SUGARMADE, INC. (OTCMKTS:SGMD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective on January 29, 2018, the Company’s board of directors approved and authorized the appointment of Chenlong Tan as a new Director of the Company. Mr. Tan is the co-founder of BizRight Hydroponics, Inc., where he has grown that business into one of the premier suppliers of hydroponic supplies. Mr. Tan brings valuable expertise, particularly relating to large scale IT design and implementation, to Sugarmade that will not only help BizRight to likely continue to grow, but will also provide valuable input toward improvements to other Sugarmade business, such as the increasingly e-commerce focused CarryOutSupplies.com business and the upcoming marketing and distribution of other products. Mr. Tan is an expert in e-commerce, AI and data mining and is a technology driven business executive.
Effective on January 29, 2018, the Company accepted the resignation of Director Richard Ko. to Mr. Ko’s resignation letter, Mr. Ko’s resignation was not due to any disagreements or conflicts with the Company. Mr. Ko’s noted his resignation is necessary in order to allow him to pursue his education to become a licensed CPA and to pursue other business ventures as a consultant.
About SUGARMADE, INC. (OTCMKTS:SGMD)
Sugarmade, Inc. is engaged in the supply of products to the quick service restaurant sub-sector of the restaurant industry. The Company is a distributor of paper products derived from non-wood sources. As of June 30, 2015, the Company’s operating unit, CarryOutSupplies.com, which is a producer and wholesaler of custom printed and generic takeout supplies served more than 3,000 quick service restaurants. It conducts its operations in an industry segment, including paper and paper-based products, such as paper cups, cup lids, food containers and others. Its products also include double poly paper cups for cold beverage, yogurt cups, ice cream cups, soup containers and plastic spoons. It is a manufacturer and distributor of tree free copy and printer paper products, made from sugarcane waste (bagasse) and bamboo for home and office environments under the Sugarmade brand name. It has also acquired a minority stake in various patents and products for seasoning and spices for food items.
