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Pacific Green Builds Out Operating Management – Appointing Richard Oliver as CFO – to Support of Ramping Production of its Proprietary Marine Exhaust Gas Scrubbing Systems

1185 Days ago

SAN JOSE, Calif., Feb. 27, 2019 (GLOBE NEWSWIRE) -- Pacific Green Technologies Inc. (PGTK) (OTCQB: PGTK), owner of the ENVI-MarineTM and ENVI-CleanTME Exhaust Gas Scrubbing Systems, today announced the appointment of Richard Oliver as Chief Financial Officer, a new position at the Company, effective May 24, 2019. Prior to the start of Mr. Oliver’s employment, the Company’s CEO Neil Carmichael has served as Principal Financial Officer and Principal Accounting Officer, which roles will be assumed by Mr. Oliver.

Richard is a finance professional with 33 years’ of financial accounting, auditing and management experience in manufacturing, fabrication and inventory management; fields that are highly complementary to his new role at Pacific Green. He joins Pacific Green from Munro Building Services, a UK-based Mechanical & Electrical installation and maintenance services company, where he served as Head of Finance.

Richard qualified as a Chartered Accountant with Deloitte, where he worked on a wide range of manufacturing audits in the UK, US & Canada. He progressed from financial accountant to financial controller and then to head of finance at successive UK manufacturing companies including Evans Universal (incinerator fabrication, including flue gas treatment); Demaglass (glass manufacturing); and Muntons and G’s Fresh (food manufacturing), prior to joining Munro.

Pacific Green CEO Neil Carmichael commented, “Having secured a large-scale commercial production partner and a nearly $180M order book for delivery of our state of the art ENVI-MarineTM  marine scrubber systems, we are rounding out the final elements of the senior management team required to manage rapid commercial growth and the building of our investment community profile. Richard brings the ideal skill sets and experience to support the achievement of our goals, and we enthusiastically welcome him to the organization.”

Career accomplishments include transforming reporting timeframes for management accounts, implementing just-in-time inventory management and control procedures, as well as treasury and cash management procedures, and supporting M&A transactions. He has also implemented numerous IT and accounting systems, including full ERP systems and served as COO for a service-oriented technology business for four years.

Richard has also been integrally involved in business planning and strategy, including the development and implementation of full board reporting/KPI frameworks. He has also worked to refine business processes, supply chains and logistics, reducing lead times, freeing working capital and significantly reducing costs. 

He graduated in Mathematics at King’s College London and is a Fellow of the Institute of Chartered Accountants in England and Wales. He earned his MBA degree at Henley Business School.

About Pacific Green Technologies, Inc. (www.pacificgreentechnologies.com)
In support of the world’s need for cleaner and more sustainable energy, Pacific Green Technologies has developed a portfolio of patented, emission control technologies that remove pollutants from marine engine, power plant and waste incinerator exhaust streams in order to meet increasingly stringent environmental standards. Pacific Green solutions utilize its patented “Turbo Head Technology™ which enables a more thorough mixing of exhaust gases and a chosen reagent solution that delivers more effective contaminant removal in a system that is both smaller and more efficient to build and operate.

Pacific Green formed a strategic joint venture with PowerChina SPEM, a unit of China's largest engineering, procurement, and construction firm, to support the manufacture, design, and installation of its solutions on a global scale, while also serving as an in-country sales agent for commercial opportunities in mainland China. 

Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that Pacific Green’s emission control system has significant potential to be a market leader in China.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, and the continuation of the JV with POWERCHINA SPEM resulting in definitive agreements. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Scott Poulter, Executive Director
Pacific Green Technologies
T: +1 (408) 538-3373

Chris Eddy or David Collins
Catalyst IR
212 924 9800 or pgtk@catalyst-ir.com

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