Appoints New Chief Technology Officer
QUEBEC CITY, Jan. 10, 2017 /CNW Telbec/ - CO2 Solutions Inc. (or "the Corporation") (TSXV: CST), the leader in the field of enzyme-enabled carbon capture technology, today announced changes to its senior management.
Mr. Glenn Kelly, Chairman of the Board of the Corporation, is pleased to announce that, effective January 9, 2017, CO2 Solutions has appointed Richard Surprenant, P. Eng., as Senior Vice President, Process Engineering and Chief Technology Officer of the Corporation. Mr. Surprenant, an experienced technical professional, with more than 25 years of process engineering, engineering development, project management and technology commercialization experience, will be responsible for leading the continued development, application, deployment, relationships with engineering collaborators and commercialization of CO2 Solutions' carbon capture technology. In particular, Mr. Surprenant will spearhead the recently announced project involving Resolute Forest Products Inc. and Serres Toundra Inc. for the deployment of CO2 Solutions' carbon capture technology at a pulp mill in the Saint-Félicien region of Quebec (Canada) and the commercial reuse of the CO2 in an adjacent greenhouse. Mr. Surprenant will report to Evan Price, President and Chief Executive Officer of the Corporation.
Mr. Surprenant, holds a Bachelor of Engineering (Chem) degree from McGill University in Montreal, Quebec, and P. Eng. accreditation from the Association of Professional Engineers and Geoscientists of Alberta. Mr. Surprenant's process engineering experience includes 20 years in managerial and process engineering positions with Shell Canada, most recently as Commercial Manager, Heavy Oil (Canada). Prior to Shell Mr. Surprenant held positions as Process Engineer with Irving Oil and as Senior Field Engineer with Dowell Schlumberger (Algeria).
"Attracting an experienced field engineer of Mr. Surprenant's calibre is evidence of the practical and commercial relevance of CO2 Solutions' technology," said Evan Price, President and Chief Executive Officer. "Richard's knowledge and experience in the commercial application of technology, particularly in project management and commercial deployment, makes him a strong addition to our team. Based on his background and considering his experience in the Canadian oil industry with Shell, he will provide valuable insight to our project management and commercialization strategy."
"I look forward to being involved in the application and commercialization of CO2 Solutions' innovative carbon capture technology, which clearly has the potential to be a breakthrough for low-cost carbon capture," added Mr. Surprenant. "Mitigation of CO2 emissions is the most important environmental challenge of our day. The low-cost and environmentally friendly carbon capture technology developed by CO2 Solutions and demonstrated at large scale enables reduction of this greenhouse gas and its economic reuse into value-added products. With the previous announcements relative to the Saint-Félicien pulp mill/greenhouse and Valorisation Carbon Québec projects, CO2 Solutions is favourably positioned to address this challenge. It is a great endeavour and I am excited to be joining CO2 Solutions in this journey."
With the arrival of Mr. Surprenant, Dr. Louis Fradette, current Senior Vice President, Process Engineering and Chief Technology Officer will move into the new role of Director of the Valorisation Carbone Québec Project (VCQ), where he will direct the Corporation's leadership participation in this major project which was announced earlier this year.
Consistent with these management changes, the Corporation is also pleased to announce the appointment of Mr. Robert Zappa as Assistant Director, VCQ. Mr. Zappa, a forestry engineering and MBA graduate of Laval University in Quebec City, QC, brings a wealth of experience in the field of project management on large scale turnkey projects to support the implementation of VCQ project, including 10 years with Bombardier as Project Director of Turnkey Rail Transportation Systems.
Grant of Options
The Corporation announces that it has granted, on January 9, 2017, a total of 530,000 stock options to certain officers and an employee, including 500,000 options to Mr. Surprenant granted as part of his starting remuneration package. Each stock option, governed by the stock option plan of the Corporation, allows the holder thereof to acquire one common share of the Corporation until November 30, 2021 at a price of $0.17 per common share.
About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Sequestration and Utilization (CCSU), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post-combustion capture of carbon dioxide with low-energy aqueous solvents. Further information can be found at www.co2solutions.com.
CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events, including statements relating to the liquidation of Akermin, or CO2 Solutions' future economic performance, and reflect the current assumptions and expectations of management. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, general business and economic uncertainties, third party events and adverse market conditions as well as those risks set out in the Corporation's public documents filed on SEDAR. Readers are cautioned not to place undue reliance on such forward-looking statements. CO2 Solutions undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CO2 Solutions Inc.
For further information: Investor Relations and Media Contact: CO2 Solutions: Thom Skinner, 418-842-3456, ext. 223, [email protected], www.co2solutions.com; NATIONAL Equicom, Marc Lakmaaker, 416-848-1397, [email protected]