomas has consulted with the CFO Centre Canada and for four of those years provided CFO/COO consulting to a company in the apparel industry owned by Birch Hill Equity Partners.
Thomas holds an MBA from the Rotman School of Business at the University of Toronto and is a CPA. C.A.
In addition to his appointment as a Director of Yield Growth, he has also been appointed to its Audit Committee and Compensation Committee effective today.
“Thomas is an excellent addition to what is already an exceptional team with big company depth,” says Penny Green, CEO of the Yield Growth Corp. “Thomas brings extensive financial, operational, and strategic experience. This, combined with his deep knowledge of the cosmetics industry and experience scaling high-growth companies, will be a huge asset to both Yield Growth and Urban Juve.”
About The Yield Growth Corp. & Urban Juve
The Yield Growth Corp. is a diverse team of business executives dedicated to rapid, sustainable financial growth for businesses with viable models for success. The team’s experience spans across venture capital, international investor relations, licensing, intellectual property strategies, and corporate governance best practices in North America. Its directors and officers have experience at multi-billion dollar international companies including M.A.C Cosmetics, Aritzia, Skechers, Pepsi and Coca-Cola. Yield Growth owns 100% of Urban Juve Provisions Inc., which has a catalogue of over 50 wellness formulas. Urban Juve is the organic synthesis of ancient knowledge and modern techniques. Ayurvedic knowledge delineates three general categories or skin types, which Urban Juve has translated as Vitalize, Balance and Align, each with its own dedicated range of skin and body care formulations. Urban Juve has registered for sale with Health Canada 26 products containing cannabis sativa hemp oil and has filed 11 provisional patent applications in the United States. Urban Juve’s products are sold in Canada, with distribution agreements signed for the United States and Italy.
Visit www.urbanjuve.com and #findyourjuve to learn, engage and shop.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a59aa647-0e70-4840-ae15-4f4c3a83fc43
Investor Relations Contact
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, and sale of, and demand for, Urban Juve products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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