H2O Innovation announces election of Board of Directors, approval of insider loans and creation of an Operation and Maintenance Committee
November 16, 2016 (Source) — H2O Innovation Inc. (“H2O Innovation” or the “Corporation”) (TSX VENTURE:HEO)(ALTERNEXT:MNEMO:ALHEO)(OTCQX:HEOFF) held on Tuesday, November 15, 2016, its Annual and Special Meeting of Shareholders (the “Meeting”) at its headquarters in Quebec City, Canada.
Shareholders re-elected the following directors to the Corporation’s Board of Directors: Philippe Gervais, Chairman of the Board, Frédéric Dugré, President and Chief Executive Officer, Pierre Côté, Peter K. Dorrins, Laurence E. Gamst, Lisa Henthorne, Richard Hoel, Élaine C. Phénix and Jean-Réal Poirier. Among these nine (9) directors, eight (8) are external directors and independent.
During the Meeting, shareholders appointed Deloitte LLP, Chartered Accountants, as auditor of the Corporation for the fiscal year ending June 30, 2017. Furthermore, the insider loans for an aggregate amount of $1.25 M in favor of Frédéric Dugré, Marc Blanchet and Guillaume Clairet, as described in the Management Proxy Circular dated September 26, 2016, have been approved by a majority of the disinterested shareholders in accordance with the policies of the TSX Venture Exchange.
Creation of a New Committee
During its last meeting, the Board of Directors has created the Operation and Maintenance Committee (the “O&M Committee”), a new committee of the Board of Directors consisting of three (3) members, one of which could be an independent individual having technical expertise, extensive experience and deep knowledge in the field of operation and maintenance services (“O&M”) for water and wastewater treatment plants.
The main purpose of the O&M Committee is to assist the Board of Directors and the management in organic and external growth initiatives of the O&M business pillar. Therefore, the O&M Committee will review the objectives of the strategic orientation, develop a business acquisition plan and assess any potential opportunities in the O&M area of activity.
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Furthermore, to properly support the Corporation, the O&M Committee will work in close collaboration with the management to evaluate, assess and review the scope of work, the compliance requirements and the risks associated with new O&M contracts. It will also play an important role in the determination of the renewal strategy of O&M contracts at maturity.
About H2O Innovation
H2O Innovation designs and provides state-of-the-art, custom-built and integrated water treatment solutions based on membrane filtration technology for municipal, industrial, energy and natural resources end-users. The Corporation’s activities rely on three pillars which are i) water and wastewater projects; ii) specialty products and services, including a complete line of specialty chemicals, consumables, specialized products for the water treatment industry as well as control and monitoring systems; and iii) operation and maintenance services for water and wastewater treatment systems.
For more information, visit www.h2oinnovation.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Alternext Exchange accepts responsibility for the adequacy or accuracy of this release.
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