Trading symbol: CST
Outstanding shares: 50,261,136
QUEBEC, Aug. 12 /CNW Telbec/ - Mr. Réjean Blais, Chairman of the Board of
CO2 Solution Inc. ("CO2 Solution") is very pleased to announce that Mr. Glenn
Kelly has been appointed President and CEO of CO2 Solution, effective August
26th, 2008. Mr. Kelly, a director of CO2 Solution since February 2008, will
also continue to sit on the Board of the company. A recognised leader and
experienced executive, Mr. Kelly was until recently President and COO of
Rabaska Inc., a subsidiary of Gaz Metro, Gaz de France and Enbridge Inc.
working towards the construction of a Liquefied Natural Gas (LNG) import
terminal near Quebec City. Mr. Kelly succeeds Normand Voyer who was acting as
interim president and CEO. Mr. Voyer will continue to act as vice-president of
Mr. Kelly holds a degree in civil engineering from Queen's University and
an MBA from Laval University. He is recognised for his broad knowledge in the
industrial sector, notably in energy. He also demonstrated his
entrepreneurial, leadership, and project development skills while at Rabaska,
by leading their project through the crucial regulatory approval and
preliminary design phases.
Prior to joining Rabaska, Mr. Kelly was President of Intragaz Inc., a
company specializing in the development and operation of underground natural
gas storage facilities. He also worked as a facilities and drilling engineer
for Chevron Canada Resources in Calgary, responsible for several important
projects throughout Canada. Mr. Kelly has been an invited speaker for
presentations in Canada and the United States on future technologies and
innovations in natural gas storage and liquefied natural gas.
"Mr. Kelly is extremely well known for the tremendous results he attained
in furthering the development of the Rabaska project. In addition to his
significant experience in the industrial and energy sectors, CO2 Solution will
also benefit from his proven track record in growing successful enterprises.
The addition of Mr. Kelly to the CO2 Solution management team is an important
step forward for the company and its shareholders", stated Mr. Réjean Blais,
Chairman of the Board.
Commenting on his appointment, Mr. Kelly added, "I am extremely pleased
and excited to be joining CO2 Solution at such an important moment in its
development. We now all recognize that a variety of solutions will have to be
implemented over the next years to diminish green house gas emissions and slow
down global warming. One of these solutions will have to be an efficient and
low cost carbon capture technology. The need for such a technology is urgent
and the market is truly large. CO2 Solution's innovative and breakthrough
technology is extremely well positioned in this regard and thus has the
potential to be an important solution to mitigating global warming".
As part of his remuneration package, Mr. Kelly was granted
1,759,140 options to purchase CO2 Solution shares at a price of $0.18.
About CO2 Solution
CO2 Solution Inc. has developed a proprietary bio-technological platform
for the efficient capture of carbon dioxide (CO2), the most important
greenhouse gas (GHG), from power plants and other large stationary sources of
emissions. The Company's technology platform exploits the natural power of a
bio-catalyst (enzyme), carbonic anhydrase, which functions within humans and
other mammals to manage CO2 during respiration. CO2 Solution has successfully
adapted the enzyme to function within an industrial environment, and thus has
taken advantage of a biomimetic approach based on millions of years of
evolution. The Company is commercializing its technology for coal fired power
generation, the oil sands and other CO2-intensive industries where a low-cost
capture solution is key to meeting climate change legislation in a cost
effective manner. News releases and additional information are available at
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein and accepts no responsibility for it.
For further information:
For further information: Annie Chiasson, Director, Corporate Affairs,
(418) 842-3456, email@example.com, www.co2solution.com; Source:
CO2 Solution Inc.