November 17, 2006 17:14 ET

CCR Technologies Ltd. Announces Restructuring of the Board of Directors and Management

CALGARY, ALBERTA--(CCNMatthews - Nov. 17, 2006) - CCR Technologies Ltd. (TSX:CRL) (the "Corporation") (, a leading chemical purification technology solutions and service provider, today announced the restructuring of the Board of Directors and Management of the Corporation.

In this regard, the Corporation announces that John W. Uncles and Henry R. Lawrie have resigned as Directors of the Corporation. Mr. Lawrie will continue to provide advice to the Corporation, as requested, on financial and accounting matters. Management and the Board of Directors of the Corporation expresses its thanks to Mr. Uncles and Mr. Lawrie for their outstanding contribution as members of the Board of Directors and wish them well in the future.

Kent Jespersen, Chairman of the Board noted that "As part of our ongoing review of opportunities to improve the performance and increase the value of CCR, we concluded that a smaller board was in the Corporation's best interests, and would enable a closer collaboration with management, and faster decisions on critical strategic issues." Jespersen also noted that "we are pleased that Henry Lawrie's expertise will remain available to the Corporation."

The Corporation also announced the resignation of Oleh Hnatiuk as CCR's President and Chief Executive Officer, and his replacement by Thomas Coyne, currently the Corporation's Vice President of Corporate Development and Chief Financial Officer. "We thank Oleh for leading CCR through a challenging period. He has provided a solid basis for our accelerated efforts to increase shareholder value. To cite just one example, this is the first time in our history when all four of our mobile reclaiming units are simultaneously in operation." Mr. Hnatiuk has agreed to provide consulting services to the Corporation.

Jespersen went on to note that he has "Known and worked with Tom Coyne for fifteen years. He brings to CCR a background that our Board of Directors believes is very well-suited to implementing the next stage of CCR's future, and improving the value we create for our shareholders." Mr. Coyne began his career at the Chase Manhattan Bank where he held credit and investment banking positions in New York, Caracas and London. He later joined The MAC Group (later Gemini Consulting) where he headed the firm's global Corporate Growth Center of Excellence. Most recently, he was a Managing Director at Bristol Partners Inc., a consulting firm specializing in growth strategy and corporate turnarounds, where he focused on the energy, chemicals, technology and financial services industries. He is a graduate of Georgetown University and Harvard Business School.

Mr. Coyne said that he looks forward to taking up his new role. "The benefits of CCR's patented vacuum distillation technology and the quality of the services delivered by our team are recognized by our customers, who are among the largest and most demanding companies in the energy industry. I look forward to further strengthening our competitive position, and to expanding our offerings via a number of new initiatives, including new technologies we have been developing and potential strategic transactions we have identified."

Mr. Coyne will be replaced as CCR's Chief Financial Officer by Alan Mosher, CA, who is currently the Corporation's Controller. Mr. Mosher had extensive international experience with Ernst and Young in the United Kingdom and New Zealand, and prior to joining CCR, was the controller of another public company listed on the Toronto Stock Exchange.

CCR Technologies is a technology solutions company focused on the purification of process chemicals and sweetening of sour gas through the use of proprietary patented technologies. The Corporation provides economic and environmental benefits to the upstream and 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".

The above disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond CCR's control, including: the impact of general economic conditions in Canada and in countries in which CCR and its subsidiaries currently do business, industry conditions, increased competition, the lack of available qualified personnel or management, equipment failures, fluctuations in product prices and in foreign exchange or interest rates and stock market volatility. CCR's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits CCR will derive there from.

Contact Information

  • CCR Technologies Ltd.
    C. Kent Jespersen
    Chairman of the Board
    (403) 543-6699
    CCR Technologies Ltd.
    Tom Coyne
    President and CEO
    (403) 543-6699