Aqua-Pure Announces Passing of Jake Halldorson and Review Of Strategic Alternatives
Calgary, Alberta (FSCwire) - (March 24, 2015) – Aqua-Pure Ventures Inc. (“Aqua-Pure” or the “Company”) (TSXV:AQE) today announces, with sadness, the unexpected passing of Mr. Jake Halldorson, Chief Executive Officer and a director, on March 23, 2015.
Mr. Richard Magnus, Chairman of the Board said “We are deeply saddened with the sudden loss of our dear friend and colleague. Jake was the respected and well-loved leader of Aqua-Pure for nearly 16 years. He was a brilliant engineer with boundless passion and belief in our purpose. Jake’s humility, kindness, and cheerful optimism earned him the affection of all who knew him. He was a genuine and honorable individual whose integrity and sense of fair play will continue to inspire us. He will be missed beyond measure.”
Mr. Jake Halldorson had been the CEO since August 1999, and a director since March 1998. Prior to joining Aqua-Pure, Mr. Halldorson was a senior executive and a founding partner of Colt Engineering, a Calgary-based private engineering firm founded in 1973 which was acquired by Worley Parsons in 2007.
Until a new CEO has been identified, Mr. Richard Broderick, President of Fountain Quail Water Management LLC, a subsidiary of Aqua-Pure, will oversee corporate matters. Mr. Karim Teja has resigned his position as Chief Financial Officer but will continue to be actively involved in the Company in a consulting capacity. Mr. Brent Halldorson will continue in his role as the Company’s Chief Operating Officer.
Aqua-Pure also announces that, in light of the reduced commodity prices and its significant negative impact on the Company’s financial position, Aqua-Pure's board of directors is conducting a process to identify, examine and consider strategic and financial alternatives available to the Company. Strategic and financial alternatives may include, but are not limited to, the sale of the Company, merger or other business combination, sale of all or a portion of the Company's assets, or any combination thereof, and continued execution of its business plans, among all other alternatives.
Aqua-Pure currently is not in a position to meet its near-term debt and other liability obligations if demanded to do so. In this regard, Aqua-Pure’s management is currently working with its existing creditors to restructure its debt facilities. There is no assurance that these discussions will be successful.
It is Aqua-Pure’s current intention not to disclose developments with respect to the strategic review process until the board has approved a specific transaction, or otherwise determines that disclosure is necessary or appropriate. The Company will continue to provide operational and quarterly financial updates. There is no assurance that the strategic review process will result in a transaction, or, if a transaction is undertaken, what the terms or timing of such a transaction will be.
For more information, please contact: info@aqua-pure.com or:
Karim Teja
Consultant
(403) 301 4123 ext. 26
Yvonne Zappulla
Grannus Financial Advisors, Inc.
(212) 681-4108