August 02, 2005 17:18 ET

CCR Technologies Ltd. Announces Appointment of President and CEO

CALGARY, ALBERTA--(CCNMatthews - Aug. 2, 2005) - C. Kent Jespersen, Chairman of the Board of Directors of CCR Technologies Ltd. (TSX:CRL) ("CCR" or the "Corporation") today announced the retirement of R. M. (Bud) Bell as President and Chief Executive Officer of the Corporation effective September 1, 2005. Also effective September 1, 2005, Oleh Hnatiuk will be appointed as the new President and Chief Executive Officer of the Corporation. The Corporation believes that this appointment results from a well thought out succession planning process.

Bud Bell has had a long and successful career in the oil services business that included over 30 years with Schlumberger in senior executive positions and the past five years with CCR. The Board of Directors of CCR wish to thank Bud for his many contributions including a strong balance sheet for the Corporation, a number of international successes and nine consecutive quarters of profitability.

Oleh Hnatiuk has gained international experience in building companies and developing and marketing technology. He has been President and CEO of University Technologies International Inc, one of Canada's most successful technology commercialization companies, whose areas of focus included energy and environmental technologies. He was Senior Vice President of Vencap Inc., a publicly traded investment company that concentrated on industrial and technology companies. Oleh started his career as a process engineer in the metallurgical and chemical industries with Sherritt Gordon Inc.

The Board of Directors looks forward to Oleh taking CCR to the next stage of growth through enhancing the existing businesses and expanding our business platform to other technologies in the oil and natural gas service industry.

As part of his compensation arrangement with the Corporation, Oleh will be entitled to purchase up to 1,000,000 Common Shares of the Corporation at a purchase price of $0.44 per Common Share. The Corporation will loan Oleh the principal amount of C$440,000 to enable him to purchase the Common Shares. This loan is to be repaid by way of five (5) equal annual principal payments of C$88,000 per year, without interest. The loan is secured by a hypothecation of the Common Shares purchased pursuant to the arrangement and recourse is limited to realization on and sale of the Common Shares. Subject to meeting certain performance criteria, the Corporation will pay to Oleh an annual cash bonus which will be applied to repay the annual principal payment due under the loan. The bonus will be in an amount equal to the annual principal payment plus applicable income taxes.

CCR Technologies Ltd. is a leading technology solutions corporation focused on the purification of process chemicals and sweetening of sour gas through the innovative use of proprietary patented technologies. The Corporation provides superior economic and environmental benefits to the upstream, downstream oil and gas industries, and is also pursuing new business opportunities in the petrochemical and international chemical purification markets.

Shares of CCR Technologies Ltd. trade on the Toronto Stock Exchange under the symbol "CRL".

Contact Information

  • CCR Technologies Ltd.
    C. Kent Jespersen
    Chairman of the Board
    (403) 262-4300