Formation Fluid Management Inc. Announces Appointment of Additional Director
and Approval of Capital Budget
CALGARY, ALBERTA -- (Marketwired) -- 07/21/14 -- Formation Fluid
Management Inc. (TSX VENTURE: FFM) (the "Company" or "Formation
Fluid") is pleased to announce the appointment of Alan Archibald as a
director of the Company.
Mr Archibald is a Professional Engineer and is the CEO of Northpoint
Resources Ltd, a private exploration and production company. Alan has
worked in the oil and gas sector for 32 years both with large major
public companies and small private companies. Mr Archibald is a past
chair of the Petroleum Technology Alliance of Canada (PTAC) and has
also served on the board of Canadian Energy Services LP, High Arctic
Energy Services, MEG Energy, Strategem Energy Corp, Kerogen Petroleum
Ltd, and currently is lead director for Mullen Group Ltd. Alan holds
a BSc in Engineering from Dalhousie University and a Bachelor of
Mining Engineering from the Technical University of Nova Scotia.
"The Company is very pleased to have an individual of Mr. Archibald's
caliber & experience joining our team", said Ken Rose, CEO of
Formation Fluids. "We are confident that Alan will bring tremendous
value and assistance to the Company as we continue to grow."
With the appointment of Mr. Archibald, the Company's Board will have
a majority of independent directors. Chance Radford will be stepping
down as a director of the Company in order to achieve this goal. Mr.
Radford will remain in his position with the Company as the Chief
Operating Officer, continuing with his valuable contributions to the
Company's success and growth. The Company thanks Mr. Radford for his
service as a director.
The board of directors has approved the grant of 500,000 incentive
stock options (the "Options") pursuant to the Company's shareholder
approved incentive stock option plan (the "Stock Option Plan"). The
Options were granted to Mr. Archibald, will vest immediately and are
exercisable at a price of $0.45 per share until July 17, 2019,
subject to the terms of the Stock Option Plan. The Option grant is
subject to TSX Venture Exchange approval.
The Company is also pleased to announce that its Board of Directors
has approved a $2.5 million capital budget for the fiscal year ending
June 30, 2015. This capital budget will be used to build additional
water processing plants and acquire manufacturing and office
equipment for its new office and shop in Red Deer, Alberta. The
Company has leased a 13,000 square foot combination office and
manufacturing facility effective August 1, 2014, which will house its
in-house construction of its proprietary water treatment systems and
"Leasing this new facility is a major step in facilitating the growth
of the Company by having all aspects of manufacturing and operations
housed in one location", said Ken Rose, CEO.
About Formation Fluid
Formation Fluid Technology has developed a waste water treatment plan
that uses a proprietary process to clean waste water. The system is
mobile and can be scaled to process required volumes. 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 Fluids is seeking to service a significantly
underdeveloped segment within the oil and gas industry; its waste
water treatment system is intended to cost effectively deal with
produced water while satisfying the need to reuse and recycle an
increasing valuable resource. For more information, please visit:
www.formationfluid.com or contact Investor Relations at (403)
On behalf of the Board of Directors.
Chief Executive Officer
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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news release, including
references to the Company's receipt of applicable approvals, may
constitute forward-looking information under applicable Canadian
securities legislation. These statements relate to future events and
are prospective in nature. All statements other than statements of
historical fact may constitute forward-looking statements or contain
forward-looking information. Forward-looking statements are often,
but not always, identified by the use of words such as "may", "will",
"project", "predict", "potential", "plan", "continue", "estimate",
"expect", "targeting", "intend", "could", "might", "seek",
"anticipate", "should", "believe" or variations thereof.
Forward-looking information may relate to management's future outlook
and anticipated events or results and may include statements or
information regarding the future plans or prospects of the Company.
Forward-looking information is subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those reflected in the
forward-looking statements. The Company believes that the
expectations reflected in the forward-looking statements contained in
this news release are reasonable, but no assurance can be given that
they will prove to be correct. Actual results and future events may
differ materially from those anticipated and accordingly
forward-looking statements should not be unduly relied upon.
Forward-looking statements contained in this document speak only as
of the date of this news release. Except as required by applicable
law, the Company disclaims any obligation to update any
Investor Inquiries: 1 (403) 887-8874
E-mail inquiries: firstname.lastname@example.org
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