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MONTREAL, March 19, 2018 -- Rainy Day Investments Ltd. (“RDI”), the principal shareholder of DavidsTea Inc. (Nasdaq:DTEA), is pleased to announce that at the request of the Corporate Governance and Nominating Committee of the Board of Directors of DavidsTea, RDI has submitted a slate of eight nominees to the Committee for election as the Board of Directors of DavidsTea at its forthcoming annual meeting of shareholders, which RDI expects will be held in June. RDI holds approximately 46% of the issued and outstanding shares of DavidsTea.
Mr. Herschel Segal, co-founder of DavidsTea and President of RDI, leads the slate of RDI nominees. If the slate is elected or appointed, it is expected that Mr. Segal will be appointed as Chairman of the Board of Directors of DavidsTea. The other nominees are: M. William Cleman, a corporate director and consultant; Pat De Marco, President of Viau Foods Inc., located in Laval, Québec; Emilia Di Raddo, President of Le Château Inc., a leading Canadian fashion retailer based in Montreal, Québec; Dr. Ludwig Max Fisher, a retired professor with an interest in holistic nutrition and herbal medicine; Dr. Peter Robinson, until recently CEO of the David Suzuki Foundation and prior thereto CEO of Mountain Equipment Co-op, a Canadian consumers’ cooperative; Lorenzo Salvaggio, Vice-President and Chief Operating Officer of RDI; and Roland Walton, former President of Tim Horton’s Canada. Emilia Di Raddo is currently, and each of Herschel Segal and Lorenzo Salvaggio was until recently, a director of DavidsTea.
Herschel Segal stated “This is a slate of quality candidates with a common vision for DavidsTea and with the competencies and experience necessary for a turn-around of the company, for the benefit of all DavidsTea shareholders. I am confident that the members of the slate share my belief in the company and its future. We think eight is an appropriate size for the Board of DavidsTea at the present time. Six of our eight nominees are independent of RDI and a majority of our nominees will be independent directors of DavidsTea.
“As I previously said, I have every confidence that the Corporate Governance and Nominating Committee and Board of Directors of DavidsTea will endorse our slate of nominees and that our slate will appear in the management information circular that DavidsTea will prepare for the annual meeting of shareholders. Our nominees are ready to take office at the annual meeting, if not sooner,” Mr. Segal concluded.
For further information please contact:
Mr. Lorenzo Salvaggio
Vice-President and Chief Operating Officer
Rainy Day Investments Ltd.
(514) 295-2353
