TMG:CC - Thermal Energy International Announces Grant of Stock Options
(TheNewswire)
OTTAWA, ONTARIO – TheNewswire - November 30,2022 – Thermal Energy International Inc. (“ Thermal Energy ” or the “Company”) (TSX-V: TMG ), a global provider ofenergy efficiency and emissions reduction solutions, has announcedthat it has granted 1,875,000 options to purchase common shares of theCompany to officers of the Company as part of an overall remunerationand incentive program.
The stock options were granted pursuant to the terms of theCompany’s stock option plan, have a 5-year term and are exercisableat $0.12. One third of the options will vest with the optionee on eachof the first three anniversaries of the date of grant. Stock optiongrants are subject to necessary regulatory approvals.
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Thermal Energy International Inc.
Canada: 613-723-6776
UK: +44 (0)117 917 2179
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Thermal Energy International Inc.
613-723-6776
About Thermal Energy InternationalInc.
Thermal Energy International Inc., ranked as one of Canada’s Top GrowingCompanies in 2021, 2020 and 2019, is anestablished global supplier of proprietary, proven energy efficiencyand emissions reduction solutions to the industrial and institutionalsectors. We save our customers money and improve their bottom line byreducing their fuel use and cutting their carbon emissions. Ourcustomers include many Fortune 500 and other leading multinationalcompanies across a wide range of industry sectors.
Thermal Energy is a fully accredited professionalengineering firm and by providing a unique mix of proprietary productstogether with process, energy, and environmental engineeringexpertise, Thermal Energy can deliver unique turnkey projects withsignificant financial and environmental benefits for ourcustomers.
Thermal Energy's proprietary products include: GEM ™ - Steam traps, FLU-ACE ® -Direct contact condensing heat recovery, HEATSPONGE – Indirect contact condensing heat recovery systems, and DRY-REX ™ -Low temperature biomass drying systems.
Thermal Energy has engineering offices in Ottawa,Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices inCanada, UK, USA, Germany, Poland, and Italy. TEI’s common shares aretraded on the TSX Venture Exchange (TSX-V) under the symbol TMG .
For more information, visit our website at www.thermalenergy.com and follow uson Twitter at
This press release contains forward-looking statementsrelating to, and amongst other things, based on management’sexpectations, estimates and projections, the anticipated effectivenessof the Company’s products and services, the timing of revenues to bereceived by the Company, the anticipated effects of COVID-19 on thebusiness, backlog and revenue, the expectation that orders in backlogwill become revenue, the anticipated benefits of the Company’scurrent efforts at training and business improvement efforts,opportunities for growth, the Company’s belief that it cancapitalize on opportunities, the size of markets and opportunitiesopen to the Company and expectations that order intake will bounceback.. Information as to the amount of heat recovered, energy savingsand payback period associated with Thermal Energy International’sproducts are based on the Company’s own testing and average customerresults to date. Statements relating to the expected installation andrevenue recognition for projects, statements about the anticipatedeffectiveness and lifespan of the Company’s products, statementsabout the expected environmental effects and cost savings associatedwith the Company’s products and statements about the Company’sability to cross-sell its products and sell to more sites are forwardlooking statements. These statements are not guarantees of futureperformance and involve a number of risks, uncertainties andassumptions. Many factors, some of which are outside of theCompany’s control, could cause events and results to differmaterially from those stated. Fulfilment of orders, installation ofproduct and activation of product could all bedelayed for a number of reasons, some of which are outside of theCompany’s control, which would result in anticipated revenues fromsuch projects being delayed or in the most serious cases eliminated.Actions taken by the Company’s customers and factors inherent in thecustomer’s facilities but not anticipated by the Company can have anegative impact on the expected effectiveness and lifespan of theCompany’s products and on the expected environmental effects andcost savings expected from the Company’s products. Any customer’swillingness to purchase additional products from the Company andwhether orders in the Company’s backlog as described above will turninto revenue is dependent on many factors, some of which are outsideof the Company’s control, including but not limited to thecustomer’s perceived needs and the continuing financial viability ofthe customer. The Company disclaims any obligation to publicly updateor revise any such statements except as required by law. Readers are referred to the riskfactors associated with the Company’s business as described in theCompany’s most recent Management’s Discussion and Analysisavailable at www.SEDAR.com .
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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