July 28, 2016 14:47 ET
CALGARY, ALBERTA--(Marketwired - July 28, 2016) -
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Formation Fluid Management Inc. ("Formation" or the "Company") (TSX VENTURE:FFM) announces that its board of directors has approved the granting of stock options to purchase an aggregate of 3,300,000 common shares of the Company to certain non-executive consultants, subject to TSX Venture Exchange approval. The options were issued with an exercise price of $0.075 with a term of two months from the date of issuance.
The Company also announces the resignation of Mr. Alan Archibald as a director of the Company effective immediately. The Company would like to thank Mr. Archibald for his contributions and wish him success in his future endeavors.
About the Corporation
Formation Fluid Management Inc. has developed a three stage waste water treatment plant (Hydro-Cycle) that uses a proprietary process to clean waste water. Each plant is mobile and can process up to 1000 m3 of water per day. This system treats water to meet or exceed CCME Guidelines (Canadian Environmental Quality Guidelines), resulting in reusable water that can be used for: Boilers, Frac Water, Water Floods, and Drilling Operations. Formation has identified commercial applications for the Hydro-Cycle system within the oil and gas industry. The waste water treatment system has a primary use to reduce producers' costs of dealing with produced water. The system also satisfies the need to reuse and recycle an increasing valuable resource.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's ability to obtain necessary approvals from the TSX Venture Exchange. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Formation's disclosure documents on the SEDAR website at www.sedar.com. Formation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Formation Fluid ManagementKen RoseChief Executive OfficerInvestor Inquiries: 1 (403) firstname.lastname@example.org
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