OTTAWA, Oct. 31, 2017
/CNW/ - BluMetric Environmental Inc. (TSXV: BLM), an Ottawa-based cleantech company, today
announced that Roger Woeller has
entered into an agreement with the Company which will have Mr.
Woeller continue as CEO of the Company until November 30, 2017. As previously announced
(on May 23, 2017), the Company
initiated an executive search for a CEO to succeed Mr. Woeller, who
has been assisting in that search process.
Roger Woeller was one of the
first employees of one of BluMetric's predecessor companies, Water
and Earth Science Associates Ltd. (WESA) in 1980. In the
following years at WESA, Mr. Woeller's leadership, drive, and
entrepreneurial spirit took him from his early work as a junior
hydrogeologist to positions of increasing complexity and
responsibility, where he identified new service areas, developed
new markets, and promoted innovative solutions for an expanding
roster of clients, some of whom he and the Company have served for
more than 30 years. In the process, Mr. Woeller built a team
of dedicated professionals, whom he led in establishing first WESA
and then BluMetric as leaders in the industry. He oversaw the
broadening of the company's focus from primarily groundwater
resource identification, development, and protection work to a more
inclusive view of water resources which included surface water,
water and wastewater treatment, beneficial water reuse, and
resource recovery.
By 2001, after a management buyout, Mr. Woeller's management
skills and industry depth led to his appointment as CEO of WESA
Group Inc., a position he held until the creation of BluMetric in
2012. Mr. Woeller returned to the role of Co-CEO in late 2013
and then CEO in March of 2014 in order to lead a turn-around effort
toward profitability. The Company's balance sheet has improved
with the establishment of a new banking relationship, a new loan
arrangement, as well as debt-to-equity conversions in excess of
$1.0 million. Mr. Woeller credits the
dedicated team of professionals on the management team and the
supporting staff for these and other successes.
Under Mr. Woeller's leadership, the Company has continued to
expand the range of services and products offered clients through a
refocus on research and innovation and the identification of
technology partners with innovative approaches and products. This
strategy has advanced BluMetric's position in both consulting
services and water and wastewater treatment.
"Roger has given many years and much effort to advancing the
success of BluMetric and has our profound thanks for his
contribution to the Company's accomplishments. His determination
and grit as well as his deep commitment to the firm, its people,
and the environmental industry, are both acknowledged and
respected," said Jane Pagel,
BluMetric's Board Chair.
Pursuant to an agreement between the Company and Mr. Woeller,
when Mr. Woeller's term as CEO ends, he will remain as a director
of the Company. As part of the agreement, Mr. Woeller will
receive a severance payment in respect of salary, bonus, and
vacation of $250,000, less applicable
withholdings and deductions, to be settled by the issuance of
common shares of BluMetric at a price of $0.22 per share, subject to both TSX Venture
Exchange approval and shareholder approval at the next annual
meeting of BLM, expected to be held in March 2018. In the
event the appropriate approvals are not received, payment will be
adjusted to a partial payment of common shares at a price of
$0.22 per share and the remainder in
cash payments over a six-month period. Shares will be subject
to the required four-month-plus-one-day hold period from the date
of issuance.
About BluMetric Environmental Inc.
BluMetric
Environmental Inc. is a publicly traded cleantech company with a
portfolio of industry-leading products, processes, and services in
the environment sciences and engineering sectors. We take
pride in our strong record of providing sustainable solutions to
the world's environmental challenges.
Headquartered in Ottawa,
Ontario, BluMetric's award-winning team of industry experts
serves clients in Canada,
the United States, and
Central America.
For more information, visit www.blumetric.ca.
Forward-Looking Statements
Some of the
statements in this press release, including those relating to the
Company's future products, opportunities and cost initiatives,
strategies, and other statements that are predictive in nature,
that depend upon or refer to future events or conditions, or that
include words such as "expects", "anticipates", "intends", "plans",
"believes", "estimates", or similar expressions, are
forward-looking statements within the meaning of securities laws.
Forward-looking statements include, without limitation, the
information concerning possible or assumed future results of
operations of the Company. These statements are not historical
facts but instead represent only the Company's expectations,
estimates, and projections regarding future events. The Company
does not undertake any obligation to update or release any
revisions to these forward-looking statements to reflect events or
circumstances after the date of this document or to reflect the
occurrence of unanticipated events, except as required by law.
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.
SOURCE BluMetric Environmental Inc.
