Quantum Energy Inc. Announces Changes to its Directors and Officers and Cancellation of IEC Conditional Binding Letter of intent
Quantum Energy Inc. Announces Changes to its Directors and Officers and Cancellation of IEC Conditional Binding Letter of Intent
April 26, 2019 – GLOBENEWSWIRE
CHICAGO, and SCOTTSDALE, AZ, April 26, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Quantum Energy Inc. (QEGY) (“Quantum”) is pleased to announce the following changes to its board of directors and officers effective April 23, 2019: Andrew J. Kacic, a director and Secretary of Quantum has been appointed to serve also as Co-chairman of the Board and Chief Executive Officer; Jeffrey Mallmes, a director, President and Treasurer of Quantum ceased to be Chairman of Quantum and he was appointed as President of Quantum’s subsidiary Dominion Energy Processing Group, Inc; Raleigh C. Kone, a highly experienced Investment and Life Insurance professional was appointed as a director, Co-Chairman of the Board, and Executive Vice-President and a member of Quantum’s Audit Committee, Compensation Committee and the Nominating and Corporate Governance Committee; and Michael Ballmann, a highly experienced chief financial officer, was appointed as an independent director of Quantum and will be an independent member of Quantum’s Audit Committee, Compensation Committee and the Nominating and Corporate Governance Committee.
Quantum also announces that on April 23, 2019, it and Inductance Energy Corporation entered in to Mutual Agreement to Cancel/Rescind their April 10, 2018 conditional Binding Letter of Intent (“LOI”) so that each party could pursue its own opportunities and interests with certainty and focus and in connection with the mutual cancellation of the LOI, William J. Hinz, Richard K. Ethington and Pamela L. Bing, who had been appointed to Quantum’s Board of directors as part of the LOI, each resigned as a director of Quantum.
About Quantum Energy Inc.
Quantum is an energy focused company with a project emphasis toward refinery development, construction and operations in the United States and Canada, through its subsidiary Dominion Energy Processing Group, Inc. Quantum is continuing to work on proposed Bakken refinery development projects in Stoughton Saskatchewan, Canada and in North Dakota.
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, further milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company’s development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
For Company Contact:
Andrew J. Kacic