Ms. Zhang, a Certified Public Accountant (CPA) and Chartered Accountant (CA) with 14 years’ of financial management and reporting experience re-joins the Company having previously held the position of Financial Controller from 2012 to 2016. She has a Bachelor of Arts, International Relations and Affairs from Peking University and a Bachelor of Commerce, Accounting from the University of Ottawa. She has spent the last two years with two different publicly traded companies, an environmental engineering consultancy and a large multinational telecommunications business.
Ms. Zhang will take over from Ms. Flynn who, over an 11-year career with the Company, grew her role from Financial Controller to become Chief Financial Officer in 2009. In 2008, Ms. Flynn was instrumental in the successful integration of Gardner Energy Management, a privately-owned UK-based company, with Thermal Energy. More recently, she played a key part in the Company’s acquisition of Boilerroom Equipment Inc. After more than a decade at Thermal Energy’s UK office in Bristol, Ms. Flynn has decided to relocate to the British South Coast to pursue new challenges.
William Crossland, CEO of Thermal Energy, commented: “We are delighted to welcome Ms. Zhang back to Thermal Energy. The experience she has gained is set to benefit the business as we continue to grow as a Company.
“The management, staff and Board of Directors of Thermal Energy would like to sincerely thank Ms. Flynn for her dedicated support and significant contribution to the Company’s achievements to date. During her time with Thermal Energy, she has provided exceptional financial guidance and control which has given the company a strong base from which to grow. Under her financial leadership we have added significantly to our product offering, capabilities, and geographic scope and now have operations and employees in six countries. We wish her the best of luck in her future endeavours.”
Officer appointments are subject to approval by the TSX Venture Exchange.
ENDS
Notes to editors:
About Thermal Energy International Inc.
Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors.
Thermal Energy is also a fully accredited professional engineering firm and by providing a unique mix of proprietary products together with process, energy and, environmental engineering expertise, Thermal Energy is able to deliver unique turnkey projects with significant financial and environmental benefits for our customers.
Thermal Energy's proprietary products include; GEMTM - Steam Traps, FLU-ACE® - Direct contact condensing heat recovery, Heat-Sponge SIDEKICK and RAINMAKER – 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, U.K., with sales offices in Canada, UK, USA, Germany, Poland, Italy and China.
TEI’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG.
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This press release contains forward-looking statements relating to, and amongst other things, based on management’s expectations, estimates and projections, the anticipated effectiveness of the Company’s products and services and the timing of revenues to be received by the Company.
Information as to the amount of heat recovered, energy savings and payback period associated with Thermal Energy International’s products are based on the Company’s own testing and average customer results to date. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company’s products, statements about the expected environmental effects and cost savings associated with the Company’s products and statements about the Company’s ability to cross-sell its products and sell to more sites are forward-looking statements. These statements are not guarantees of future
performance and involve a number of risks, uncertainties and assumptions. Many factors, some of which are outside of the Company’s control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed for a number of reasons, some of which are outside of the Company’s control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company’s customers and factors inherent in the customer’s facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company’s products and on the expected environmental effects and cost savings expected from the Company’s products. Any customer’s willingness to purchase additional products from the Company is dependent on many factors, some of which are outside of the Company’s control, including but not limited to the customer’s perceived needs and the continuing financial viability of the customer. The Company disclaims any obligation to publicly update or revise any such statements except as required by law.
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.