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CALGARY, AB, April 22, 2024 /CNW/ - Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Corporation") (TSX: LCFS) announced today that John Adams has resigned as a director of the Corporation due to potential future conflicts of interest identified by Mr. Adams with respect to his position. As of May 16, 2024, Raymond Kwan will no longer be the Chief Financial Officer of the Corporation. The Corporation thanks both John and Ray for their years of service to the Corporation.
The Corporation is pleased to announce effective May 16, 2024, Ian Quartly will be appointed as the new Chief Financial Officer. Mr. Quartly is a Chartered Accountant and has 19 years of Finance and Accounting experience with the last 10 years of experience at publicly listed midstream and infrastructure entities. He is currently Vice President, Accounting and Finance at Tidewater Midstream and Infrastructure Ltd. and will continue to also serve in that role.
Mr. Jeffrey Hamilton, an independent director and the Chair of the Audit Committee, has been appointed the lead independent director of the Corporation and Mr. Baines, the Chairman and Chief Executive Officer of the Corporation, has been appointed as a member of the Corporation's Audit Committee. Mr. Baines' appointment to the Audit Committee will be in reliance on the exemption permitting a non-independent board member to be a member of a public company's audit committee following the resignation of an independent audit committee member set forth in Section 3.5 of National Instrument 52-110. The Corporation will commence a diligent search to find an additional independent director.
CORPORATE UPDATE
The Corporation is continuing to strengthen its corporate governance and make progress optimizing the business and operating costs as announced in our fourth quarter 2023 results news release. The Renewable Diesel & Renewable Hydrogen Complex (the "HDRD") continues to operate well in the first quarter exceeding previous guidance for the Corporation's first quarter. So far in the second quarter the HDRD has run at 96% utilization of design capacity and has recently been able to exceed name plate capacity operating at approximately 3100 bbls/day. Through the remainder of 2024, the Corporation will continue to focus on generating free cash flow and is on track to reduce debt and strengthen its balance sheet.
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") that relate to the Corporation current expectations and views of future events. These forward-looking statements relate to future events or the Corporation's future performance. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumption or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward -looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this new release should not be unduly relied upon. These statements speak only as of the date of this new release. In particular and without limitation, this news release contains forward-looking statements pertaining to plans to search for an independent director, to strengthen Tidewater Renewables' corporate governance and to optimize its business and operating costs, focusing on: generation of free cash flow; debt reduction; strengthening of its balance sheet and the business as described under the heading "About Tidewater Renewables" below. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation'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, the factors discussed under "Risk Factors" in the Corporation's current annual information form filed on SEDAR+. Tidewater Renewables' does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.