Company streamlines organizational structure and eliminates COO position
Alternext: MNEMO: ALHEO
QUEBEC CITY, June 15, 2012 /CNW Telbec/ - (TSXV: HEO) - H2O Innovation Inc. ("H2O Innovation" or the "Company") announces the departure of James (Jim)
L. Peterson, Chief Operating Officer. The Company streamlines its
organizational structure and eliminates the position of Chief Operating
Officer, enhancing its focus on reaching operational excellence.
"We wish Jim the best for the future and sincerely thank him for his
enthusiasm and dedication during his years with us", stated Frédéric Dugré, President and CEO of H2O Innovation Inc.
Jim Peterson has been an executive of H2O Innovation for nearly four years, since the acquisition by the Company
in July 2008 of Itasca Systems, Inc., which he then led.
Jim Peterson's responsibilities have been immediately transferred to
Frédéric Dugré, who continues to be supported by the Company's
executives and senior management team in Canada and the United States.
In management's opinion, the Company's streamlined organizational
structure will enable it to accelerate the implementation of additional
controls and procedures meant to enhance both project execution and
Certain statements set forth in this press release regarding the
operations and the activities of H2O Innovation as well as other communications by the Company to the
public that describe more generally management objectives, projections,
estimates, expectations or forecasts may constitute forward-looking
statements within the meaning of securities legislation.
Forward-looking statements concern analysis and other information based
on forecast future results and the estimate of amounts that cannot yet
be yet determined. Forward-looking statements include the use of words
such as "anticipate", "if", "believe", "plan", "estimate", "expect",
"intend", "may", "could", "should", "will", and other similar
expressions, as well as those usually used in the future and the
conditional, notably regarding certain assumptions as to the success of
a venture. Those forward-looking statements involve a number of risks
and uncertainties, which may result in actual and future results of the
Company to be materially different than those indicated. Information
about the risk factors to which the Company is exposed is provided in
the Annual Information Form dated September 28, 2011 available on SEDAR
(www.sedar.com). Unless required to do so pursuant to applicable securities
legislation, H2O Innovation assumes no obligation to update or revise forward-looking
statements contained in this press release or in other communications
as a result of new information, future events and other changes.
About H2O Innovation
H2O Innovation provides integrated technological water treatment solutions
based on membrane filtration technology to municipal, energy & mining
end-users. H2O Innovation designs state-of-the-art custom-built water treatment
systems for the production of drinking water and industrial process
water, the reclamation and reuse of water, and the treatment of
wastewater, while providing a complete line of specialty chemicals and
consumables for membrane filtration and reverse osmosis systems. With
more than 110 employees and seven locations in North America, H2O Innovation is also a founding partner of H2O Innovation India, a joint venture based in Mumbai, India. Shares of H2O Innovation are listed on the TSX Venture Exchange (HEO) and the NYSE
Euronext Alternext Exchange (MNEMO: ALHEO). For more, visit www.h2oinnovation.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) nor
the Alternext Exchange accepts responsibility for the adequacy or
accuracy of this release.
SOURCE H2O INNOVATION INC.
For further information:
H2O Innovation Inc.