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 manufacturing operations.
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.
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H2O Innovation Inc.