CALGARY,
AB, April 22, 2024 /CNW/ - Tidewater
Renewables Ltd. ("Tidewater Renewables" or the "Corporation") (TSX:
LCFS) announced today that John
Adams has resigned as a director of the Corporation due to
potential future conflicts of interest identified by Mr. Adams with
respect to his position. As of May 16,
2024, Raymond Kwan will no
longer be the Chief Financial Officer of the Corporation. The
Corporation thanks both John and Ray for their years of service to
the Corporation.
The Corporation is pleased to announce effective May 16, 2024, Ian
Quartly will be appointed as the new Chief Financial
Officer. Mr. Quartly is a Chartered Accountant and has 19
years of Finance and Accounting experience with the last 10 years
of experience at publicly listed midstream and infrastructure
entities. He is currently Vice President, Accounting and Finance at
Tidewater Midstream and Infrastructure Ltd. and will continue to
also serve in that role.
Mr. Jeffrey Hamilton, an
independent director and the Chair of the Audit Committee, has been
appointed the lead independent director of the Corporation and Mr.
Baines, the Chairman and Chief Executive Officer of the
Corporation, has been appointed as a member of the Corporation's
Audit Committee. Mr. Baines' appointment to the Audit Committee
will be in reliance on the exemption permitting a non-independent
board member to be a member of a public company's audit committee
following the resignation of an independent audit committee member
set forth in Section 3.5 of National Instrument 52-110. The
Corporation will commence a diligent search to find an additional
independent director.
CORPORATE UPDATE
The Corporation is continuing to strengthen its corporate
governance and make progress optimizing the business and operating
costs as announced in our fourth quarter 2023 results news release.
The Renewable Diesel & Renewable Hydrogen Complex (the "HDRD")
continues to operate well in the first quarter exceeding previous
guidance for the Corporation's first quarter. So far in the second
quarter the HDRD has run at 96% utilization of design capacity and
has recently been able to exceed name plate capacity operating at
approximately 3100 bbls/day. Through the remainder of 2024, the
Corporation will continue to focus on generating free cash flow and
is on track to reduce debt and strengthen its balance sheet.
Forward-Looking Information
This news release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") that relate to the Corporation current
expectations and views of future events. These
forward-looking statements relate to future events or the
Corporation's future performance. Any statements that
express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumption or future events or performance
(often, but not always, through the use of words or phrases such as
"will likely result", "are expected to", "expects", "will
continue", "is anticipated", "anticipates", "believes",
"estimated", "intends", "plans", "forecast", "projection",
"strategy", "objective" and "outlook") are not historical facts and
may be forward -looking statements and may involve estimates,
assumptions and uncertainties which could cause actual results or
outcomes to differ materially from those expressed in such
forward-looking statements. No assurance can be given that
these expectations will prove to be correct and such
forward-looking statements included in this new release should not
be unduly relied upon. These statements speak only as of the
date of this new release. In particular and without
limitation, this news release contains forward-looking statements
pertaining to plans to search for an independent director, to
strengthen Tidewater Renewables' corporate governance and to
optimize its business and operating costs, focusing on: generation
of free cash flow; debt reduction; strengthening of its balance
sheet and the business as described under the heading "About
Tidewater Renewables" below. Forward-looking information is based
on a number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond the Corporation's control,
which could cause actual results and events to differ materially
from those that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not
limited to, the factors discussed under "Risk Factors" in the
Corporation's current annual information form filed on SEDAR+.
Tidewater Renewables' does not undertake any obligation to
update such forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable laws.
About Tidewater
Renewables
Tidewater Renewables is a multi-faceted, energy transition
company. The Corporation is focused on the production of low carbon
fuels, including renewable diesel. The Corporation was created in
response to the growing demand for renewable fuels in North America and to capitalize on its
potential to efficiently turn a wide variety of renewable
feedstocks (such as tallow, used cooking oil, distillers corn oil,
soybean oil, canola oil and other biomasses) into low carbon fuels.
Tidewater Renewables' objective is to become one of the leading
Canadian renewable fuel producers. Organically, Tidewater
Renewables seeks to leverage the existing infrastructure and
engineering expertise of Tidewater Midstream and Infrastructure
Ltd., regarding the development of the Corporation's portfolio of
greenfield and brownfield capital projects as well as the expansion
of the Corporation's product offerings. Additional information
relating to Tidewater Renewables is available on SEDAR+
at www.sedarplus.ca and
at www.tidewater-renewables.com.
SOURCE Tidewater Renewables Ltd
