Xebec Announces Board Resignation of Karen Nielsen

Rhea-AI Summary

Xebec Adsorption Inc. (TSX: XBC) announced the resignation of Karen Nielsen from its Board of Directors, effective February 23, 2022. Nielsen, who has relocated to pursue a new role in energy transition, made this decision to prevent potential conflicts of interest. Kurt Sorschak, Chairman and CEO, commended her contributions over the past year. Additionally, Xebec's board focuses on maintaining at least 30% female representation by the end of 2022.

Positive

• The board aims for at least 30% female representation by year-end 2022, promoting diversity.

Negative

• Nielsen's resignation may create continuity concerns on the board due to her recent experience.

- Karen Nielsen resigned as of February 23, 2022, to focus on her new energy transition role -

MONTREAL--(BUSINESS WIRE)-- Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of sustainable gas technologies, announced today that Karen Nielsen, has resigned as a member of Xebec’s Board of Directors as of February 23, 2022. Ms. Nielsen has recently relocated after accepting a position as an energy transition executive. As a result, Ms. Nielsen has decided to focus both on her new role while also avoiding any potential conflicts of interest as a member of Xebec’s board.

“I would like to congratulate Karen on her well-deserved appointment as she leverages her experience as a low carbon energy leader. We appreciated her unique perspectives and insight on the board over the last year and I wish her the best of luck in her new role,” commented Kurt Sorschak, Chairman, President and Chief Executive Officer at Xebec Adsorption Inc.

Lastly, Xebec’s Board of Directors is highly committed to diversity and gender equality and aims to maintain a ratio of at least 30% women on the board, which it expects to achieve by year-end 2022.

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, thirteen Cleantech Service Centers and five 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 within the meaning of applicable Canadian securities law. These statements relate to future events or future performance and reflect the expectation of Management regarding the growth, results of operations, performance and business prospects and opportunities of the Corporation or its industry. Forward-looking statements typically contain words such as “believes”, “expects”, “anticipates”, “continues”, “could”, “indicates”, “plans”, “will”, “intends”, “may”, “projects”, “schedules”, “would” or similar expressions suggesting future outcomes or events, although not all forward-looking statements contain these identifying words.

These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties that may cause the Company’s actual results, level of activity or performance to be materially different from any future results, levels of activity or performance expressed in or implied by these forward-looking statements. These risks include, generally, risks related to the ability of the Corporation to execute its strategy, operating results, purchasing third party supplies for key materials and components in a timely and cost effective basis, industry and products, technology, competition, ability to attract and retain qualified personnel, ability to manage successfully the anticipated expansion of our operations, the economy, the sufficiency of insurance and other factors which are discussed in greater details in the most recent quarterly management discussion and analysis (“MD&A”) and in the Annual Information Form of the Corporation filed on SEDAR at www.sedar.com.

Forward-looking statements contained herein are based on a number of assumptions believed by the Corporation to be reasonable as at the date of this press release, including, without limitations, assumptions about trends in certain market segments, the economic climate generally, the pace and outcome of technological development, the identity and expected actions of competitors and customers, the value of the Canadian dollar and of foreign currency fluctuations, interest rates, the anticipated margins under new contracts awards, the state of the Corporation’s current backlog, the regulatory environment, and the procurement of key material and components of products. If these assumptions prove to be inaccurate, the Corporation’s actual results may differ materially from those expressed or implied in the forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Except to the extent required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein. Readers should not place undue reliance on forward looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005284/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

Who resigned from Xebec's Board of Directors on February 23, 2022?

Karen Nielsen resigned from Xebec's Board of Directors on February 23, 2022, to focus on her new role in energy transition.

What reasons did Karen Nielsen provide for her resignation from Xebec?

Karen Nielsen cited her relocation and the need to avoid potential conflicts of interest as reasons for her resignation.

What is Xebec's goal regarding board diversity by the end of 2022?

Xebec aims to achieve at least 30% female representation on its board by the end of 2022.

How did Xebec's Chairman react to Karen Nielsen's resignation?

Kurt Sorschak, Chairman and CEO, congratulated Nielsen on her new role and appreciated her contributions over the past year.