VANCOUVER,
BC, Aug. 11, 2023 /CNW/ - Northstar Clean
Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the
"Company") is pleased to announce that all matters put forward to
its shareholders at the Company's annual general and special
meeting of shareholders (the "Meeting") held on Thursday, August 10, 2023 were duly approved.
Details of the voting results are provided below. Furthermore,
following the Meeting, the board of directors of the Company (the
"Board") agreed to increase the size of the Board from six (6) to
seven (7) directors and appointed a new director, Mr. Jeffrey D. (Jeff) Beyer to the Board.
The Board resolved to increase the number of
directors in connection with the strategic investment (the
"Strategic Investment") by Allmine Paving LLC, a subsidiary of
TAMKO Building Products LLC ("TAMKO"), as previously announced on
July 31, 2023. In connection with the
Strategic Investment, the Company entered into an investor rights
agreement which granted certain rights to TAMKO, including the
right to appoint a director to the Company's Board.
Mr. Beyer is an accomplished executive with more
than 30 years of experience leading innovation strategies and
guiding strategic growth initiatives. Mr. Beyer joined TAMKO in
2013 as Chief Financial Officer ("CFO") and Vice President of
Finance. In August 2022, Mr. Beyer
became TAMKO's Chief Operating Officer, a newly created role in
which he has primary leadership for manufacturing, new product
development, sales, and finance and accounting. He reports to the
Chairman and Chief Executive Officer. Prior to TAMKO, Mr. Beyer was
the CFO of Strategic Materials, Inc., a leading glass and plastics
recycler. He was also a Managing Director with private equity firm
Willis Stein & Partners LLP. Before that, Mr. Beyer was a
consultant with the Boston Consulting Group, Inc. and an investment
banker at Bear Stearns Companies, Inc. A Certified Public
Accountant, Mr. Beyer holds a Master of Business Administration
degree from the Stanford University
Graduate School of Business and a degree in Economics from the
University of Chicago.
Mr. Aidan Mills,
President & CEO and Director of Northstar, stated "We are
excited to welcome Jeff to Northstar's Board. His wealth of
knowledge and vast experience will be an invaluable resource as we
move Northstar forward and begin development and construction of
the Empower Calgary Facility. We look forward to working with Jeff
and learning from his experience at TAMKO, an industry leader, as
we work toward meeting our future goals and delivering on our
future expansion plans."
At the Meeting, the Company's shareholders
approved the matters voted on, including: the re-election of the
six director candidates proposed by management (which was later
increased to seven directors following the Meeting); the
reappointment of MNP LLP as auditors of the Company; and the
approval of the Company's 2023 Equity Incentive Plan (the "Plan"),
including the approval of a 10% rolling plan for stock options and
a fixed plan of 10,000,000 common shares for awards of restricted
share units, performance share units and deferred share units. Full
details of the Plan are found in the Meeting Materials posted on
SEDAR+ and the Company's website.
A total of 92 shareholders were represented in
person or by proxy with 32,998,000 common shares voted,
representing 26.04% of the Company's outstanding common shares.
About Northstar
Northstar Clean Technologies Inc. is a
Canadian-based clean technology company focused on the sustainable
recovery and reprocessing of asphalt shingles. Northstar has
developed a proprietary design process for taking discarded asphalt
shingles, otherwise destined for already over-crowded landfills,
and extracting the liquid asphalt for use in new hot mix asphalt,
shingle manufacturing and asphalt flat roof systems, and aggregate
and fiber for use in construction products and other industrial
applications. Focused on the circular economy, Northstar plans to
reprocess used or defective asphalt shingle waste back into its
three primary components for reuse/resale at its first commercial
scale up facility in Calgary,
Alberta. As an emerging innovator in sustainable processing,
Northstar's mission is to be the leader in the recovery and
reprocessing of asphalt shingles in North
America, extracting the recovered components from asphalt
shingles that would otherwise be sent to landfill.
For further information about Northstar, please visit
www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release. The TSXV has neither approved nor disapproved the contents
of this press release.
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SOURCE Northstar Clean Technologies Inc.