Le Lézard
Classified in: Business
Subjects: BOARD OF DIRECTORS, Restructuring / Recapitalization

Xebec Announces Organizational Changes

MONTREAL, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSX: XBC) ("Xebec" or the "Corporation"), a global provider of clean energy solutions for renewable and low carbon gases, today announced that effective immediately, Mr. Marinus Van Driel, who joined Xebec through its recent acquisition of HyGear, has been appointed to lead Xebec's global hydrogen operations as the new President for the Global Hydrogen Group, in addition to his role as President for Xebec Europe. This is the first appointment in a series of planned management changes and appointments, as the Corporation reorganizes to allow for future growth.

Xebec also announced that Dr. Prabhu Rao is leaving Xebec in his capacity as Chief Operating Officer effective immediately. Mr. Rao continues to be a director of the Corporation but is not expected to be nominated for re-election at the Corporation's upcoming annual meeting of shareholders. Mr. Rao served as the Chief Operating Officer of the Corporation since March 2017. The Corporation expects to replace Mr. Rao with a new Chief Operating Officer in due course.

About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industry applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with four manufacturing facilities, seven Cleantech Service Centers and three sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.

Cautionary Statement
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "seeks", "expects", "estimates", "intends", "anticipates", "believes", "could", "might", "likely" or variations of such words, or statements that certain actions, events or results "may", "will", "could", "would", "might", "will be taken", "occur", "be achieved" or other similar expressions. Forward-looking statements also include, but are not limited to, the statements regarding Xebec's future appointment of a new Chief Operating Officer. Forward-looking statements, including statements concerning future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects as well as the expectations of management of Xebec with respect to information regarding the business and the expansion and growth of Xebec operations, involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Xebec's public documents, including in the most recent annual management discussion and analysis and annual information form, filed on SEDAR at www.sedar.com. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Although Xebec believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Xebec disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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