CALGARY, Albe ta, July 16, 2026 (GLOBE NEWSWIRE) — Questo Tech ology I c. (“Questo ” o the “Compa y”) (TSX-V: QST) today a ou ced that, i light of its o goi g leade ship t a sitio a d the legal p oceedi gs i itiated by fo me P eside t a d CEO Aud ey Masca e has agai st the Compa y, its i depe de t di ecto s a d CFO (the “Legal P oceedi gs”), the Boa d of Di ecto s of the Compa y (the “Boa d”) fo med a special committee of i depe de t di ecto s of the Boa d (the “Special Committee”) o Ju e 11, 2026. O July 13, 2026, the Boa d app oved a expa ded ma date fo the Special Committee, autho izi g it to ove see the sea ch fo a ew pe ma e t Chief Executive Office , explo e pote tial st ategic alte atives, a d make ecomme datio s to the Boa d o such matte s.
The Special Committee is comp ised of Bastie Commet, Paul Huizi ga, Saj Shapi o a d Jaso Smith, each of whom is a i depe de t di ecto of the Compa y. The Special Committee ope ates with full autho ity to etai fi a cial, legal, a d othe p ofessio al adviso s as it co side s app op iate.
O Ju e 11, 2026, Questo disclosed o e of the Legal P oceedi gs, i espect of Ms. Masca e has’s stateme t of claim filed at the Cou t of Ki g’s Be ch of Albe ta allegi g claims of opp essio , w o gful te mi atio a d elated claims a d elief totali g ove $26 millio agai st the Compa y, its i depe de t di ecto s a d CFO. The othe of the Legal P oceedi gs i volves a seco d stateme t of claim filed at the Cou t of Ki g’s Be ch of Albe ta allegi g w o gful te mi atio agai st the Compa y a d seeki g a amou t equal to 26 mo ths of he total compe satio plus additio al damages. The i depe de t di ecto s a d ma ageme t dispute the allegatio s a d i te d to defe d the i te ests of the Compa y a d its sha eholde s.
“Questo is movi g fo wa d with pu pose,” said Paul Huizi ga, Chai of the Special Committee. “Ou focus is o secu i g the ight pe ma e t leade ship fo Questo a d e su i g sha eholde s have full visibility i to that p ocess. The Boa d a d Special Committee a e fi mly i co t ol of this t a sitio , a d will ot be dist acted f om d ivi g value c eatio fo all sha eholde s.”
No decisio s elati g to the ew CEO sea ch o a y pote tial st ategic alte ative have bee made as at the date of this ews elease. The Compa y has ot eceived a y p oposal with espect to a goi g-p ivate t a sactio o a y othe st ategic t a sactio . The e a e o assu a ces that a y st ategic alte ative will be ide tified o pu sued f om the Special Committee’s st ategy ef esh p ocess. The Compa y will co ti ue to p ovide updates o the CEO sea ch a d st ategy ef esh p ocess i acco da ce with applicable secu ities laws a d as developme ts wa a t.
Questo Tech ology I c., i co po ated i Ca ada u de the Busi ess Co po atio s Act (Albe ta), is a e vi o me tal emissio s eductio tech ology compa y fou ded i 1994, with global ope atio s. The Compa y is focused o clea ai tech ologies that safely a d cost-effectively imp ove ai quality, suppo t e e gy efficie cy a d g ee house gas emissio eductio s. The Compa y desig s, ma ufactu es a d se vices high efficie cy clea combustio systems that dest oy ha mful polluta ts, i cludi g metha e, hyd oge sulfide gas, volatile o ga ic hyd oca bo s, haza dous ai polluta ts a d BTEX (be ze e, tolue e, ethylbe ze e a d xyle e) gases withi waste gas st eams at g eate tha 99.99 pe ce t efficie cy pe its ISO 14034 Ce tificatio . This e ables its clie ts to meet emissio egulatio s, educe g ee house gas emissio s, add ess commu ity co ce s a d imp ove safety at i dust ial sites.
The Compa y also has p op ieta y heat-to-powe ge e atio tech ology a d is cu e tly ta geti g ew ma kets i cludi g la dfill biogas, sy gas, waste e gi e exhaust, geothe mal a d sola , ceme t pla t waste heat i additio to a wide va iety of oil a d gas p ojects. The combi atio of Questo ’s clea combustio a d powe ge e atio tech ologies ca help clie ts achieve et-ze o emissio ta gets fo mi imal cost. The Compa y is also doi g esea ch a d developme t o data solutio s to delive a i teg ated system that amalgamates all the emissio detectio data available to demo st ate a clea pictu e of the site’s emissio p ofile.
The Compa y’s commo sha es a e t aded o the TSX Ve tu e Excha ge u de the symbol “QST”. The add ess of the Compa y’s co po ate a d egiste ed office is 1920, 707 – 8th Ave ue S.W. Calga y, Albe ta, Ca ada, T2P 1H5.
Neithe TSX Ve tu e Excha ge o its Regulatio Se vices P ovide (as that te m is defi ed i the policies of the TSX Ve tu e Excha ge) accepts espo sibility fo the adequacy o accu acy of this elease.
