CVW CleanTech Announces the Appointment of Vice President, Corporate Development and Grant of Equity Awards
CVW CleanTech Announces the Appointment
of Vice President, Corporate Development and
Grant of Equity Awards
Calgary, Alberta--(Newsfile Corp. - March 20, 2024) -
CVW CleanTech Inc. (TSXV: CVW) (OTCQX:
CVWFF) (the "Company" or "CVW CleanTech"),
today announces the appointment of Mathew
Ullattikulam as Vice President, Corporate Development effective March 19th, 2024.
CVW CleanTech's CEO, Akshay Dubey, said, "We are very pleased to welcome Mathew to CVW
CleanTech. Mat has a wealth of experience within the oil sands mining space and I believe he will play
an instrumental role in helping us move forward in our discussions with potential operating partners. He
is also an experienced professional with the proven ability to originate and close commercial
transactions within the energy and clean technology industries which will be key as we consider potential
diversification opportunities for the Company. I am confident that his expertise will be an asset to the
team."
Mr. Ullattikulam has executed pipeline and facilities projects of over $500 million in value, developing
significant leadership and transactional experience within the oil sands and broader energy industries.
Having spent significant time in-house at two of the oil sands mining operators, Mr. Ullattikulam was
most recently a senior commercial leader for the Low Carbon Fuels and Offsets group at Suncor Energy.
During his ten year career at Suncor Energy, Mr. Ullattikulam managed early stage investments in clean
technology companies, led the structuring of multiple joint venture partnerships, and was the key liaison
for communicating Suncor Energy's low carbon fuels and offsets strategy. Mr. Ullattikulam also spent
time at Fortis BC as a Project Development Specialist, at Equinor (formerly Stat Oil) as the Chief
Inspector Designate, and at Canadian Natural Resources Limited as a Field Integrity Engineer. Mr.
Ullattikulam holds a Masters of Business Administration from the Richard Ivey School of Business and a
Bachelor of Applied Science in materials engineering from the University of British Columbia.
Grant of Equity Awards
The Board of Directors of the company has approved the grant of 300,000 stock options and 161,290
restricted share units (RSUs) to Mr. Ullattikulam. The stock options will vest after a minimum of eighteen
months, include both time and performance based vesting conditions, are exercisable at a price of
$0.70 per share, and expire five years from the grant date. The RSUs vest after eighteen months of
continued service. The stock options and RSUs have been granted to Mr. Ullattikulam under the terms of
the Company's equity incentive plan (EIP). The full text of the EIP is available on SEDAR+ at
www.sedarplus.ca
.
About CVW CleanTech Inc.
CVW CleanTech Inc.
is a clean technology innovator working to develop sustainable technology
solutions. The Company has developed a suite of proprietary technologies called Creating Value from
Waste™ that recover bitumen, solvents, critical minerals, and water from oil sands froth treatment
tailings while significantly reducing tailings pond emissions and enhancing tailings management.
On an annual basis, an industry wide implementation of CVW™'s EcoMax development option could be
expected to:
Recover 13.2 million barrels of hydrocarbons (11.4 million barrels of bitumen and 1.8 million
barrels of solvent);
Produce 1.5 million tonnes per year of critical minerals in titanium and zircon concentrates;
Abate up to 5,000,000 tonnes of CO
2
equivalents, primarily methane;
Eliminate up to 30,000 tonnes of volatile organic compounds (VOCs - considered toxic
substances by Environment and Climate Change Canada);
Potentially eliminate tailings pond growth due to froth treatment operations, and
Generate annual revenues of $2.7 billion within the province of Alberta.
Diverting the froth treatment tailings stream to a CVW™ EcoMax operation could recover up to 90% of
bitumen and solvent that are currently lost into tailings ponds, avoid the associated fugitive methane
emissions, as well as capture valuable zircon and titanium mineral concentrates. This patented and
ready-to-deploy process would produce "Ready-to-Reclaim" tailings to meet the Alberta Energy
Regulator's Directive 85 standards which would provide a step change in tailings management and allow
for progressive remediation.
CVW CleanTech has invested over $100 million and over 15 years to advance the CVW™ technology to
ready-to-deploy status. This technology has been supported by large scale integrated piloting and
progressive commercial engineering studies resulting in 20 active patents. The development of the
Company's technology has been supported by the Government of Alberta and the Federal Government
along with oil sands industry partners. Additional information on CVW CleanTech and its proprietary
technology can be found within the Company's Process and Technology Overview which is accessible
using the link below:
https://cvwcleantech.com/technology/process-and-technology-overview/
CVW CleanTech trades on the TSX Venture Exchange under the symbol "CVW" and is available on the
OTCQX under the symbol "CVWFF".
Disclosure regarding forward-looking information
This news release contains forward-looking statements and information within the meaning of
applicable Canadian securities laws (collectively, "forward-looking information") that reflect the current
expectations of management about the future results, performance, achievements, prospects, or
opportunities for CVW CleanTech.
Forward-looking statements are frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or
statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved.
The forward-looking statements may include statements regarding expected timelines and results of
deployment of CVW
TM
technologies and its business plan, the anticipated adoption of CVW
TM
technologies by industry participants and the timing for the same, estimated financial results from the
implementation and adoption of CVW
TM
technologies, expected macroeconomic conditions for the
deployment of CVW
TM
technologies, potential diversification opportunities and other future
opportunities, statements regarding the benefits and implications of the implementation of our
technologies or other statements that are not statements of fact. Forward-looking statements are
statements about the future and are inherently uncertain, and actual achievements of the
Company may differ materially from those reflected in forward-looking statements due to a variety of
risks, uncertainties and other factors. For the reasons set forth above, investors should not place
undue reliance on forward-looking statements. Important factors that could cause actual results to
differ materially from the Company's expectations include: the ability to advance the technologies of
the Company on a timely basis or at all; reliance on estimates prepared by third parties; current
estimates and predictions being based on certain assumptions about the industry in which the
Company operates and macroeconomic conditions generally; uncertainties in the timing and receipt
of regulatory and exchange approvals; uncertainties involved in disputes and litigation; fluctuations in
interest rates, commodity prices, currency exchange rates, and other financial conditions, and the
resultant effect on viability of investments; changes in the availability, and cost, of technical labour
required for our business; price escalation and/ or inflationary pressures affecting the cost of
equipment and material required to commercialize our projects; the uncertainty of estimates of capital
and operating costs; the need to obtain additional financing and uncertainty as to the availability and
terms of future financing; the impact on the Company of increasing inflation; and other risks and
uncertainties disclosed in other information released by the Company from time to time and filed with
the appropriate regulatory agencies.
All forward looking statements are based on the Company's beliefs and assumptions which are based
on information available at the time these assumptions are made, and is necessarily based upon a
number of assumptions that, while considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory uncertainties and contingencies. The
Company has made the following assumptions in relation to the forward-looking statements in this
press release: the expected environmental and economic benefits to be achieved from CVW™
technologies; the ability of the Company to successfully access various government funding
programs; reliance on economic estimations prepared and assumptions made by third parties; the
details of government funding programs and that such programs will be implemented (and not
change) as expected; that the Company will continue to be able to protect its intellectual property and
proprietary technologies; assumptions as to various market and commercial opportunities for the
Company and its technologies; and the ability of the Company to continue to develop and
commercialize its technologies. The forward-looking statements contained herein are as of the date
set out above and are subject to change after this date, and the Company assumes no obligation to
publicly update or revise the statements to reflect new events or circumstances, except as may be
required pursuant to applicable laws.
Although management believes that the expectations represented by such forward-looking
information or statements are reasonable, there is significant risk that the forward-looking information
or statements may not be achieved, and the underlying assumptions thereto will not prove to be
accurate. Actual results or events could differ materially from the plans, intentions and expectations
expressed or implied in any forward-looking information or statements, including the underlying
assumptions thereto, as a result of numerous risks, uncertainties and factors including: failure to
obtain regulatory approvals; the possibility that opportunities will arise that require more cash than the
Company has or can reasonably obtain; dependence on key personnel; dependence on corporate
collaborations; potential delays; uncertainties related to early stage of technology and product
development; uncertainties as to fluctuation of the stock market; uncertainties as to future expense
levels and the possibility of unanticipated costs or expenses or cost overruns; and other risks and
uncertainties which may not be described herein.
For further information, please contact:
Akshay Dubey
CEO
403.460.8135
Joshua Grant
CFO
403.460.8135
Neither the 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/202392