Cloud Nine Web3 Technologies Inc. (CSE: CNI) (OTC: CLGUF) (FRANKFURT: 1JI0) (“Cloud Nine” or the “Company”), a leading decentralized network and data storage technology company, is pleased to announce the appointment of Lucas Russell as President and Chief Executive Officer.

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Allan Larmour has resigned as CEO and Sefton Fincham has resigned as President effective immediately. Mr. Larmour steps down as CEO to pursue other opportunities but will continue to remain a director of the Company. Mr. Fincham will continue to be available to provide consulting services upon request. The Board of Directors would like to thank Mr. Larmour for his service to the Company as CEO, and Mr. Fincham for his contributions to the Company and wish them success in their future endeavours.

Cloud Nine also announces the resignation of Peter Lee from the Board of Directors effective immediately. The Company thanks Mr. Lee for his dedicated years of service on the Board and wishes him well in his other endeavours.

Lucas Russell will assume the roles of President & CEO effective February 14, 2022. Mr. Russell has over a decade of experience in the financial markets and has been involved with entrepreneurial businesses for over 15 years, including the development and financing of start-ups. He has served on boards and executive teams of several publicly traded companies, guiding them from private to public corporations including the turnaround and eventual sale of a cannabis company which was guided from near bankruptcy to an 8-figure exit in under 2 years. Mr. Russell has been an early and active investor in several successful crypto start-ups and currently serves as CEO of Valdor Technology International Inc. (CSE: VTI), where he is overseeing the acquisition and a $5 million capital raise of a Layer 2 crypto technology company, and implementing its new business strategy and direction. Mr. Russell is passionate about building company value and finding accretive acquisitions for corporations.

The Board of Cloud Nine commented, “We are very pleased to welcome Lucas as Cloud Nine’s President & CEO. Lucas has extensive leadership experience in the technology industry and corporate finance, and he has demonstrated his ability to build successful businesses which will help lead Cloud Nine to its next phase of growth.”

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