Questor Technology Inc. Announces Grant of Restricted Stock Units
This document is not intended for dissemination or distribution in the United States.CALGARY, Alberta, Nov. 18, 2020 (GLOBE NEWSWIRE) — Questor Technology Inc. (“Questor”, the “Corporation”), (TSX Venture Exchange: QST), announces that the Board of Directors of the Corporation has approved the granting of Restricted Stock Units (RSU’s) pursuant to the Company’s PSU and RSU Incentive Plan and compensation policy, dated May 14, 2019 to certain of its officers and employees to acquire up to an aggregate of 515,570 common shares (“common shares”) of the Corporation.
Upon the granting of the RSU’s described above, Questor will have 1,347,945 security based compensation awards outstanding, comprised of 832,375 options and 515,570 RSU’s awards granted. The aggregate amount represents 4.9% of the 27,372,620 common shares currently outstanding. Questor’s stock option plan currently limits the issuance of options to no more than 10% of the outstanding common shares.ABOUT QUESTOR TECHNOLOGY INC.Headquartered in Calgary, Alberta, with operations across North America, the Company provides specialized waste gas incineration products and services that destroy harmful pollutants in any waste gas stream at 99.99 percent efficiency enabling our clients to meet emission regulations, address community concerns and improve safety at industrial sites.There are several methods for handling waste gases at oil and gas industrial facilities, the most common being combustion. Flaring and incineration are two methods of combustion accepted by many provincial and state regulators. Historically, the most common type of combustion has been flaring which is the igniting of natural gas at the end of a long metal tube or flare stack. This action causes the characteristic flame associated with flaring.Incineration is the mixing and combusting of waste gas streams, air, and fuel in an enclosed chamber which are mixed at a controlled rate and ignited so that no flame is visible when operating properly. A correctly designed and operated incinerator can yield higher combustion efficiencies through proper mixing, gas composition, retention time, and combustion temperature. Combustion efficiency, generally expressed as a percentage, is represented by the amount of methane converted to CO2, or H2S converted to SO2. The more converted, the better the efficiency.The Company designs, manufactures and services proprietary high efficiency waste gas incineration systems. The Company’s incineration product line is based on clean combustion technology that was developed by the Company and initially patented in both Canada and the United States in 1999. The Company has continued to evolve the technology over the years making several improvements from the original patent which expired in November 2019. The Company currently has five new pending patent filings.The Company’s highly specialized technical team works with the client to understand the waste gas volume and composition allowing it to determine the correct incineration product specification to achieve 99.99 percent combustion efficiency. The incinerators vary in size to accommodate small to large amounts of gas handling ranging from 20 mcf/d to 5,000 mcf/d. The incinerators also vary in automation and instrumentation depending on the client’s requirements. The Company’s incinerators are currently used in multiple segments of the energy infrastructure industry including drilling, completions, production, midstream, downstream, and transportation and distribution.The Company has three primary incinerator related revenue streams: sales, rentals and services. Incinerator services include hauling, commissioning, repairs, maintenance and decommissioning. The Company’s current key incineration markets are Colorado, North Dakota, Mexico, Pennsylvania, Texas, Alberta and North East BC. The United States Environmental Protection Agency (EPA) issued regulations to reduce harmful air pollution arising from crude oil and natural gas industry activities with a particular focus on the efficient destruction of volatile organic compounds (VOC’s) and hazardous air pollutants (HAP’s) and has recently introduced methane emission reduction legislation. In conjunction with EPA regulations, Colorado’s Regulation 7 mandates the use of enclosed combustion (incinerators) and now targets methane, resulting in a statewide focus on the responsible management of potentially fugitive hydrocarbons. North Dakota also has additional requirements that reflect some of the unique and specific needs that extend beyond the EPA’s requirements. Pennsylvania is proposing legislation that will limit VOC emissions to 1.7t/year and 200t/year of methane per site, necessitating the need for highly efficient combustion equipment to deal with waste and fugitive gas emissions. California has banned open flaring by 2021. Other US states are working on enhancing regulations that deal with waste gas emissions. Mexico set a target to reduce methane emissions by 75 percent by 2025 creating an opportunity for the Company to eliminate the venting of methane through our clean combustion technology. Over 90 percent of the Company’s incinerator rental fleet is in Colorado and North Dakota where regulation supports demand for its proprietary high efficiency waste gas incineration systems.The Company services its key markets with field locations in Brighton and Fort Lupton, Colorado; Watford City, North Dakota and Grande Prairie, Alberta. The infrastructure at the field locations consist of field and maintenance technicians and technical sales staff. The facilities generally include, office space, maintenance shop and storage yard. We also have a sales presence in Texas and Pennsylvania. Personnel based out of Company’s head office in Calgary, Alberta include Officers of the Corporation, management, engineering, technical sales, accounting and administration.Questor trades on the TSX Venture Exchange under the symbol ‘QST’.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.