JOSEPH H. PETROWSKI JOINS XEBEC’S BOARD OF DIRECTORS, DR. PRABHU K. RAO NAMED CHIEF OPERATING OFFICER, XEBEC GRANTS STOCK OPTIONS
MONTREAL, (QC), March 23, 2017 - Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of gas generation, purification and filtration solutions announced today that Mr. Joseph H. Petrowski has joined its Board of Directors and that Dr. Prabhu K. Rao was named Chief Operating Officer (COO) of the company.
From 2005 through 2013, Mr. Petrowski led the Cumberland Farms Gulf Oil Group (“Cumberland Farms”), a diversified petroleum and retail convenience store holding company located in 29 states with more than 8,000 employees and $13 billion in annual revenues. Cumberland Farms is the 34th largest private company on the Forbes 500 list. During his tenure as CEO, the company achieved record earnings.
After leaving Cumberland Farms, Mr. Petrowski founded Mercantor Partners, a private equity group focused on downstream energy investments.
Mr. Petrowski is a member of the Board and non-executive Chairman of Gulf Oil.
He is also a member of the Board of South Jersey Industries (NYSE: SJI), a publicly traded natural gas utility and national energy merchant, a member of the Federal Reserve Bank of Boston’s Advisory Council, a Trustee of both Boston College High School and Trinity Catholic Schools and he serves on the Board of the Society of Independent Gasoline Marketers.
He has written numerous articles on energy and public policy, regulation and market development, and is a frequent guest on CNBC, Fox Business News, MSNBC and Bloomberg radio. He has been a contributing editor to the Wall Street Journal and has testified before Congress and several Regulatory Agencies on energy and international trade issues.
Mr. Petrowski graduated cum laude from Harvard University.
Furthermore, Xebec announces the appointment of Dr. Prabhu K. Rao, a current Board Member of Xebec, to the position of Chief Operating Officer, effective March 3, 2017. Before joining Xebec, Dr. Rao was a founding member of Nuvera Fuel Cells, LLC, today part of Hyster-Yale (NYSE:HY) where he was instrumental in establishing the product development, manufacturing operations, supply chain management and sales and marketing functions for Nuvera. More recently, he was the CEO of McPhy Energy North America, a leading manufacturer of electrolyzer and energy storage products for hydrogen.
He has technical expertise in the areas of fueling infrastructure, power generation, fuel cells, energy storage and, electric mobility. Dr. Rao has a keen interest in entrepreneurship and in guiding technologies from the laboratory to the commercial world. He is a Member of the Massachusetts Hydrogen Coalition; and Founding Member of TIE Angels, an Angel Investment Group. Dr. Rao’s strength lies in building the right team at the right time and developing a culture that fosters innovation but excels in execution.
Dr. Rao holds a Master's and PhD degree in Mechanical Engineering from Drexel University in Philadelphia, PA.
“Over the past few months the visibility for our revenue and profitability have significantly improved, and in anticipation of the accelerated growth Xebec is taking the necessary steps to strengthen its Board and Management team in line with the prospects and challenges these improvements and developments will pose”, said Kurt Sorschak, Chairman, President and CEO of Xebec.
“We are really fortunate to have been able to attract high caliber people like Joe and Prabhu, who both have a wealth of experience, possess industry and market knowledge as well as have the necessary contacts to help us grow our business.
Joe, a veteran in the Oil and Gas industry, brings expertise to the company that Xebec needs in order to successfully expand into the O&G field with its advanced solutions for CO2 removal from natural gas and its associated gas treatment systems which remove heavy hydrocarbons from gas streams. He will be an invaluable source of market knowledge, support and guidance for the Board and the management team. In addition, his knowledge of the Compressed Natural Gas (CNG) fueling industry will be useful in promoting our CNG dryer products in this emerging industry.
Prabhu brings with him a wealth of operational experience gained in companies that have undergone rapid growth while staying at the forefront of innovation. Prabhu has been on the Board of Xebec for the last two years, and therefore starts in his new position with a solid understanding of its product and operation and will be able to make a contribution immediately. I personally think, that it is a particularly positive sign for Xebec, that Prabhu has joined Xebec on a full time basis, because he sees and realizes the opportunities and growth potential Xebec has”.
As part of Dr. Rao’s compensation, 1,973,193 incentive stock options were granted on March 5, 2017 at a price of $0,18 per share which is the closing price as at March 3, 2017. The incentive stock options are exercisable for a period of seven years from the date of the grant (March 5, 2017).
1,050,000 of the incentive stock options vest immediately, 750,000 will vest on March 5, 2018 and 173,193 will vest on March 5, 2019.
The Corporation has also granted 135,000 incentive stock options on March 5, 2017 to one newly appointed officer and two employees. All these incentive stock options are exercisable at a price of $0.18 with an expiration date in seven years (March 5, 2024). One third of the incentive stock options vested on March 5, 2017, the second third will vest on March 5, 2018 and the last third will vest on March 5, 2019.
All the stock options granted in this release are conditional upon the approval of the TSX-V and the shareholders at the Annual General Meeting planned in June 2017.
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of clean energy solutions to corporations and governments looking to reduce their carbon footprints. With more than 1,500 customers worldwide, Xebec designs, engineers and manufactures innovative products that transform raw gases into marketable sources of clean energy. Xebec’s strategy is focused on establishing leadership positions in markets where demand for renewable energy through gas purification and generation, natural gas dehydration, and filtration is growing. Headquartered in Montreal (QC), Xebec is a global company with two manufacturing facilities in Montreal and Shanghai, as well as a sales and distribution network in North America, Europe, and Asia. Xebec trades on the TSX Venture Exchange under the symbol XBC. For additional information on the company, its products and services, visit Xebec at xebecinc.com.
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. Certain statements in this press release may constitute "forward-looking" statements within the meaning of applicable securities laws. This forward looking information includes, but is not limited to, the expectations and/or claims of management of Xebec with respect to information regarding the business, operations and financial condition of Xebec. Forward-looking information contained in this press release involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Xebec or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This list is not exhaustive of the factors that may affect forward-looking information contained in this press release. When used in this press release, such statements use such words as "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "will" and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this presentation. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements.
Xebec Adsorption Inc.
President & Chief Executive Officer
+1 (450) 979 8701