CALGARY, Alberta, Feb. 24, 2025 (GLOBE NEWSWIRE) — Tornado Infrastructure Equipment Ltd. (“Tornado”, the “Company”, “we” or “our”) (TSX-V: TGH; OTCQX: TGHLF) is pleased to announce the promotion of Derek Li as Vice President and Chief Financial Officer, effective immediately. Derek will be replacing Al Robertson who has decided to retire.
CFO Transition
“We extend our gratitude to Al Robertson for his years of dedicated service and guidance at Tornado. His financial stewardship strengthened our foundation and positioned the Company for long-term success.”, stated Brett Newton, the President and Chief Executive Officer.
Derek Li, formerly the Vice President, Finance and Controller, has been an integral part of Tornado’s leadership for the past eight years, demonstrating exceptional strategic and operational expertise that has significantly contributed to our company’s growth. As Vice President and CFO, he is responsible for overseeing financial strategy, improving operational efficiency, and supporting business expansion efforts.
Stock Option Grant
Tornado also announces that, pursuant to the terms of its stock option plan, as amended, it has granted incentive stock options for the purchase of up to 500,000 common shares of the Company effective February 24, 2025, to a key employee. All the stock options have an exercise price of $1.16 per share and expire five years from the date of grant.
About Tornado Infrastructure Equipment Ltd.
Tornado is a pioneer and leader in the vacuum truck industry and has been a choice of utility and oilfield professionals with over 1,700 hydrovacs sold since 2008. The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities.
For more information about Tornado Infrastructure Equipment Ltd., visit www.tornadotrucks.com or contact:
| Brett Newton President and Chief Executive Officer Phone: (587) 802-5070 Email: [email protected] |
Derek Li Vice President and Chief Financial Officer Phone: (403) 204-6350 Email: [email protected] |
Advisory
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the words “anticipates”, “should”, ‘‘may”, “expected”, “expects”, “believes” and other words of a similar nature are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements because of prevailing economic conditions, including restrictions on trade and tariffs, and other factors, many of which are beyond the control of Tornado. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. The forward-looking statements contained in this news release represent Tornado’s expectations as of the date hereof and are subject to change after such date. Tornado disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the Exchange nor its Regulation Service Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
