CALGARY, ALBERTA — (Marketwire) — 09/01/11 — Ridgeline Energy Services Inc. (“Ridgeline”) (TSX VENTURE: RLE) announces that subject to exchange approval it has appointed James Yeager as Chief Financial Officer of Ridgeline effective September 1, 2011.
CEO Tony Ker stated, “Due to the rapid development of Ridgeline–s water treatment division, it was the right time to bring on a seasoned financial executive of James–s caliber. Ridgeline currently has two revenue generating divisions, Ridgeline Environment and Ridgeline Greenfill, and anticipates rapid growth in revenue from Ridgeline Water as its systems are rolled out. In less than a year Ridgeline has brought its proprietary water treatment technology from bench test into full commercial operation and the response from our initial customer has been extremely positive. At the same time, Ridgeline–s environmental consulting division had a turnaround year in its operations. We look forward to James–s ongoing contributions during this next phase of our growth.”
Mr. Yeager brings over 30 year–s experience in senior management positions in finance and accounting with both public and private companies. Most recently he served as Senior Vice President and Chief Financial Officer of Global Entertainment Corporation, a publicly traded company involved in the sports industry, as owner of the Central Hockey League, and related sports arena development. During his tenure the company completed over $200 million in arena developments throughout Washington, Texas, Missouri and Kansas.
Beginning in January 2004, he served as Vice President, Controller, and Chief Financial Officer of Capital Title Group, Inc., a $400 million revenue NASDAQ listed company with real estate title, escrow and insurance services in more than 240 offices. While at Capital Title Group, the company completed significant acquisitions in Pennsylvania and California, experienced rapid growth of real estate transactions in Arizona, California and Nevada, and ultimately sold the company to LandAmerica, one of the nation–s largest real estate title and insurance companies.
From June 2000 through December 2003, Mr. Yeager served as Executive Vice President and Chief Financial Officer of Styling Technology Corporation, a $100 million revenue NASDAQ listed company manufacturing and distributing high-end salon products throughout the US.
Prior to that, he was Vice President-Finance and Controller of Main Street and Main Incorporated, a $200 million revenue NASDAQ listed company and franchisee of TGI Friday–s and Redfish restaurants located in 11 states.
Mr. Yeager began his career in Texas as a Certified Public Accountant and partner in the firm Robert Yeager & Company for 13 years, specializing in audit engagements and commercial real estate transaction financing and structuring.
Jim Maldaner, Ridgeline–s current CFO, will be stepping down but remain available to assist James with the Q1 financials and transition to IFRS reporting. Ridgeline would like to thank Jim for his contributions to the company.
The board of directors has approved a grant of 200,000 incentive stock options to Mr. Yeager and another 225,000 to certain other employees and consultants of the Corporation under the terms of the share stock option plan of the Corporation. The exercise price has been established at $0.42 per share. The expiry date where these options can be exercised has been fixed to August 30, 2021and the option will be subject to certain vesting provisions.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. (TSX VENTURE: RLE) is an environmental technology and consulting company focused on waste management in the oil and gas industry. Through its subsidiary Ridgeline Water Inc., the Company is developing proprietary technology capable of efficiently treating large volumes of contaminated water generated by oil and gas producers. The Company is working with energy majors in the application of proprietary technology for effective treatment of water for hydraulic fracturing, oil sands process water (SAGD and tailings ponds) and to recycle the water used in these oil and gas industry applications. Through its environmental consulting and remediation subsidiaries, Ridgeline Environment Inc. and Ridgeline GreenFill Inc., the Company has built a reputation as an established player in the provision of environmental services to Western Canada–s large and growing oil and gas industry. The Company trades on the TSX Venture Exchange under the symbol “RLE”. Additional information is available on the Company–s website at: .
“This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements.”
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Contacts:
Ridgeline Energy Services Inc.
Clint Wolstenholme
(403) 806-2380 (Calgary)
Ridgeline Energy Services Inc.
Ryan Johnson
(604) 566-8066ext. 2 (Vancouver)
Crescendo Communications
David Waldman
(212) 671-1021 (New York)