Vancouver, British Columbia--(Newsfile Corp. - December 2, 2024) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) ("ReGen III" or the "Company"), a leading clean technology company specializing in the upcycling of used motor oil ("UMO") into high-value Group III base oils, is delighted to announce the appointment of Tony Weatherill as Chief Executive Officer and President, effective December 2, 2024. Mr. Weatherill joins ReGen III with a distinguished career spanning over three decades in the global lubricants and petrochemicals sectors, most recently with H.F. Sinclair Corporation ("H.F. Sinclair") and Petro-Canada Lubricants ("PCL").
A Proven Leader in Global Commercial Operations
Tony Weatherill brings an impressive track record of driving commercial success, operational excellence, and innovation across billion-dollar organizations. From 2020 to 2023, Tony served as Senior Vice President, Commercial, at H.F. Sinclair, where he was instrumental in driving commercial and marketing activities across a $3.9 billion international enterprise operating in over 90 countries. Tony's leadership was marked by significant improvements in revenues and profitability, including more than doubling of global sales and significant enhancements in EBITDA margins. With oversight for 1,400 indirect reports, Tony orchestrated multiple successful acquisitions, executed high-impact operational improvements and spearheaded substantial volume and margin growth initiatives.
Concurrently, from 2019 to 2023, Tony also served as President of Petro-Canada Lubricants (a division of H.F. Sinclair), where he was responsible for commercial strategy, global business development, and overall financial and operational performance. Tony managed and optimized a family of globally recognized finished lubricant, base oil, and specialties brands (including Red Giant Oil, Sonneborn, Sinclair and Petro-Canada Lubricants) and oversaw North America's largest Group III base oil production facility in Mississauga, Ontario. In addition to his many successful commercial roles, Tony developed extensive product expertise, technical acumen, and market insights as Vice President of Global Research and Development at PCL and in his previous roles at ExxonMobil and Chemtura.
Effective December 2, 2024, Mark Redcliffe, current CEO and President of ReGen III, will transition to the newly created roles of Executive Vice-President and Chief Strategy Officer, continuing his invaluable work in the areas of offtake, feedstock, intellectual property, capital markets, and strategic opportunities, among others.
Message from Chairman
"Within the industry, Tony is renowned as a force for transformation and growth, and on behalf of the Board, I am thrilled to welcome him to the team. His deep knowledge of the lubricants industry, extensive commercial experience, and people-centered leadership style make him an exceptional choice to lead ReGen III. The Board and I are confident that Tony can continue to build on our competitive advantage, while leveraging his strategic vision, vast industry network, and strong track record to forge new partnerships that take us to commercialization," Greg Clarkes, Chairman of ReGen III, stated. "I would also like to express my deepest gratitude to Mark Redcliffe for his steadfast contributions and leadership over the past six and a half years and especially, throughout the recent leadership transition period. Since joining the Company, Mark has been integral to all our successes, and we look forward to Mark's continued positive impact on our projects and milestones." Mr. Clarkes continued.
Incoming CEO's Vision for ReGen III
Tony Weatherill expressed his enthusiasm for joining ReGen III, stating, "ReGen III is at the forefront of sustainability and innovation in the base oil market, and I am excited to lead the company into the next phase of its evolution. Industry commitments to reduce carbon footprints have gained momentum, and the time is ripe to introduce ReGen III's sustainable, domestically produced Group III base oils to the North American market." Tony continued, "At H.F. Sinclair and Petro-Canada Lubricants, I drove transformative change through innovation and collaboration. Together with Mark, our dedicated shareholders, and the exceptional team at ReGen III, I look forward to leveraging this experience to commercialize the ReGen™ process and accelerate our journey toward becoming the world's largest producer of sustainable Group III base oils."
Options
Subject to TSX Venture Exchange and shareholder approval of the Company's Long-Term Incentive Plan at the upcoming Annual General Meeting, the Company has granted Mr. Weatherill 6,500,000 stock options at an exercise price of $0.28 per option and valid for five years from the date of grant. The options will vest over a period of three (3) years and may be accelerated by attaining specific performance milestones set by the Board of Directors.
Attachments
Tony Weatherill, CEO and President, ReGen III Corp.
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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.
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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