Sugarmade, Inc. Announces Resignation of Henry Michon as Director and Committee Member of Board of Director, Effective October 22, 2013
November 04, 2013 at 09:50 pm
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Effective October 22, 2013, Mr. Henry Michon resigned as a director and committee member of the Board of Directors of Sugarmade, Inc. At the time of Mr. Michon's resignation, he was a board member and a committee member of the Compensation Committee of the Board of Directors of the company. The company believes that Mr. Michon's resignation was a result of a disagreement with some members of the Board of Directors regarding certain board resolutions that were passed at the September 18, 2013 board meeting, which Mr. Michon believes were self-interested transactions. The company has explained to Mr. Michon that each of the resolutions was unanimously approved by the disinterested directors of the company who were present at the board meeting on September 18, 2013, and that the approved transactions remove approximately $591,071 of debt from the company's balance sheet.
The company believes that Mr. Michon's resignation was also caused by differences of opinion between Mr. Michon and other board members regarding the conduct of the Board, the company's business operations and other transactions of the company not in the ordinary course of its business.
Sugarmade, Inc. is a product and branding marketing company. The Company operates through two segments: paper and paper-based products and cannabis products delivery. The paper and paper-based products segment focuses on supply of disposable products to the quick-service restaurant and as an importer and distributor of non-medical personal protection equipment to business and consumers, via its Carry Out Supplies subsidiary. Carry Out Supplies is a producer and wholesaler of custom printed and generic supplies. The primary products are plastic cold cups, paper coffee cups, yogurt cups, ice cream cups, cup lids, cup sleeves, edible packaging, food containers, soup containers, plastic spoons, and similar products. The Company also focuses on investing in cannabis real estate, cultivation, and wholesale sectors vs. cannabis retail operations. It is also engaged in selected cannabis and hemp projects. Its subsidiaries include SWC Group, Inc., NUG Avenue, Inc., and Lemon Glow Company, Inc.
SUGARMADE, INC. 
