Radient Technologies Inc. RTI RDDTF is conducting a strategic review of the company's operations.
According to a Friday's update, the board of directors would evaluate costs and underutilized assets for the company to achieve positive cash flow.
The Edmonton, Alberta-based company, which recently posted its fourth-quarter earnings report, noted that the recent introduction of white label products will lead to future growth along with the ramping up of distribution to reach additional provinces.
The company also opted for some changes in the board, including naming Jan Petzel as Interim President and CEO.
Petzel, who served as the company's Director since 2016, is replacing Denis Taschuk on the position. Taschuk stepped down for family reasons and would remain as board's advisor.
The decision is effective immediately, the press release said.
Prior to joining Radient, Petzel served at Goldman Sachs Group GS as Managing Director in the Merchant Banking Division.
He was also a member of the boards in several companies, including Cognis GmbH.
In addition, Chief Operating Officer Mike Cabigon opted to step down from the position to "pursue other interests," the company confirmed.
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