Vancouver, British Columbia —(Newsfile Corp. – February 28, 2022) — ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) (“ReGen III” or the “Company”) announces the immediate departure of Mr. Gordon Driedger for personal health reasons. Mr. Driedger will remain available to the Company on an as-needed basis.
Greg Clarkes, Chairman and CEO of ReGen III stated, “We are saddened to see a senior executive of Gordon’s caliber leave our team due to unforeseen circumstances. Gord joined ReGen III in January 2018 as COO, was promoted to President, and ultimately helped the Company navigate and deliver early project milestones in both Alberta and Texas. We support and fully appreciate Gord’s decision to resign and we wish him and his family nothing but the best.”
Greg Clarkes, further stated, “The project move to Texas with bp; the sound and ongoing buildout of our engineering team and Texas project deliverables under the steady leadership of our COO, Tom Lawlor; the growing institutional interest in our recycling projects; and the sudden departure of Gordon accelerate a change in ReGen III’s executive team. For these reasons I am pleased to announce the immediate promotion of Mark Redcliffe to the position of President.
Mark has been with ReGen III since April 2018 and is involved in almost every facet of our business, from sourcing used motor oil feedstock, to preparing marketing and ESG materials, securing our three American Petroleum Institute licensed formulations, liaising with public market regulators and bankers and working closely with me to secure key agreements. This is a seamless transition for ReGen III and I congratulate Mark on his well-deserved promotion.”
Mark Redcliffe, President of ReGen III stated, “First, let me thank Gord for his contributions to ReGen III over the past four years. Gord oversaw the establishment of a solid technical foundation from which Tom will continue to build. Second, I appreciate the opportunity afforded me through the ongoing mentorship and trust conferred by Greg and the ReGen III Board of Directors. I look forward to continuing to work with our entire team to close project financing, commence construction of our recycling project in Texas and complete additional environmentally progressive projects on behalf of our shareholders.”
ReGen III continues to address due diligence items with both EDC and the U.S. based multi-billion-dollar, green energy infrastructure focused, private equity firm (“PE Firm”). Further to our update on February 3, 2022, draft Definitive Agreements have been received and we are in the process of negotiating and drafting the final terms with the PE Firm.
About ReGen III
ReGen III is a cleantech recycling company creating more sustainable solutions that include better environmental outcomes and compelling economics.
Last year, ReGen III engaged Koch Project Solutions, LLC (“KPS”) to provide project execution management services leading up to the turnkey delivery of its new facility in Texas whereby, KPS will lead ReGen III’s world class engineering, construction and licensed vendor teams (PCL Industrial Management Ltd., Koch Modular Process Systems and Duke Technologies) through the completion of detailed design, construction, commissioning, and start-up. ReGen III has already signed a definitive offtake agreement with bp to purchase 100% of the Company’s base oils produced at the proposed Texas re-refining facility.
For more information on ReGen III or to subscribe to the Company’s mailing list, please visit: www.regeniii.com/investors/corporate-presentations and www.regeniii.com/newsletter-subscription.
On Behalf of the Board of ReGen III Corp.
Chief Executive Officer
For further information, please contact:
ReGen III Corp.
Tel.: (778) 668-5988
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Certain information 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 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.sedar.com under the Company’s profile and on the Company’s website, https://www.ReGen III.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.