Palko Environmental Ltd.
TSX : PLK

Palko Environmental Ltd.

September 15, 2010 06:00 ET

Palko Environmental Strengthens Management Team With New CFO

CALGARY, ALBERTA--(Marketwire - Sept. 15, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Palko Environmental Ltd. ("Palko" or "the Company") (TSX:PLK) is pleased to announce the appointment of Mr. Corey Zahn as VP Finance and Chief Financial Officer effective October 4, 2010.

Bringing over twenty years of corporate financial experience including eleven years in VP Finance and CFO positions with a variety of public and private oil and gas service companies, Mr. Zahn's latest position was VP Finance and CFO with Century Oilfield Services Ltd., which was recently acquired by Calfrac Well Services Ltd. Before going into industry Mr. Zahn spent nine years with KPMG LLP as a senior manager where he gained a broad range of experience in corporate finance, tax and accounting activities. Mr. Zahn holds a chartered accountant (CA) designation and a certified general accountant (CGA) designation.

"We are very excited to welcome Corey to the Palko team", stated Jay B. Simmons, CEO of Palko. "Corey's oilfield services background, his extensive experience in formulating and executing corporate growth strategies, policies, internal processes, and his risk management and forecasting expertise will add additional horsepower to our team as we continue to harness strong growth opportunities within the oilfield waste management and resource recovery business".

In conjunction with the appointment, Mr. Zahn will be purchasing 100,000 Palko common shares through an equity private placement valued at $1.00 per share, subject to the receipt of applicable regulatory approvals including the approval of the Toronto Stock Exchange.

The board of directors and management team of Palko would also like to extend its sincere appreciation to Susan McClinton of SRM Enterprises Inc. for providing interim CFO services and as well for her continued commitment to Palko while Mr. Zahn transitions into the new full-time CFO role.

About Palko Environmental Ltd.

Palko Environmental Ltd. is an oilfield waste management and resource recovery company headquartered in Calgary, Alberta, with five waste management facilities located across Western Canada. Palko Environmental owns and operates full service waste management facilities in Claresholm, Grande Cache, and Mayerthorpe, Alberta, and Midale, Saskatchewan, and a wastewater disposal facility in Rycroft, Alberta.

Additional information about Palko Environmental Ltd. is available at www.sedar.com and on the company's website at www.palko.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Palko, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this document, such statements use such words as "may", "will", "intend", "should", "expect", "believe", "plan", "anticipate", "estimate", "predict", "potential", "continue", or the negative of these terms or other similar terminology. Such statements include:

  • the opportunity for growth within the oilfield waste management and resource recovery business; and
  • the completion of a private placement.

These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this document. These statements are based on certain assumptions, including:

  • a stable or improving economy;
  • stable or increasing commodity prices; and
  • receipt of regulatory approvals.

Although Palko believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct. There are risks which could effect Palko's future results and could cause the results to differ materially from those expressed in these forward looking statements including that regulatory approvals will not be received; that the conditions for the proposed private placement will not be met; the impact of general economic conditions in Canada and the risk that they will deteriorate; industry conditions, including fluctuations in the price of oil and natural gas and the risk that they decrease; the impact of governmental regulation, including environmental regulation; stock market volatility; and the uncertainty inherent in attracting capital. Statements of past performance should not be construed as an indication of future performance. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, Palko does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this Press Release are made as of the date of this Press Release and Palko undertakes no obligation to publicly update or revise forward-looking statements other than as required by applicable laws. You should not place undue reliance on forward-looking statements.

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