Newly Appointed Safe Harbor Financial CEO Terry Mendez Issues Letter to Shareholders

Core Viewpoint - Safe Harbor Financial, under the leadership of newly appointed CEO Terry Mendez, aims to leverage its position as a fintech leader in the regulated cannabis industry to develop innovative financial solutions that address industry-specific challenges [1][2]. Group 1: Company Overview - Safe Harbor has processed over $25 billion in cannabis-related funds through its network of partner banks, marking a significant achievement in its 10-year history [3]. - The company provides compliance, monitoring, and validation services to financial institutions, facilitating traditional banking services for cannabis-related businesses across more than 41 states and U.S. territories [10]. Group 2: Financial Strategy - Safe Harbor successfully negotiated a debt modification with Partner Colorado Credit Union (PCCU), unlocking over$6 million in cash and extending the due date to October 2030 while maintaining a 4.25% interest rate [4]. - This debt modification reflects PCCU's confidence in Safe Harbor's strategy and enhances the company's financial flexibility to pursue growth opportunities [4]. Group 3: Future Plans - The long-term vision for Safe Harbor is to transform from a specialized banking services provider into a multi-faceted fintech platform, leveraging industry relationships and regulatory expertise to create greater value for clients and shareholders [9]. - A Special Shareholder Meeting is scheduled for March 13, 2025, to discuss the company's go-forward strategy and a proposal for a reverse stock split to comply with Nasdaq listing requirements [5][6].