Vancouver, British Columbia--(Newsfile Corp. - September 23, 2024) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) ("ReGen III" or the "Company"), a leading clean technology company commercializing the patented ReGen™ process to upcycle used motor oil ("UMO") into high-value Group III base oils, announces today that effective immediately Greg Clarkes, CEO and Chairman of the Board, has stepped down from his role as CEO for personal reasons. Mr. Clarkes will continue to serve as Chairman of the Board, providing ongoing leadership and guidance to the Company.
Mr. Clarkes founded ReGen III in 2017, securing the underlying process patent suite and re-capitalizing the firm's strategic shift to high-value re-refining. Amongst other corporate milestones, Mr. Clarkes was integral to securing FEL2 financing and negotiating the Company's multi-year offtake agreement with bp Products North America. Mr. Clarkes was also a strong supporter of building out the Company's intellectual property, wherein the Company has validated, de-risked and protected its proprietary ReGen™ process through numerous technical studies and 32 pending or awarded patents.
Effective immediately, Mark Redcliffe, President of ReGen III, will assume the roles of CEO and President.
Mr. Clarkes expressed his confidence in Mr. Redcliffe's ability to lead the organization. "Mark's strategic mindset and intimate understanding of our business make him a natural choice to step into the role of CEO," said Mr. Clarkes. "Since joining the Company in 2018, Mark has been a driving force for ReGen III, instrumental in our key successes including those surrounding feedstock and offtake, product certifications, financial partnerships and equity investments. Mark has worked closely with me to advance offtake negotiations, and I am confident he will be able to lead these negotiations to a successful close in due course. The Board and I are also confident that Mark will guide the Company with the same excellence and dedication he has shown throughout the years."
"I am honored to step into the role of CEO and am committed to seeing our innovative, sustainable ReGen™ process make a positive impact in the market. I'd also like to express my sincere appreciation to Greg for his mentorship and extensive contributions to advancing our technology and project over the years. The team and I look forward to continuing to work with Greg, in his role as Chairman, to deliver on key milestones," said Mr. Redcliffe.
The Board of Directors would like to extend its gratitude to Mr. Clarkes for his passion and dedicated service as CEO and looks forward to his continued contributions as Chairman.
About ReGen III
ReGen III is a cleantech company commercializing its patented ReGen™ technology to upcycle UMO into high-value Group III base oils. With a focus on creating sustainable solutions that generate better environmental outcomes and compelling economics, the Company's ReGen™ process is expected to reduce CO2e emissions by 82% as compared to virgin crude derived base oils combusted at end of life.
In 2022, ReGen III completed FEL2 and value engineering for the Company's 5,600 bpd UMO Texas recycling facility, with the support of world-class engineering, construction and licensed vendor teams - including Koch Project Solutions, LLC, PCL Industrial Management Ltd., Studi Tecnologie Progetti S.p.A., Koch Modular Process Systems and Duke Technologies.
Operating in an underserved segment of the base oil market, ReGen III aims to become the world's largest producer of sustainable Group III base oil.
For more information on ReGen III or to subscribe to the Company's mailing list, please visit: www.regeniii.com/investors/corporate-presentations and www.regeniii.com/newsletter-subscription.
Neither the 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.
Certain information other than statements of historical facts contained in this news release constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information"). Without limiting the foregoing, such forward-looking information includes statements regarding the Company's business plans, expectations, capital costs and objectives. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking information. Forward-looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management's good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Management's Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedarplus.ca under the Company's profile and on the Company's website, www.ReGenIII.com. The forward-looking information set forth herein reflects the Company's expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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