Questor Issues Letter to Shareholders Highlighting Plan to Restore Stability and Growth, Files Management Information Circular
- Shareholders face a clear choice: a Board executing a disciplined plan for growth already in motion, or a return to the instability and value destruction of the past
- Actions of former Chief Executive Officer create an irreconcilable conflict of interest and threaten further value destruction
- Shareholders are urged to vote only their GOLD proxy, and well in advance of the deadline
- Letter to shareholders and information circular available on questortech.com/vote and www.sedarplus.ca
CALGARY, Alberta, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Questor Technology Inc. (“Questor” or the “Company”) (TSX-V: QST) today advised shareholders that it has issued a letter to shareholders and filed a Management Information Circular (the “Circular”) in connection with the upcoming Annual General Meeting of Shareholders (the “Meeting”) scheduled for September 9, 2026 at 1:00 p.m. MDT.
The Circular and accompanying materials are available on Questor’s website at questortech.com/vote and SEDAR+ at sedarplus.ca.
A Critical Turning Point for Shareholders: Continue to Move Forward or Risk a Return to Instability
Questor is at a significant inflection point, having undergone a leadership transition and embarking on a focused strategy. Since the termination of former Chief Executive Officer, Audrey Mascarenhas, in April 2026, the independent directors of your Board have taken decisive action to reposition the Company, including appointing new leadership, reactivating core markets, and establishing a special committee of independent directors responsible for restoring stability and driving a refresh of the Company’s strategic direction.
“The independent directors of your Board and refreshed leadership team have a plan in motion, and we have the right team in place to execute it,” said Paul Huizinga, Chair of the Board. “We have set a clear course for growth: Questor's certified technology addresses a clear and growing market need, and we are focused entirely on delivering results for shareholders.”
The Company has received advance notice from Ms. Mascarenhas in accordance with the Company's advance notice by-law that she intends to nominate an alternate slate of directors at the Meeting, including herself. The notice has been reviewed for compliance with the Company's by-law requirements.
Shareholders now face a defining choice between a focused and disciplined Board with a clear plan for growth already in motion, or risk handing control back to the former Chief Executive Officer, whose tenures were marked by failed leadership, governance concerns and ongoing litigation against the Company.
Audrey Mascarenhas’ Track Record of Value Destruction and Failed Leadership
During Ms. Mascarenhas’ tenures as Chief Executive Officer, the Company experienced shifting strategies and high turnover, including the resignation of six independent directors, key personnel, and the Company’s independent external auditors. The result was an approximately $139 million collapse in market capitalization as the share price fell 95% from its February 2020 high until the day of her second termination in April 2026. While shareholder value eroded, Ms. Mascarenhas extracted over $7 million in compensation since her initial appointment as Chief Executive Officer, which is over 5 times the current market value of her entire ownership stake.
Her ongoing litigation against Questor and its independent directors, seeking more than $26 million in damages, creates an irreconcilable conflict of interest. If successful in reinstating herself as Chief Executive Officer for a third time, shareholders should expect Ms. Mascarenhas to seek reimbursement of her fees associated with her campaign. If Ms. Mascarenhas wins, shareholders will lose.
Over the past three years, the independent directors of two separate boards have concluded that Ms. Mascarenhas’ termination was necessary, following serious governance failures. The Company is now moving forward with the strategic focus required to deliver results.
Restoring Operational Discipline and Growth
The independent directors of the Board and refreshed leadership team have taken significant steps to stabilize the business and position Questor for near-term growth. This includes appointing Mike Lindsay as interim President and Chief Executive Officer, while initiating a comprehensive search for a permanent leader. To drive near-term results, the Company has also hired Craig Joyce as Senior Director of Sales to reactivate core North American revenue streams and has engaged an independent consultant to provide a "cold eyes" technical review of Questor’s integrated Organic Rankine Cycle Power Generation Solution and assess market opportunities.
The independent directors are committed to restoring what made Questor a profitable and market-leading company capable of generating significant free cash flow. With 99.99% combustion efficiency and ISO 14034 verified technology, Questor is uniquely positioned to meet audit-grade measurement required in a tightening regulatory environment – converting the Company's technical promise into consistent results for all shareholders.
A Specialized Board Built for Questor’s Next Phase
Questor’s independent director nominees bring the deep expertise in energy operations, technology and capital markets required for Questor’s next phase:
- Paul Huizinga: A Partner with Senex Advisory and a proven business leader in driving innovation and growth. He previously served as Regional Managing Director for Accenture, Chief Executive Officer of FT Services and Senior Vice President of Operations for Worley.
- Mike Krayacich: Co-founder and Chief Technology Officer of Portage Energy, leading technical strategy for sustainable aviation fuel creation. He previously spent 20 years at Suncor in senior leadership and executive roles including major project execution and leading large technical organizations.
- Jason Smith: An international oil and gas leader with extensive experience managing onshore and offshore businesses. He is currently a Principal at 26 North Ventures LLC and was previously the Chief Operating Officer of QuarterNorth Energy. He also serves on the Board of Directors of B-32 Exploration.
- Saj Shapiro: A seasoned executive with over 25 years of leadership experience in energy, engineering and international growth. He was previously Managing Director at BMO Capital Markets and Chief Executive Officer of BMO Radicle.
- Bastien Commet: A fund manager in Paris with practical experience in engineering and manufacturing process analysis. His career includes research and technical roles at Solvay Rare Earths, Safran and Airbus.
Vote Today
Questor recommends that shareholders vote using only the GOLD proxy well in advance of the voting deadline of Friday, September 4, 2026 at 1:00 p.m. MDT as follows:
- FOR the election of Paul Huizinga, Mike Krayacich, Jason Smith, Bastien Commet and Saj Shapiro as independent directors
- FOR the approval of the other management resolutions
- Discard any proxy materials received from Ms. Mascarenhas
Shareholders who have questions or require assistance voting should contact Questor's proxy solicitation agent:
Carson Proxy Advisors
- North American Toll Free Phone: 1-800-530-5189
- Local and Text: 416-751-2066
Email: info@carsonproxy.com
ABOUT QUESTOR TECHNOLOGY INC.
Questor Technology Inc., incorporated in Canada under the Business Companies 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 and 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 99.99 percent efficiency per its ISO 14034 Certification.
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's common shares are traded on the TSX Venture Exchange under the symbol "QST".
For more information:
MEDIA CONTACT
FGS Longview
Joel Shaffer, Justine Hall
questor@fgslongview.com
INVESTOR RELATIONS CONTACT
Aly Sumar
Chief Financial Officer
Email: investor@questortech.com
FORWARD LOOKING INFORMATION
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "will", "plan", "expect", "positioned to", "committed to", "targeting", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. This news release contains forward-looking statements with respect to, among other things: the Board’s plans for growth; the expected outcomes of the Company’s strategic refresh and repositioning; the expected benefits of Craig Joyce’s hiring as Senior Director of Sales, including the reactivation of core North American revenue streams; the Company’s ability to return to profitability and generate significant free cash flow; the Company’s technical and market positioning in the regulatory environment; the potential impacts on shareholders depending on the results of the shareholder Meeting and the expectation that the former CEO of the Corporation will seek reimbursement for her fees. 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. Such statements reflect the Company’s current views.
With respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, the Corporation’s ability to capitalize on its refocused strategy and new targeted markets, changes in market, competition, tariffs, governmental or regulatory developments, general economic conditions, the status of litigation and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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.
