CriticalControl Solutions Corp.
TSX : CCZ

CriticalControl Solutions Corp.

May 20, 2015 08:00 ET

CriticalControl Streamlines Organization

CALGARY, ALBERTA--(Marketwired - May 20, 2015) - CriticalControl Solutions Corp. ("CriticalControl" or the "Corporation") (TSX:CCZ) announced changes to management to reflect a leaner organization following the divestiture of its non-energy business units. The positions of VP Technical Services, VP Marketing, and Corporate Comptroller are being eliminated. In addition, Bruce Byford will be stepping aside as Chief Financial Officer as he rebuilds the finance team to reflect a simpler and more agile organization.

"These changes in the organization are necessary to position CriticalControl as an oil and gas measurement software and services company focused on profitable growth," said Alykhan Mamdani, President & CEO of CriticalControl. "The departing members of our team have been instrumental in bringing our organization to where it is today and their outstanding and dedicated contribution is recognized by the board of directors, management and all of our staff."

In addition, William Hammett, Thomas Ulrich and Murray Smith, all current board members, will not be standing for re-election at the annual and special meeting of the Corporation scheduled for June 23, 2015 (the "Annual Meeting"). Kevin Lo, former Managing Director of Institutional Research at FirstEnergy and Nizar Jaffer Somji, former CEO of Matrikon have agreed to stand for election at the Annual Meeting.

"Refreshing our board of directors at this time in the rejuvenation of our company will bring new perspective to better push the organization to achieve stronger shareholder value," said George Watson, Chairman of CriticalControl. "I would like to thank our retiring board members and retiring members of management for their long time leadership and contribution to our organization."

The members who will form the slate of directors proposed to take office at the AGM are as follows:

Kevin Lo is the former Managing Director of Institutional Research at FirstEnergy Capital Corp. He has 14 years of finance, oil and gas and capital markets experience, along with six years of technology roles. Mr. Lo sits on the Advisory Board of the Energy Insurance Group.

Nizar Jaffer Somji founded and currently serves as President and CEO of Jaffer Inc., a real estate, investment and hospitality company with assets in Canada and the USA. Nizar also founded and is the former President and CEO of Matrikon Inc., a recognized leader in industrial intelligence for the oil and gas industry. Matrikon was acquired by Honeywell in June 2010.

George Watson has been Chairman of the Board of Directors of the Corporation since June 2011. Mr. Watson is the former President and CEO of TransCanada Pipelines Ltd. (March 1993 to July 1999).

Dennis Nerland, Q.C. has been a Partner with the law firm of Shea Nerland Calnan LLP since 1990 practicing in the areas of tax and trust law.

Gary Bentham is President of BTM Corporate Advisory Inc., an advisory firm founded in 2005 that provides corporate finance, restructuring and consulting services to privately-owned companies in Canada and the United States.
Alykhan Mamdani has been President of the Corporation since December 2003 and Chief Executive Officer of the Corporation since September 2007. Prior thereto, he was the Chief Financial Officer of the Corporation.

About CriticalControl

CriticalControl provides solutions for the collection, control and analysis of measurement and operational data related to oil and gas wells across North America. We provide services to capture the data, cloud-based software to visualize and manage it and the business intelligence to make quicker and more informed operational decisions.

Contact Information

  • CriticalControl Solutions Corp.
    Alykhan Mamdani
    President & CEO
    (403) 705-7500