NXT Announces Passing of Chairman and CEO George Liszicasz

Rhea-AI Summary

NXT Energy Solutions Inc. announced the sudden passing of CEO George Liszicasz on January 23, 2023. His health had been declining for months, leading to a committee of the Board assuming his responsibilities. Liszicasz was dedicated to enhancing the commercial application of the stress field detection (SFD®) technology for oil, gas, and geothermal exploration. The company will continue its operations under the Committee's leadership, collaborating closely with qualified management to provide SFD® surveys and services as contracts progress. NXT offers environmentally friendly and efficient survey solutions to assist clients in making informed exploration decisions.

Positive

• NXT's proprietary SFD® survey technology enables efficient hydrocarbon and geothermal exploration.
• The company is adapting quickly by forming a Board committee to continue operations seamlessly after the CEO's passing.

Negative

• The sudden leadership change may create uncertainty among investors and stakeholders.

CALGARY, Alberta, Jan. 23, 2023 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTCQB: NSFDF) announces with great sadness that Chief Executive Officer, George Liszicasz, passed away suddenly early yesterday morning. Mr. Liszicasz has been in declining health for several months and his duties were assumed by a committee of the Board (the “Committee”) that was formalized and announced late last week. George was charismatic, passionate and committed to the commercial application of stress field detection (“SFD^®”) to increase the effectiveness of oil, gas and geothermal exploration world-wide. The Committee will undertake its executive role, until further notice, in close cooperation with NXT’s qualified management team that will continue to manufacture SFD^® systems, perform SFD^® surveys, and provide vital interpretation as contracts are finalized. The NXT family is profoundly saddened by this event and extends its heartfelt condolences to George’s loved ones.

About NXT Energy Solutions Inc.

NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD^® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify traps and reservoirs with hydrocarbon and geothermal exploration potential. The SFD^® survey system enables our clients to focus their exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD^® is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.

Contact Information

For investor and media inquiries please contact:

Eugene Woychyshyn

Vice President of Finance & CFO

302, 3320 – 17th AVE SW

Calgary, AB, T3E 0B4

+1 403 206 0805

nxt_info@nxtenergy.com

www.nxtenergy.com

FAQ

What happened to NXT Energy Solutions CEO?

George Liszicasz, the CEO of NXT Energy Solutions, passed away suddenly on January 23, 2023.

How is NXT Energy Solutions responding to the CEO's passing?

A committee of the Board has assumed the executive role to ensure continued operations and management.

What is the significance of the SFD® technology for NXT Energy Solutions?

SFD® technology is essential for NXT's operations, as it aids in efficient oil, gas, and geothermal exploration.

What are the potential effects of the leadership change on the company's stock NSFDF?

The sudden change in leadership could lead to uncertainty, which may impact the stock performance of NSFDF.