CALGARY, ALBERTA – March 24, 2016: CERF Incorporated (the “Company” or “CERF”) (TSX VENTURE: CFL) today announced that Mr. Ken Olson has been appointed Chief Financial Officer (“CFO”) of CERF, effective May 1, 2016. Mr. Olson replaces Mr. Derrek R. Wong, who has resigned as Vice President, Finance and CFO of CERF. Mr. Wong will work closely with Mr. Olson, and Mr. Ken Stephens, CERF’s founding CFO and a director of CERF, to ensure a seamless transition.
Mr. Olson is an accomplished finance and accounting executive with more than 23 years of experience in both private and publicly-traded companies. Before joining CERF, Mr. Olson served as the CFO of a publicly traded oilfield drilling and completion services company operating both in Canada and internationally, where he oversaw all aspects of corporate finance, investor relations, cash management, financial budgeting and reporting, IT services, taxation, financial controls, and regulatory compliance. Mr. Olson also served as Vice President, Finance for Sanjel Corporation, a private pressure pumping and completion services company operating in Canada and internationally, and as Vice President Finance for the Wireless Business Unit of CSI Wireless Inc.
“We are very excited to welcome Ken to the CERF executive team. He brings decades of experience and deep leadership skills to CERF,” said Austin Fraser, President, CERF Incorporated. “With his broad business background and accomplishments in the Energy Services Sector, Ken’s understanding of operational efficiencies will be instrumental to CERF’S ongoing transformation”.
Mr. Olson began his career at PricewaterhouseCoopers, in Calgary Alberta, earning his chartered accountant designation in 1995.
About CERF Incorporated:
CERF is a Canadian public corporation with two primary divisions: Energy Services and Industrials. The Energy Services division is comprised of one reporting segment, the Oilfield Rentals Segment and is engaged in the rental of oilfield equipment to the Western Canadian Oil and Gas Industry. The Industrials division is comprised of two reporting segments, the Industrial Rentals Segment and the Waste Management Segment. The Industrial Rentals Segment is engaged in the rental, sales and service of construction and industrial equipment. The Waste Management Segment operates waste handling facilities throughout Alberta and also removes and disposes of waste from commercial, residential and industrial customers. CERF Incorporated trades on the TSX Venture Exchange under the symbol “CFL”.
Cautionary Note Regarding Forward-Looking Information
This news release contains certain “forward-looking information” within the meaning of Canadian securities laws, which may include, but is not limited to, the planned starting date for Mr. Olson as CERF’s CFO. Although CERF has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated, described or intended. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. Other than as required by applicable securities law, CERF assumes no obligation to update or revise such forward-looking information to reflect new events or circumstances.
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