CEA Industries Inc. Announces New CFO

Ian K. Patel, Citigroup veteran and Wharton MBA, Named CFO

Louisville, Colorado, March 15, 2022 (GLOBE NEWSWIRE) -- CEA Industries Inc. (NASDAQ: CEAD), a leader in controlled environment agriculture (CEA) systems engineering and technologies, announced today the appointment of Ian K. Patel as Chief Financial Officer and Treasurer of the Company, effective March 11, 2022.

“Ian brings a proven track record of delivering results and accelerating growth, and our Board of Directors and I are thrilled to welcome him to the executive management team,” said Tony McDonald, CEA Industries Chairman and CEO. “Ian’s extensive experience advising and leading organizations in their finance activities will serve our company and our shareholders well.”

Mr. Patel has extensive experience as a financial leader, having held several executive roles in the energy sector and investment companies and spearheading improved processes to their financial models and risk management compliance.

“I am excited to step into the CFO role at CEA Industries to support the company in its continued execution of its strategic plan, to accelerate growth and to deliver value to its shareholders,” said Mr. Patel.

Biographical Details

Ian Patel was most recently the Consultant CFO for Maxwell Financial Labs, Inc., a B2B SAAS mortgage servicer. At Maxwell he advised the company on their accounting and risk management processes, long and short-term financial models and led their capital raising efforts for subsidiary businesses.

Prior to Maxwell, he served as Vice President of Finance, Treasury and Investor Relations for Fourpoint Energy LLC, a $5 billion multi-strategy energy enterprise. At Fourpoint Energy he led finance, planning and risk management.

Before Fourpoint Energy, Mr. Patel served as CFO at True Oil Company, LLC / S&A Resources LLC, a private equity-backed oil and gas company. Prior to True Oil he was Director of Investment Banking at Citigroup Global Energy where he provided strategic advice to energy companies on issues including capital structure, M&A, and debt/equity capital raises.

Other positions Mr. Patel has previously held include Investment Banking Associate for Goldman Sachs & Co., and Corporate Lawyer, Mergers and Acquisition, for Debeovoise & Plimpton, LLP.

Mr. Patel holds an MBA from The Wharton School and a Juris Doctorate from Harvard Law School.

About CEA Industries Inc.

CEA Industries Inc. (), is home to industry leaders in controlled environment agriculture, with complementary and adjacent companies added to its portfolio when aligned with the company’s growth initiatives. As the global environment for indoor cultivation continues to grow, CEA Industries was formed to embrace companies that support these ecosystems.

Headquartered in Louisville, Colorado, CEA Industries knows that growth is a team sport. Through future partnerships and mergers and acquisitions, both financial and strategic, CEA Industries will continue its pursuit of companies that bring accretive value to its customers and investors.

Safe Harbor Statement

This press release contains statements of a forward-looking nature relating to future events. For example, when we discuss the expected use of proceeds, we are using forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA Industries Inc.’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

Contact Information:

Jamie English

Vice President, Marketing Communications



(303) 993-5271