Questor Technology Inc. Announces Acquisition of ClearPower Systems, Inc. NEWS RELEASE TRANSMITTED BY Marketwired FOR: Questor Technology Inc. TSX VENTURE SYMBOL: QST FEBRUARY 5, 2014 Questor Technology Inc. Announces Acquisition of ClearPower Systems, Inc. CALGARY, ALBERTA--(Marketwired - Feb. 5, 2014) - THIS DOCUMENT IS NOT INTENDED FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES. Questor Technology Inc. ("Questor" or the "Company") (TSX VENTURE:QST) is pleased to announce that it has acquired 100% of the outstanding shares of ClearPower Systems, Inc. ("ClearPower"), a company incorporated in Delaware in the United States of America (U.S.) for $900,000 US. This acquisition was funded from Questor's cash reserves. ClearPower has developed an efficient 50 kW organic Rankine cycle ("ORC") system that converts waste heat to power. This acquisition will assist in diversifying Questor's product solutions and open up global opportunities in other industries. ClearPower's ORC technology can function independently with all sources of waste heat and can be used synergistically with waste heat streams from Questor's incinerators. The heat generated from the 99.99% efficient combustion of waste gases in Questor's incinerators will drive the ClearPower 50 kW ORC's. "This acquisition will enable us to offer a solution to our clients that not only addresses their emission issues but can provide an economic benefit by generating power for use at site or to the grid in a cost effective way while significantly reducing the site carbon footprint", said Audrey Mascarenhas, Questor's President and Chief Executive officer. "Many jurisdictions offer a premium price for power generated from waste heat." These ORC'S are an ideal size to serve the market that Questor has provided combustion solutions to for the past 20 years. We are also excited at the prospect of connecting this power generation solution directly to other waste heat sources, such as compressors and engines. Outside of the energy sector, the landfill market, agriculture, sewage and water treatment all produce waste gases requiring combustion which extracting heat for power is expected to be a competitive advantage. There are numerous sources of waste heat that will prove opportune for this technology, which is expected to present significant growth prospects for Questor. This acquisition has also created a presence for Questor in the U.S. We are pleased to welcome Mr. Robert (Bob) B. Miller and Mr. Leigh L. Estus from ClearPower to the Questor team. Bob Miller is a seasoned entrepreneur with over 35 years of experience in providing cogeneration and combined heat to power packages. He is a pioneer in this field and recognized worldwide for his expertise in waste heat to power distributed generation. Bob was CEO and co-founder of Turbogenix Inc., which merged with Calnetix Inc. in 2008 and he assumed the role of Senior Executive Vice President. General Electric acquired a major portion of Calnetix in 2011. Prior to this Bob was Senior Executive Vice President at Hess Microgen, a subsidiary of Amerada Hess. Leigh is a senior executive with extensive experience in product development, design, manufacturing and marketing. He served as Executive Vice President for Strategic Programs and Planning at Calnetix and Senior Vice President of Operations at Capstone Turbine Corp. This acquisition aligns with Questor's strategy of growth in global diverse markets. ABOUT QUESTOR TECHNOLOGY INC. Questor is an international environmental oilfield service company founded in late 1994 and headquartered in Calgary, Alberta, Canada with a field office located in Grande Prairie, Alberta, Canada. The Company is focused on clean air technologies with activities in Canada, the United States, Europe and Asia. Questor designs and manufactures high efficiency waste gas incinerators for sale or for use on a rental basis and also provides combustion-related oilfield services. The Company's proprietary incinerator technology destroys noxious or toxic hydrocarbon gases at 99.99% efficiency which ensures regulatory compliance, environmental protection, public confidence and reduced operating costs for customers. The technology creates an opportunity to utilize the heat generated from efficient combustion. Questor is recognized for its particular expertise in the combustion of sour gas (H2S). While the Company's current customer base is primarily in the oil and gas industry, this technology is applicable to other industries such as landfills, water and sewage treatment, tire recycling and agriculture. Questor trades on the TSX Venture Exchange under the symbol "QST". Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. 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 release. Questor Technology Inc. was recognized as a TSX Venture 50(R) company in 2013. TSX Venture 50 is a trademark of TSX Inc. and is used under license. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Questor Technology Inc. Audrey Mascarenhas President and Chief Executive Officer (403) 571-1530 (403) 571-1539 email@example.com INDUSTRY: Energy and Utilities - Equipment, Energy and Utilities - Oil and Gas SUBJECT: TMN -0- -0- Feb/05/2014 14:25 GMT
Questor Technology Inc. Announces Acquisition of ClearPower Systems, Inc.
Press spacebar to pause and continue. Press esc to stop.