Aduro Clean Technologies Welcomes Eric Appelman as Chief Revenue
Officer
Aduro Clean Technologies Inc.
(“
Aduro” or the “
Company”) (CSE:
ACT) (OTCQB:
ACTHF) (FSE:
9D50), a Canadian technology company using the
power of chemistry to transform lower value feedstocks, like waste
plastics, heavy bitumen, and renewable oils, into resources for the
21st century, is pleased to announce the appointment of Eric
Appelman as its new Chief Revenue Officer, effective September 1,
2023.
The addition of Mr. Appelman to the executive
team signifies Aduro’s strategic move towards commercial engagement
and strategic partnerships. Central to this effort is the Company’s
Customer Engagement Program. This initiative provides potential
customers and stakeholders with early access to its
Hydrochemolytic™ technology with the intention of building
long-term relationships, tailoring solutions to specific plastic
challenges, and solidifying a potential commercial pipeline of
projects.
Mr. Appelman is a seasoned chemical engineer who
boasts an impressive 35-year career across diverse relevant sectors
and multinational corporations. His journey started at Unilever,
initially working on the optimization of edible oil processing, and
subsequently moving to Unilever’s chemicals division to pursue
customer-facing roles in a Business-to-Business setting, working in
various technical-commercial roles working with renewable chemicals
across a wide range of industries. Subsequently, Mr. Appelman
became Technical Director for Marine and Protective Coatings at
Sigma Coatings, Europe's second-largest paint company at that time,
followed by the role of Executive Vice President at Perstorp, a
Swedish chemical multinational, where he was accountable for the
company's innovation, market development, and corporate strategy.
Eric has also contributed his expertise to various startups in
non-executive capacities.
In his most recent capacity, Mr. Appelman held
the position of Business Development Director and Chief Technology
Officer at Brightlands Chemelot Campus in the Netherlands. This
campus has transformed into a hub for over 100 diverse companies,
each committed to innovating sustainable processes and products
within the chemical industry, including areas like mechanical and
chemical recycling.
Throughout his six-year tenure at the
Brightlands Chemelot Campus, Mr. Appelman has been at the forefront
of innovation. He has seen hundreds of potential solutions to
process waste plastics, including Aduro’s Hydrochemolytic™
technology which instantly captivated his interest. His profound
understanding of the waste plastic industry, combined with his
insights into customer needs and the ever-evolving sector dynamics,
positions him as a pivotal addition to Aduro, seamlessly aligning
with Aduro’s vision and goals.
Mr. Appelman is located in the Netherlands and
his appointment comes at an opportune time as Aduro embarks on its
European expansion. His exceptional and intimate understanding of
the European market will be advantageous in gaining direct access
to key service providers, European grants, strategic partners, and
research collaborators.
"I am honored to join Aduro Clean Technologies,
a company that aims to revolutionize the recycling industry with
its Hydrochemolytic™ technology," said Mr. Appelman. “In 35 years
in the chemical industry and during six eventful years at
Brightlands Chemelot Campus, I find it a privilege to work with my
original chemical engineering training to help reduce greenhouse
gases, waste, and consumption of limited resources. I have seen
many great concepts, companies, and teams stand up to this
challenge and Aduro is one of the most exciting!”
“We are incredibly excited to welcome Eric to
the Aduro family," said Ofer Vicus, CEO of Aduro Clean
Technologies. “Eric joins Aduro at a pivotal time of our journey as
we focus on our customer and stakeholder engagement program; his
leadership and expertise add significant value to the executive
team and align seamlessly with the Company's strategic objectives
in Europe and globally. He will also be supported by the excellent
Research, Operations, and Executive teams, all very keen to
continue to develop, demonstrate, and implement Aduro’s technology
platform across the globe.”
Grant of Stock Options and Restricted Share
Units
The Company also announces that it has granted
(the “Grant”) an aggregate of 750,000 stock
options (each, an “Option”) to purchase up to
750,000 common shares of the Company to certain officers, and
employees of the Company pursuant to the Company’s Omnibus Equity
Incentive Plan (the “Plan”). The Options are
exercisable for a period of five years from the date of Grant at a
price of $1.09 per common share. The Options will vest on a monthly
basis over a period of two years from the date of Grant.
Additionally, 150,000 restricted share units
(“RSUs”) of the Company have been awarded (the
“Award”) to an officer of the Company pursuant to
the Plan. Each RSU represents the right to receive, once vested,
one common share in the capital of the Company. All of the RSUs
will vest immediately upon the date of Award.
In accordance with the policies of the Canadian
Securities Exchange, all 750,000 of the Options, the common shares
underlying such Options, 150,000 RSUs, and the common shares
underlying such RSUs, are subject to a hold period of four months
and one day from the date of issuance.
None of the securities acquired in the Grant or
Award will be registered under the United States Securities Act of
1933, as amended (the “1933 Act”), and none of
them may be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the 1933 Act. This news release shall not
constitute an offer to sell or solicitation of an offer to buy nor
shall there be any sale of the securities in any state where such
offer, solicitation, or sale would be unlawful.
About Aduro Clean
Technologies
Aduro Clean Technologies is a developer of
patented water-based technologies to chemically recycle waste
plastics; convert heavy crude and bitumen into lighter, more
valuable oil; and transform renewable oils into higher-value fuels
or renewable chemicals. The Company’s Hydrochemolytic™ technology
relies on water as a critical agent in a chemistry platform that
operates at relatively low temperatures and cost, a game-changing
approach that converts low-value feedstocks into resources for the
21st century.
For further information, please
contact:
Ofer Vicus, CEOovicus@adurocleantech.com
Abe Dyck, Investor Relationsir@adurocleantech.com+1 604 362
7011
ArrowheadThomas Renaud, Managing
Directorenquire@arrowheadbid.com+1 212 619 6889
Forward-Looking Statements
This news release contains forward-looking
statements. All statements, other than statements of historical
fact that address activities, events, or developments that the
Company believes, expects, or anticipates will or may occur in the
future, are forward-looking statements. The forward-looking
statements reflect management’s current expectations based on
information currently available and are subject to a number of
risks and uncertainties that may cause outcomes to differ
materially from those discussed in the forward-looking statements.
Such forward looking statements in this release include the
appointment of Mr. Eric Appelman, and the expected impact on the
business and operations of the Company, including its anticipated
strategic moves towards commercial engagement and strategic
partnerships; momentum for the path to commercialization of the
Company’s technology, including building long-term relationships,
working on customised solutions to waste plastic feedstocks of
interest, and solidifying a potential commercial pipeline of
projects; the other positive anticipated effects of Mr. Appelman’s
appointment, including supporting the Company’s European expansion
to gain direct access to key service providers, European grants,
strategic partners and research centers; the expected contributions
by Mr. Appelman in leadership and expertise so as to add
significant value to the Aduro executive team and align seamlessly
with the Company's strategic objectives in Europe and globally; the
expected issuance, vesting and restrictions in respect of the
equity incentive securities granted to officers and directors of
the Company. Although the Company believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future
performance, and accordingly, undue reliance should not be put on
such statements due to their inherent uncertainty. Important
factors that could cause actual results to differ materially from
the Company’s expectations include that the appointment of Mr.
Appelman may not have the impact on the Company’s business,
strategy, commercialisation, and operations as expected or at all;
that adverse market conditions and other factors beyond the control
of the parties may negatively impact the business plans and
operations of Aduro. The Company expressly disclaims any intention
or obligation to update or revise any forward-looking statements
whether as a result of new information, future events, or
otherwise, except as required by applicable law.
The CSE has not reviewed, approved, or disapproved the content
of this news release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5399cc13-9e9f-4474-b797-8e74c2a3e61d
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