EAGLE POINT, Ore., July 23, 2018 (GLOBE NEWSWIRE) -- Grow Condos, Inc., (OTCPK:GRWC) announced today that on July 1, 2018, Wayne Zallen resigned as the President and CEO of Grow Condos, Inc. and David Tobias resigned his position as a member of the Board of Directors. On the same day, Jonathan Bonnette was elected to the Board of Directors filling the vacancy created by the resignation of David Tobias. Mr. Bonnette was also appointed the President and CEO of the Company. Wayne Zallen will remain the Chairman of the Board of Directors and will continue to serve as the CFO until such time as a replacement can be found. David Tobias will continue to serve with the Company as an outside consultant.
Grow Condos, Inc has been successful since its inception in 2013. Wayne Zallen, former CEO, developed a lease-option model for industrial warehouses and has successfully maintained high occupancy. Additional growth for the company came with the purchase of an RV Park in Selma OR, “Smoke on the Water.”
The new CEO, Jonathan Bonnette, has outstanding credentials to move the company to its anticipated next strategic level. Mr. Bonnette has successfully built companies and creates systems that save time and resources. He co-founded United First Financial (UFirst) which created the Money Merge™ system. This system software applies existing banking tools, 1:1 coaching, and web-based software to aid consumers in paying off their mortgages and consumer debt in approximately half the time. He received the prestigious Ernst & Young Entrepreneur of The Year® Award in 2008.
Mr. Bonnette’s recent business experience is as follows:
From 2006 through 2014 he worked for United First Financial, a company which he cofounded and with regard to which he was also an owner. United First Financial was a direct sales company with a financial software product that would instruct people on how to pay off debt as quickly as possible. He served as president and was over I.T. and operations.
From 2014 through 2018 he worked for Legacy Solutions Group, a company which he also owns. Legacy Solutions Group is a company that helps people protect and build a retirement through different investment strategies, including real estate investments. He was in charge of technology and client on boarding.
Mr. Bonnette is qualified to be a director of the Company because he has owned many private companies. One of the companies he owned had over 240 employees, over 70,000 independent agents and revenues of more than $120,000,000 per year. He has also owned a software and technology company giving him experience that will broaden our solutions to the cannabis industry.
Mr. Bonnette has entered into an employment agreement with the Company having an initial term of one year. His compensation for the first year is $240,000.
Mr. Bonnette is 40 years old.
Safe Harbor: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Grow Condos, Inc, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Grow Condos, Inc. ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Grow Condos, Inc. filings with the OTC Markets, Securities and Exchange Commission and/or the company's website.
CONTACT: Grow Condos, Inc. Corporate: www.growcondos.com
