Aduro Announces Appointment of Mena Beshay as Chief Financial Officer

Rhea-AI Summary

Aduro Clean Technologies has announced the appointment of Mena Beshay as its new Chief Financial Officer, effective immediately. Beshay brings over 20 years of experience in financial leadership, with a strong background in strategic planning and operational turnarounds. Previously, he held significant roles at companies like CloudMD and Enercare. His appointment follows the tenure of Donnacha Rahill, who will assist during the transition. Beshay's recent investment of $105,000 in the company's private placement demonstrates his commitment to Aduro's growth and innovative Hydrochemolytic™ Technology.

Positive

• Mena Beshay's extensive experience in financial management and strategic planning could strengthen the company's financial leadership.
• Beshay's investment of $105,000 in the recent private placement reflects confidence in Aduro's growth potential.

Negative

• Transitioning leadership could lead to potential disruptions in continuity during the adjustment phase.

SARNIA, ON / ACCESSWIRE / May 3, 2022 / Aduro Clean Technologies Inc. ("Aduro," or the "Company") (CSE:ACT) (OTCQB:ACTHF) (FSE:9D50), a Canadian developer of patented water-based technologies to chemically recycle plastics, and to transform heavy crude and renewable oils into new-era resources and higher-value fuels, announces the appointment of Mena Beshay as its Chief Financial Officer (CFO), effective immediately. Mr. Beshay assumes the role previously held by Donnacha Rahill, who will serve as an adviser to the Company during the transition period.

Mr. Beshay has over 20 years of experience in senior financial leadership positions. He has an extensive background in financial stewardship, strategic planning, mergers & acquisitions, debt, and equity financing, and he has led operational and financial turnarounds. He was recently appointed as Director on the Board at Charbone Hydrogen, a TSX-V listed company developing Canadian green hydrogen facilities. Previously, Mr. Beshay served as Chief Financial Officer and Global Head of Corporate Development at CloudMD, a TSX-V listed company developing a connected healthcare ecosystem. His prior experience also includes senior finance, audit, and compliance roles at Enercare (acquired by Brookfield Infrastructure), Domtar, and Deloitte. Mr. Beshay is a Chartered Professional Accountant and is a graduate of McGill University as part of their Honours in Accounting program.

"We are delighted to have someone of Mena's caliber join our executive team," says Ofer Vicus, Chief Executive Officer of Aduro. "Mena's dynamic background, diverse financial management experience, and his expertise in successfully scaling finance functions for growth will add significant depth to our team. I look forward to working with Mena to capitalize on opportunities in the current business environment and create shareholder value."

"I am very impressed by the company's proprietary Hydrochemolytic^TM Technology platform, which defines a whole new era of chemical recycling. The positive impact to the industry is especially motivating and joining Aduro on their path to scaling the next-generation solution in the space is incredibly exciting," said Mr. Beshay. "I look forward to working with the high caliber team at Aduro to accelerate growth and achieve our strategic business objective."

As a strong vote of confidence, Mr. Beshay subscribed in the latest private placement which closed on April 28, 2022, for $105,000.

The Company wishes to thank and recognize the efforts of Donnacha Rahill, who has led the Company's finance function as CFO over the last 12 months.

About Aduro Clean Technologies

Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company's Hydrochemolytic™ technology activates unique properties of water in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into 21st-century resources. With funding and support from Bioindustrial Innovation Canada, the company has developed a pre-pilot reactor system to upgrade heavy petroleum into lighter oil.

For further information, please contact:

Ofer Vicus, CEO
ovicus@adurocleantech.com

Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 604-362-7011

Neil Simon, CEO
Investor Cubed Inc.
nsimon@investor3.ca
+ 1 647 258 3310

Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. The forward-looking statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Important factors that could cause actual results to differ materially from the Company's expectations include adverse market conditions and other factors beyond the control of the parties. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

The CSE has not reviewed, approved, or disapproved the content of this news release.

SOURCE: Aduro Clean Technologies Inc.

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FAQ

Who is Mena Beshay, the new CFO of Aduro Clean Technologies (ACTHF)?

Mena Beshay is a seasoned financial leader with over 20 years of experience in financial stewardship and strategic planning, previously serving at companies like CloudMD.

What prompted the change in CFO at Aduro Clean Technologies (ACTHF)?

The change was made to introduce new financial leadership, with Mena Beshay replacing Donnacha Rahill, who will assist as an adviser during the transition.

How might Mena Beshay's appointment impact Aduro Clean Technologies (ACTHF)?

Beshay's expertise in scaling finance functions could enhance the company's financial strategies and support its growth objectives.

What is the significance of Mena Beshay's $105,000 investment in Aduro (ACTHF)?

Beshay's investment indicates his confidence in the company's potential and aligns his interests with shareholders.