H2O Innovation Announces a Change on Its Board of Directors and an Amendment to its Stock Option Plan

Rhea-AI Summary

H₂O Innovation Inc. has appointed Louis G. Véronneau to its Board of Directors, succeeding Robert Comeau, who stepped down after four years. Véronneau, currently the Executive Vice-President and Chief Transformation Officer at SNC-Lavalin, brings 25 years of experience in various leadership roles across industries. Additionally, the company has amended its stock option plan to increase the number of available shares from 4 million to 8 million, subject to TSX Venture Exchange approval. This move aims to enhance governance and strengthen the Board's expertise.

Positive

• Appointment of Louis G. Véronneau adds expertise in strategy and business development.
• Amendment to the stock option plan increases potential share issuance to 8 million, enhancing compensation options.

Negative

• Departure of Robert Comeau may create continuity concerns in Board leadership.
• Potential dilution of shares due to the increase in the stock option plan could impact current shareholders.

QUEBEC CITY, Oct. 22, 2021 (GLOBE NEWSWIRE) -- (TSXV: HEO) – H₂O Innovation Inc. (“H₂O Innovation” or the “Corporation”) announces a change in the composition of its Board of Directors, effective as of today, namely the nomination of Louis G. Véronneau as a member of the Board of Directors, succeeding Robert Comeau.

Mr. Louis G. Véronneau was appointed as a member of the Board of Directors on October 21, 2021. Mr. Véronneau holds the position of Executive Vice-President and Chief Transformation Officer at SNC-Lavalin, where he has been working since February 2020. He is responsible for streamlining the operations, processes and information technology systems, in support of the new strategic direction. Mr. Véronneau’s experience spans 25 years as a securities lawyer, general counsel, investment banker and executive responsible for Strategy, Corporate Development and similar functions across several industries. He is a graduate of the University of Montreal and the London School of Economics and Political Science (LSE). Finally, Mr. Véronneau serves on the Board of the Montreal Symphony Orchestra and was commissioned as an officer in the Canadian Armed Forces.

“The nomination of Mr. Véronneau to the Board of Directors is in line with the Corporation’s governance practices to create a strong, diverse independent Board of Directors, having a mix of skills and experience in business development, financial, audit and risk management, investment banking, legal, merger and acquisitions, and corporate governance and ethics. Therefore, Mr. Véronneau’s extensive knowledge and experience in securities law, capital markets as well as in strategy and business development will further enrich H2O Innovation’s Board of Directors,” stated Lisa Henthorne, Chair of the Board of Directors of H₂O Innovation.

After four years serving on the Corporation’s Board of Directors, Mr. Robert Comeau stepped down as director of the Corporation, where he also served as Chair of the Audit Committee. “We wish to thank Mr. Comeau for his valuable contribution and his dedication as a Board member and wish him all the best in his new projects”, added Lisa Henthorne.

Amendment to Stock Option Plan
The Corporation also announces that it has amended its stock option plan (the “Plan”) to increase the number of common shares that may be issued thereunder.

The Plan is a fixed stock option plan, and the number of common shares reserved for issuance under the Plan has been increased from 4,000,000 to 8,000,000, being 9.33% of the Corporation’s issued and outstanding common shares as of October 21, 2021, at market close. The Corporation has a total of 3,359,334 stock options currently issued and outstanding under the Plan. The amendment to the Plan is subject to the approval of the TSX Venture Exchange.

About H₂O Innovation 
Innovation is in our name, and it is what drives the organization. H₂O Innovation is a complete water solutions company focused on providing best-in-class technologies and services to its customers. The Corporation’s activities rely on three pillars: i) Water Technologies & Services (WTS) applies membrane technologies and engineering expertise to deliver equipment and services to municipal and industrial water, wastewater, and water reuse customers, ii) Specialty Products (SP) is a set of businesses that manufacture and supply a complete line of specialty chemicals, consumables and engineered products for the global water treatment industry, and iii) Operation & Maintenance (O&M) provides contract operations and associated services for water and wastewater treatment systems. Through innovation, we strive to simplify water. 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) 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

FAQ

Who is the new member appointed to the Board of Directors of H2O Innovation?

Louis G. Véronneau has been appointed to the Board of Directors effective October 21, 2021.

What experience does Louis G. Véronneau bring to H2O Innovation?

Véronneau has 25 years of experience in securities law, corporate development, and strategy in various industries.

What changes were made to H2O Innovation's stock option plan?

The stock option plan has been amended to increase the number of common shares reserved from 4 million to 8 million.

What impact does Robert Comeau's resignation have on H2O Innovation?

Comeau's resignation may raise concerns about leadership continuity on the Board of Directors.

How many stock options are currently outstanding under H2O Innovation's plan?

There are currently 3,359,334 stock options issued and outstanding under the plan.