NXT Energy Solutions Inc. Announces Results of Annual Meeting of Shareholders

Rhea-AI Summary

NXT Energy Solutions Inc. announced the results of its Annual Meeting of Shareholders held on June 6, 2022. Shareholders re-elected the incumbent board of directors and approved key plans, including the Stock Option Plan and Deferred Share Unit Plan, both extended for three years. KPMG LLP was reappointed as auditors for the next year. Voting results revealed that the directors received a majority of support, with George Liszicasz receiving 95.94% of votes in favor. NXT's SFD® survey system continues to be central to its operations, focusing on hydrocarbon and geothermal exploration.

Positive

• All seven incumbent directors were re-elected, indicating shareholder confidence.
• KPMG LLP was reappointed as auditors, reflecting stability in financial oversight.
• Renewal of the Stock Option and Deferred Share Unit Plans for three additional years may enhance employee motivation and retention.

Negative

• None.

CALGARY, Alberta, June 06, 2022 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to provide the voting results from its Annual Meeting of Shareholders held on June 6, 2022.

Shareholders approved the following:

• Election of Directors: The incumbent seven directors of the Company were re-elected to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed.
  
• Appointment of Auditors: KPMG LLP were reappointed as the auditors of the Company for the next year at a remuneration to be determined by the Board of Directors.
• Unallocated Options. The Company’s Stock Option Plan was approved for an additional three years.
• Deferred Share Unit Plan. The Company’s Deferred Share Unit Plan was approved for an additional three years.
  

Further details are set out in the Company's Information Circular dated April 29, 2022 posted on the Company's website and filed on www.sedar.com.

Specific voting results are as follows:

Description of Matter	# of Votes For	% of Votes For		# of Votes Withheld/ Against	% of Votes Withheld/ Against
Election of the following Directors:
George Liszicasz	27,014,666	95.94	%	1,142,058	4.06	%
Charles Selby	25,508,634	90.60	%	2,648,090	9.40	%
John Tilson	27,021,266	95.97	%	1,135,458	4.03	%
Thomas E. Valentine	26,616,496	94.53	%	1,540,228	5.47	%
Bruce G. Wilcox	26,145,634	92.86	%	2,011,090	7.14	%
Frank Ingriselli	27,655,266	98.22	%	501,458	1.78	%
Gerry Sheehan	25,513,734	90.61	%	2,642,990	9.39	%
Appointment of Auditors	32,342,300	99.96	%	13,533	0.04	%
Unallocated Options	26,583,636	94.41	%	1,573,088	5.59	%
Deferred Share Unit Plan	26,987,706	95.85	%	1,169,018	4.15	%

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	George Liszicasz
Vice President of Finance & CFO	President & CEO
302, 3320 – 17th AVE SW	302, 3320 – 17th AVE SW
Calgary, AB, T3E 0B4	Calgary, AB, T3E 0B4
+1 403 206 0805	+1 403 206 0800
nxt_info@nxtenergy.com	nxt_info@nxtenergy.com
www.nxtenergy.com	www.nxtenergy.com

FAQ

What were the outcomes of NXT Energy Solutions Inc.'s Annual Meeting on June 6, 2022?

The meeting resulted in the re-election of the incumbent board of directors, the reappointment of KPMG LLP as auditors, and the approval of the Stock Option and Deferred Share Unit Plans for another three years.

How did shareholders vote on the election of directors at NXT Energy Solutions?

Shareholders voted overwhelmingly in favor of the directors, with George Liszicasz receiving 95.94% approval.

What does the SFD® survey system do for NXT Energy Solutions Inc.?

The SFD® survey system is utilized to detect gravity field perturbations for hydrocarbon and geothermal exploration, aiding clients in making informed exploration decisions.

Who were the auditors reappointed by NXT Energy Solutions Inc. in 2022?

KPMG LLP was reappointed as the auditors for NXT Energy Solutions Inc. for the next financial year.

What is the significance of the approval of the Deferred Share Unit Plan at NXT Energy Solutions?

The approval of the Deferred Share Unit Plan for an additional three years helps align employee interests with shareholder value and could enhance retention of key personnel.