Changes to H2O Innovation Board of Directors, New Officers Nominated and Shares Granted
July 17 2008 - 8:55AM
Marketwired
QUEBEC CITY, QUEBEC Inc. ("H2O") (TSX VENTURE:
HEO)(ALTERNEXT:MNEMO:ALHEO) has announced changes to its board of
directors, the appointment of new company officers, and the
granting of 532,000 stock options.
As part of organizational restructuring following the recent
acquisition of Itasca Systems Inc. ("Itasca") announced July 3, and
considering the fact that the company is facing major challenges to
ensuring its profitability, its growth, and the successful
completion of the contracts in its order books, as well as the
objective to put together its knowledge and know-how with its
recent acquisitions, co-founder Frederic Dugre will now fill the
position of president and CEO of H2O. Guy Goulet will remain
Chairman of the Board and will act as liaison between members of
the board of directors, the company's officers, its major
shareholders, and the Alternext stock exchange in Paris and will
play a greater role in business development. With his knowledge and
extensive corporate and financing experience, Guy Goulet directly
contributed to the development of projects undertaken by H2O, a
company he co-founded in 2000. Among other things, he has been the
driving force behind several financing initiatives that have
ensured the company's long-term success.
With his expertise in finance and marketing of "cleantech"
technologies, and his understanding of the water treatment
industry, Frederic Dugre-a trained mechanical engineer-has made
major contributions to the growth of H2O through his involvement in
the company's many acquisitions since its founding.
Furthermore, with the acquisition of Itasca, Richard Alan Hoel,
the company's former majority shareholder, and James Peterson, its
former President, will now act as member of the board of directors
and COO, respectively, in order to integrate their expertise into
the company's operations and expand the skill set of the board and
the management.
Richard Alan Hoel holds a J.D. in Law from Harvard Law School
and a BA in Economics from Hamline University in Minnesota. He was
a founding partner of the Winthrop & Weinstine law firm,
established in 1979. He is an experienced businessman who has
devoted the majority of his career to buying, restructuring, and
selling a variety of companies. He has worked with banks and bank
holding companies throughout the Ninth Federal Reserve District. As
part of this process, he has been involved in the tax, securities
and regulatory issues associated with acquisitions, divestitures
and restructurings.
James Peterson holds a MBA from University of St-Thomas as well
as a BA in Chemistry and Natural Science Distributive from Gustavus
Adolphus College in Minnesota. He headed Itasca as president
starting in 2003. He also filled a variety of management positions
in a number of industries including Scherping Systems (General
Manager), Ecolab, Inc. - Agrifoods Division (Vice President, Sales
and Service), and H.B. Fuller Company (Divisional Sales
Manager).
In addition, Annie Lemieux has been nominated Chief Financial
Officer and Stephen Gauthier Senior Vice-president Corporate
Finance & Investor Relations.
Annie Lemieux has a degree in Business Management from Laval
University and became a certified accountant in 1992. She has over
10 years' experience with publicly-traded companies and private
manufacturing companies, where she held a variety of finance
management positions. "With her expertise and know-how, Annie
Lemieux will assist us in our growth and in change management,"
explains H2O president and CEO Frederic Dugre. As part of her new
role as Chief Financial Officer, Annie Lemieux will be mainly
dealing with financial statements and all other publicly available
financial information.
Stephen Gauthier holds a BA in Business Administration from
Ecole des Hautes Etudes Commerciales de Montreal and has over 20
years' finance experience as an analyst, negotiator, and investment
advisor with Financiere Banque Nationale and as Executive Director
and Portfolio Manager with Magna Vista (a division of AGF). He also
worked for nearly 10 years for the Canadian division of Pictet
& Cie as Senior Vice-president and Chief of Investments.
As part of this organizational restructuring, the company
announces the granting of a total of 532,000 stock options to its
directors and certain key employees, in accordance with the terms
and conditions of its new stock options plan. The grant is
effective as of July 17, 2008. Each stock option gives the holder
the right to acquire one common share for the price of CA$ 0.90
before July 17, 2013.
About H2O
H2O's mission is to develop, manufacture and market innovative,
environment-friendly, products intended for drinking water
production, wastewater treatment and industrial processes.
The TSX Venture Exchange and the Alternext Exchange assume no
responsibility for the relevance or accuracy of this press
release.
Contacts: H2O Innovation (2000) Inc. Frederic Dugre President
& CEO 418-688-0170 fdugre@h2oinnovation.com H2O Innovation
(2000) Inc. Stephen Gauthier Senior Vice-president Corporate
Finance & Investor Relations 418-688-0170
sgauthier@h2oinnovation.com
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