H2O Innovation Provides an Update on the COVID-19 Situation and Eases its Salary Reductions
May 07 2020 - 8:00AM
(TSXV: HEO) – H2O Innovation Inc. (“H2O Innovation” or the
“Corporation”) is pleased to provide a new update following its
March 31 press release in response to the current situation
surrounding COVID-19. Given the Corporation’s good financial
health, the management has decided to ease its extraordinary salary
reduction measures. In addition, the Corporation is preparing to
resume its manufacturing activities for its Maple and Projects
business lines, due to upcoming deliveries and the reopening of
various construction sites.
Considering H2O Innovation’s financial situation
over the last few weeks, the Corporation has decided to review
certain extraordinary measures implemented since March 30. On May
4, the 10% reduction in the wages of some of its employees went to
a 5% reduction. “Since we did not observe any significant
deterioration in the Corporation’s financial situation, management
decided to ease the wage reduction measures, that had been
implemented as a preventive measure at the beginning of the
pandemic”, stated Frédéric Dugré, President and Chief
Executive Officer of H2O Innovation. However, the 15%
reduction for its officers and its Board of Directors remains until
further notice.
The internal COVID-19 intervention team
(gathering top-management together with human resources, the legal
department, operations and communications) continues to meet three
times a week. The team is currently working, in collaboration with
the managers of the different business lines, on a gradual
return-to-work protocol for telework employees, while respecting
the prevention and safety measures put in place by the various
governments. A specific protocol for each office, each
manufacturing plant and each site will be developed and shared with
employees next week. “Being considered as an essential service
provider, H2O Innovation has been able to maintain its operations
and maintenance activities, after-sales services, manufacturing and
distribution of specialty chemicals, and design and manufacturing
of components for desalination and maple farming equipment. Only
the Projects business line was slowed down due to limited access to
various construction sites. Since we have the indication that
several regions are gradually reopening, now is the time to prepare
for the gradual return-to-work of our telework employees. While
ensuring the continuity of our operations, safety remains our
priority, and that is why we will continue to adapt our work
environments, encourage physical distancing and promote best
hygiene practices”, added Frédéric Dugré, President and
Chief Executive Officer of H2O Innovation.
About
H2O Innovation H2O Innovation designs and
provides state-of-the-art, custom-built and integrated water
treatment solutions based on membrane filtration technology for
municipal, industrial, energy and natural resources end-users. The
Corporation’s activities rely on three pillars which are i) water
& wastewater projects, and aftermarket services; ii) specialty
products, including a complete line of specialty chemicals,
consumables and specialized products for the water treatment
industry; and iii) operation and maintenance services for water and
wastewater treatment systems. For more information, 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 NYSE Euronext Growth Paris accepts
responsibility for the adequacy or accuracy of this release.
Source: H2O Innovation Inc.
www.h2oinnovation.com Contact: Marc
Blanchet+1 418-688-0170
marc.blanchet@h2oinnovation.com
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