Divestco Inc.
TSX VENTURE : DVT

Divestco Inc.

December 01, 2014 07:00 ET

Divestco Appoints CFO

CALGARY, ALBERTA--(Marketwired - Dec. 1, 2014) - Divestco Inc. ("Divestco" or the "Company") (TSX VENTURE:DVT) is pleased to announce the appointment of Danny Chiarastella as Chief Financial Officer effective today. Mr. Chiarastella has over 15 years of financial management and accounting experience in the oil and gas services industry.

Mr. Chiarastella served as Divestco's Vice President, Finance since 2009 and prior to that as the Company's Controller and Manager, Financial Reporting. Before joining Divestco in 2003, Mr. Chiarastella was a financial analyst at Precision Drilling Corporation and Controller at Integrated Production Services Ltd. Mr. Chiarastella has extensive experience in financial reporting, adopting and maintaining internal controls, mergers and acquisitions, corporate tax, treasury management and leading/maintaining banking relationships. Mr. Chiarastella is a Chartered Accountant who earned his Bachelor of Commerce degree from the University of Calgary and articled with BDO LLP.

Mr. Stephen Popadynetz, Chief Executive Officer and President of Divestco commented, "Danny has served Divestco for over 11 years now in various capacities and it is a great joy for us to be able to promote him to the position of CFO. It is well deserved and the Board and I believe there is no other individual more qualified to hold this position."

As well, the Divestco Board indicated its appreciation to Richard Kines, outgoing Interim CFO, who has been temporarily assisting the Company since July 2014. His steady hand and guidance has allowed the Company to successfully navigate recent financing transactions.

Mr. Richard Kines commented, "I am confident that Danny's experience and knowledge of Divestco's business will serve as a solid platform to financially steward the Company going forward."

About the Company

Divestco provides innovative geoscience solutions to Energy and Service companies worldwide. Our customers predominantly operate in geology, geophysics, land and engineering and we work with our clients to ensure they have the right solutions, at the right time, to help them make more informed decisions. Commitment, innovation, accountability and agility form the cornerstone of our values and enable us to consistently provide reliable solutions and exceptional, personalized service in all of the core areas in which we operate. Divestco provides Software & Data, Seismic Processing, Geomatics Services, Seismic Data & Brokerage, and Land Services. Divestco is headquartered in Calgary and trades on the TSX Venture Exchange under the symbol "DVT".

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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