Formation Fluid Management Inc. Announces Appointment of Additional Director and Approval of Capital Budget
(Marketwire Via Acquire Media NewsEdge) CALGARY, ALBERTA -- (Marketwired) -- 07/21/14 --
Formation Fluid Management Inc. (TSX VENTURE: FFM) (the "Company" or "Formation Fluid") is pleased to announce the appointment of Alan Archibald as a director of the Company.
Mr Archibald is a Professional Engineer and is the CEO of Northpoint Resources Ltd, a private exploration and production company. Alan has worked in the oil and gas sector for 32 years both with large major public companies and small private companies. Mr Archibald is a past chair of the Petroleum Technology Alliance of Canada (PTAC) and has also served on the board of Canadian Energy Services LP, High Arctic Energy Services, MEG Energy, Strategem Energy Corp, Kerogen Petroleum Ltd, and currently is lead director for Mullen Group Ltd. Alan holds a BSc in Engineering from Dalhousie University and a Bachelor of Mining Engineering from the Technical University of Nova Scotia.
"The Company is very pleased to have an individual of Mr. Archibald's caliber & experience joining our team", said Ken Rose, CEO of Formation Fluids. "We are confident that Alan will bring tremendous value and assistance to the Company as we continue to grow."
With the appointment of Mr. Archibald, the Company's Board will have a majority of independent directors. Chance Radford will be stepping down as a director of the Company in order to achieve this goal. Mr. Radford will remain in his position with the Company as the Chief Operating Officer, continuing with his valuable contributions to the Company's success and growth. The Company thanks Mr. Radford for his service as a director.
The board of directors has approved the grant of 500,000 incentive stock options (the "Options") pursuant to the Company's shareholder approved incentive stock option plan (the "Stock Option Plan"). The Options were granted to Mr. Archibald, will vest immediately and are exercisable at a price of $0.45 per share until July 17, 2019, subject to the terms of the Stock Option Plan. The Option grant is subject to TSX Venture Exchange approval.
The Company is also pleased to announce that its Board of Directors has approved a $2.5 million capital budget for the fiscal year ending June 30, 2015. This capital budget will be used to build additional water processing plants and acquire manufacturing and office equipment for its new office and shop in Red Deer, Alberta. The Company has leased a 13,000 square foot combination office and manufacturing facility effective August 1, 2014, which will house its in-house construction of its proprietary water treatment systems and corporate offices.
"Leasing this new facility is a major step in facilitating the growth of the Company by having all aspects of manufacturing and operations housed in one location", said Ken Rose, CEO.
About Formation Fluid
Formation Fluid Technology has developed a waste water treatment plan that uses a proprietary process to clean waste water. The system is mobile and can be scaled to process required volumes. This system treats water to meet or exceed CCME Guidelines (Canadian Environmental Quality Guidelines), resulting in reusable water that can be used for: Boilers, Frac Water, Water Floods, and Drilling Operations. Formation Fluids is seeking to service a significantly underdeveloped segment within the oil and gas industry; its waste water treatment system is intended to cost effectively deal with produced water while satisfying the need to reuse and recycle an increasing valuable resource. For more information, please visit: www.formationfluid.com or contact Investor Relations at (403) 887-8874.
On behalf of the Board of Directors.
Chief Executive Officer
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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news release, including references to the Company's receipt of applicable approvals, may constitute forward-looking information under applicable Canadian securities legislation. These statements relate to future events and are prospective in nature. All statements other than statements of historical fact may constitute forward-looking statements or contain forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "may", "will", "project", "predict", "potential", "plan", "continue", "estimate", "expect", "targeting", "intend", "could", "might", "seek", "anticipate", "should", "believe" or variations thereof. Forward-looking information may relate to management's future outlook and anticipated events or results and may include statements or information regarding the future plans or prospects of the Company. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release are reasonable, but no assurance can be given that they will prove to be correct. Actual results and future events may differ materially from those anticipated and accordingly forward-looking statements should not be unduly relied upon. Forward-looking statements contained in this document speak only as of the date of this news release. Except as required by applicable law, the Company disclaims any obligation to update any forward-looking information.
Investor Inquiries: 1 (403) 887-8874
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Source: Formation Fluid Management Inc.
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