VANCOUVER, British Columbia – July 13, 2021 – Northstar Clean Technologies Inc. (TSXV: ROOF) (“Northstar”or the “Company”) is pleased to announce the appointment of Mr. Aidan Mills as Chief Executive Officer (“CEO”) of the Company. Mr. Mills will begin effective immediately on a part-time basis and assume the full role of CEO effective September 1, 2021. Mr. Currie will continue to serve in his role as CEO on an interim basis until the full transition occurs on September 1, 2021, after which time he will resign as an officer of the Company. Mr. Currie will continue to serve on the Company’s board of directors. Mr. Mills will oversee future development of the Company as it transitions from its Empower Facility and evaluates potential expansion opportunities.
Mr. Aidan Mills is a highly experienced executive with over 30 years of global experience. He spent 19 years with British Petroleum (BP) plc, which included roles from his start as a Graduate Control Engineer through Project and Maintenance Engineering, Corporate Strategy, UK Commercial gas and power development and North American Origination to a role as a Senior Vice President in Calgary with accountability for trading, asset and customer development and management. Mr. Mills then spent 5 years as Vice President, Commodity Marketing and Supply with Husky Energy in Calgary and 2 years as Managing Director with Goldman Sachs. Following a role as VP Downstream for MEG, Mr. Mills was most recently Chief Commercial Officer at the Friesen Group of Companies, a privately owned Calgary business. Mr. Mills is a Chartered Engineer (C.Eng.) (UK), holds a Bachelor of Engineering Degree in Electrical and Electronics Engineering from Edinburgh University, and a Master of Business Administration with Distinction Degree from the Edinburgh Business School.
Aidan Mills, Northstar’s incoming CEO, stated, “I am extremely excited about this opportunity to join a new emerging cleantech company in Canada. Northstar’s team has developed a proprietary process that effectively and efficiently recovers and repurposes over 99% of asphalt shingles. I am excited about the job ahead, which includes the optimization of Northstar’s Bitumen Extraction and Separation Technology (“BEST”) for our first expansion facility and the delivery of our exciting growth pipeline. With the numerous years of experience in oil and gas, I wanted to be part of the solutions that are emerging in hydrocarbon management and waste reduction. Our mission is to offer industry, government (municipally, provincially and federally) and the environment the ability to stop single-use asphalt shingles from entering landfills. This will significantly contribute to the “circular economy” and provide effective CO2 reduction and carbon lifecycle benefits. How we treat waste is fundamentally changing and I look forward to helping make a difference in our world by ensuring Northstar rapidly transitions into the commercialization phase. I am thankful for this opportunity, and I am excited to integrate into the Northstar team and lead the Company on its ambitious growth path.”
James Currie, Northstar’s Executive Chairman, stated, “On behalf of the Board of Directors, we are thrilled to announce Aidan’s appointment as the new leader of the Company. The Board is confident that Aidan, along with the rest of the Northstar leadership team, will be able to execute on our business plan to ramp-up our Empower Facility in Delta, BC to commercial production and to later evaluate Canadian and US expansion opportunities. He brings a highly trained engineering-focused skillset to the Company as we enter this next critical phase of growth. His global experience with major international corporations speaks for itself and will ensure that the Company is well-poised for growth. He will continue to build upon the foundation we have built at Northstar as we pursue our goal of becoming a leading single-use asphalt shingle material recovery provider in North America. On behalf of the Board of Directors, we would like to sincerely thank Neil for his leadership and tireless efforts in helping the Company get to this stage. Neil made significant achievements in a short time as CEO, including the completion of a non-brokered private placement offering for aggregate proceeds of approximately $12.24 million and the successful listing of Northstar’s common shares on the TSX Venture Exchange. He leaves Northstar in a strong financial position and we look forward to his continued involvement as a director of the Company.”
Neil Currie, Northstar’soutgoing CEO, stated, “I am proud of what we have accomplished during my time as CEO of Northstar and I am excited for the wealth of experience and expertise that Aidan will bring to the Company as we enter into our next phase of growth. I will be staying on until Aidan is able to assume the full-time role and look forward to ensuring a smooth and successful transition.”
In addition, the Company has granted an aggregate of 1,800,000 stock options (the “Options”) to purchase up to 1,800,000 common shares of the Company to certain directors and officers of the Company. All Options have an exercise price of $0.35 per share, expire five years from the date of grant, and shall vest in four equal installments with the first installment of 25% vesting on the date that is three months after the date of grant and an additional 25% of the total number of Options granted vesting on the last business day of each three month period there after.
For further information about Northstar, please visit www.northstarcleantech.com. The Company’s final prospectus dated June 18, 2021, among other documents, is available on the Company’s profile page on SEDAR at www.sedar.com
On Behalf of the Boardof Directors,
Office: 604 569 2209
Phone: 604 684 6730
Northstar Clean Technologies Inc. is a Vancouver-based clean technology company focused on the recovery and repurposing of single-use asphalt shingles. Northstar has developed a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracting the liquid asphalt, aggregate sands and fiber for usage in new hot mix asphalt, construction products and other industrial applications. Northstar plans to process used or defective asphalt shingle waste back into its three primary components for reuse/resale at its Empower Facility in Delta, British Columbia. Northstar’s mission is to be one of the leading shingle material recovery providers in North America, extracting 99% of the recovered components from asphalt shingles that would otherwise be sent to a landfill.
Cautionary Statement onForward-Looking Information
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of theTSXV) accepts responsibility for the adequacy or accuracy of this release. TheTSXV has neither approved nor disapproved the contents of this press release.
This press release may contain forward‐looking information within the meaning of applicable securities legislation, including statements with regards to the expected timing of the transition period for Mr. Mills to replace Mr. Currie as CEO, the execution ofthe Company’s business plan including the optimization of the BEST, the potential for expansion facilities in Canada and the US, and the expected environmental and economics benefits of the Company’s products, which forward‐looking information reflects the Company’s current expectations regarding future events. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”,“anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward‐looking information is based on a number of assumptions and is subject to a number ofrisks and uncertainties, many of which are beyond the Company’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, failure to satisfy all of the conditions to complete the Listing, and the factors discussed under “Risk Factors” in the final prospectus of the Company dated June 18, 2021. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.