Xebec Announces Accelerated CEO Transition

Rhea-AI Summary

Xebec Adsorption Inc. has accelerated the transition of Jim Vounassis to President and CEO, effective immediately, ahead of the planned date of May 12, 2022. Vounassis has also joined the Board of Directors. Current CEO Kurt Sorschak is retiring from executive management but will remain as Chairman of the Board until May 11, 2022. The company specializes in sustainable gas technologies and aims to support clients in reducing their carbon footprint through innovative gas production solutions.

Positive

• Jim Vounassis's immediate appointment as President and CEO may signal strategic agility.
• Xebec aims to build on the strong foundation established by retiring CEO Kurt Sorschak.

Negative

• None.

MONTREAL--(BUSINESS WIRE)-- Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of sustainable gas technologies, announces that in recognition of the accelerated progress made to date in transitioning Jim Vounassis into the role of President and CEO of Xebec, it has been determined to advance the formal date of such transition from May 12, 2022, such that it will take effect immediately. Mr. Vounassis has also been appointed to the Board of Directors, effective immediately.

“We are delighted to welcome Jim officially in his role as President and CEO of Xebec, and on behalf of the Board wish him success in taking Xebec through the next phase of its evolution,” commented William Beckett, Lead Independent Director of Xebec Adsorption Inc.

The current CEO and President Kurt Sorschak is retiring as a member of Xebec’s executive management team but will, however, remain as the Chairman of the Board until May 11, 2022, at which point he will retire from the Board and the next generation of leadership will build upon the solid foundation that he has created. Once again, Xebec thanks Mr. Sorschak for his 18 years of dedication and service to the company.

Related links:

https://www.xebecinc.com

About Xebec Adsorption Inc.

Xebec is a global provider of sustainable gas solutions used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with eight manufacturing facilities, seventeen Cleantech Service Centers and four sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.

Cautionary Statement

This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements also include, but are not limited to, the statements regarding Xebec’s future appointment of a permanent CEO, the formal appointment of a new COO and the general timing related thereto. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Xebec’s public documents, including in the most recent annual management discussion and analysis and annual information form, filed on SEDAR at www.sedar.com. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Although Xebec believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Xebec disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220317005477/en/

Investor Relations:

Xebec Adsorption Inc.

Brandon Chow, Director, Investor Relations

bchow@xebecinc.com

+1 450.979.8700 ext 5762

Source: Xebec Adsorption Inc.

FAQ

What is the new role of Jim Vounassis at Xebec Adsorption Inc.?

Jim Vounassis has been appointed as President and CEO of Xebec Adsorption Inc. effective immediately.

When did Xebec announce the CEO transition for Jim Vounassis?

Xebec announced the transition of Jim Vounassis to President and CEO effective immediately, ahead of the previously planned date of May 12, 2022.

What is the stock symbol for Xebec Adsorption Inc.?

The stock symbol for Xebec Adsorption Inc. is XBC, listed on the Toronto Stock Exchange.

Who is retiring from Xebec's executive management team?

Kurt Sorschak, the current CEO and President, is retiring from the executive management team but will remain as Chairman of the Board until May 11, 2022.