Questor Announces Formation of Special Committee to Support Leadership Transition and Strategy Refresh
CALGARY, Alberta, July 16, 2026 (GLOBE NEWSWIRE) — Questor Technology Inc. (“Questor” or the “Company”) (TSX-V: QST) today announced that, in light of its ongoing leadership transition and the legal proceedings initiated by former President and CEO Audrey Mascarenhas against the Company, its independent directors and CFO (the “Legal Proceedings”), the Board of Directors of the Company (the “Board”) formed a special committee of independent directors of the Board (the “Special Committee”) on June 11, 2026. On July 13, 2026, the Board approved an expanded mandate for the Special Committee, authorizing it to oversee the search for a new permanent Chief Executive Officer, explore potential strategic alternatives, and make recommendations to the Board on such matters.
The Special Committee is comprised of Bastien Commet, Paul Huizinga, Saj Shapiro and Jason Smith, each of whom is an independent director of the Company. The Special Committee operates with full authority to retain financial, legal, and other professional advisors as it considers appropriate.
On June 11, 2026, Questor disclosed one of the Legal Proceedings, in respect of Ms. Mascarenhas’s statement of claim filed at the Court of King’s Bench of Alberta alleging claims of oppression, wrongful termination and related claims and relief totaling over $26 million against the Company, its independent directors and CFO. The other of the Legal Proceedings involves a second statement of claim filed at the Court of King’s Bench of Alberta alleging wrongful termination against the Company and seeking an amount equal to 26 months of her total compensation plus additional damages. The independent directors and management dispute the allegations and intend to defend the interests of the Company and its shareholders.
“Questor is moving forward with purpose,” said Paul Huizinga, Chair of the Special Committee. “Our focus is on securing the right permanent leadership for Questor and ensuring shareholders have full visibility into that process. The Board and Special Committee are firmly in control of this transition, and will not be distracted from driving value creation for all shareholders.”
No decisions relating to the new CEO search or any potential strategic alternative have been made as at the date of this news release. The Company has not received any proposal with respect to a going-private transaction or any other strategic transaction. There are no assurances that any strategic alternative will be identified or pursued from the Special Committee’s strategy refresh process. The Company will continue to provide updates on the CEO search and strategy refresh process in accordance with applicable securities laws and as developments warrant.
ABOUT QUESTOR TECHNOLOGY INC.
Questor Technology Inc., incorporated in Canada under the Business Corporations Act (Alberta), is an environmental emissions reduction technology company founded in 1994, with global operations. The Company is focused on clean air technologies that safely and cost-effectively improve air quality, support energy efficiency and greenhouse gas emission reductions. The Company designs, manufactures and services high efficiency clean combustion systems that destroy harmful pollutants, including methane, hydrogen sulfide gas, volatile organic hydrocarbons, hazardous air pollutants and BTEX (benzene, toluene, ethylbenzene and xylene) gases within waste gas streams at greater than 99.99 percent efficiency per its ISO 14034 Certification. This enables its clients to meet emission regulations, reduce greenhouse gas emissions, address community concerns and improve safety at industrial sites.
The Company also has proprietary heat-to-power generation technology and is currently targeting new markets including landfill biogas, syngas, waste engine exhaust, geothermal and solar, cement plant waste heat in addition to a wide variety of oil and gas projects. The combination of Questor’s clean combustion and power generation technologies can help clients achieve net-zero emission targets for minimal cost. The Company is also doing research and development on data solutions to deliver an integrated system that amalgamates all the emission detection data available to demonstrate a clear picture of the site’s emission profile.
The Company’s common shares are traded on the TSX Venture Exchange under the symbol “QST”. The address of the Company’s corporate and registered office is 1920, 707 – 8th Avenue S.W. Calgary, Alberta, Canada, T2P 1H5.
QUESTOR TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL “QST”
Investor Relations Contact
Aly Sumar
Chief Financial Officer
Email: investor@questortech.com
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.
