BluMetric Announces CEO Agreement
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.
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SOURCE BluMetric Environmental Inc.
