Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce Jim Vounassis will be appointed as Chief Operating Officer (“COO”) and Mike Munro will join as the company’s first Vice President Global Operations effective May 31, 2021.

Mr. Vounassis is a transformational senior executive with strong international experience and a proven track record in driving organizational performance. He was most recently COO at Bombardier Transportation (TSX: BBD.B), now part of Alstom, which is one of the world's largest rail equipment manufacturing companies. Mr. Vounassis was responsible for the operations aspects of the $8 billion revenue business and empowered over 15,000 employees to deliver innovative rail solutions across global markets.

“Xebec is an exciting cleantech growth company that is looking to solidify and expand its global operations. I believe we should all be doing our part to address climate change and the renewable gas opportunity is a compelling vision. I look forward to contributing my decades of experience in procurement, operations and transformation in order to help develop a solid manufacturing and operational footprint to further Xebec’s continued success,” said Jim Vounassis, Incoming COO of Xebec Adsorption Inc.

Before being appointed COO at Bombardier Transportation, Mr. Vounassis held the position of Chief Transformation and Procurement Officer at Bombardier Corporation. Previous to that, he held positions as Vice President Global Operations at Pharmascience, Vice President Global Manufacturing and Strategic Sourcing at Baker Hughes and Vice President Global Strategic Sourcing at Pratt and Whitney.

As the incoming Vice President Global Operations, Mr. Munro is an award-winning senior executive with a record in managing North American based businesses with strong expertise in business development, operations and strategic planning. He was most recently the Canadian General Manager at GE Power Conversion. Mr. Munro had a longstanding career at GE as a Vice President and General Manager in several business units and was recognized for his skill at turning around poorly performing divisions and restructuring business lines generating over $200 million in revenues.

“We are excited to have Jim and Mike join us for our next chapter of growth as we build out our worldwide presence. Both of them bring a proven background in organizational performance which will help us achieve our long-term strategic vision to become a world leading renewable gas leader. I would like to give them a warm welcome on behalf of the Xebec team and the Board of Directors,” stated Kurt Sorschak, Chairman, CEO and President of Xebec Adsorption Inc.

Mr. Vounassis is a graduate of University of Waterloo with an Honours Bachelor of Science in Mechanical Engineering. He also completed an Executive MBA at the Smith School of Business at Queen's University.

Mr. Munro is a graduate of Southern Alberta Institute of Technology with an Honours Diploma in Electrical Engineering and is completing his Master of Business Administration at York St John University.

Related links:https://www.xebecinc.com

About Xebec Adsorption Inc.Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with six manufacturing facilities, eight Cleantech Service Centers and four sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.

Cautionary Statement This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements, including statements concerning future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects as well as the expectations of management of Xebec with respect to information regarding the business and the expansion and growth of Xebec operations, involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Xebec's public documents, including in the most recent annual management discussion and analysis and annual information form, filed on SEDAR at www.sedar.com. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy, notably as a consequence of the Covid-19 pandemic, Xebec’s capacity to generate revenue growth, the availability to Xebec of financing and credit alternatives and access to capital, Xebec’s capacity to meet all its other commitments and business plans, Xebec’s limited number of customers, the potential loss of key employees, changes in the use of proceeds relating to the loan, share price volatility, and other factors. Although Xebec believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Xebec disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102

Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
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