OGD Orbit Garant Drilling Inc

VAL-D'OR, QC, Dec. 5, 2024 /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD) ("Orbit Garant" or the "Company") subsequent to the conclusion of its Annual and Special Meeting of Shareholders (the "Meeting") held earlier today, announces the appointment of a new Chair and changes to the Company's senior management team, approved by the Company's Board of Directors. The Company reported the results of voting at the Meeting.

Pierre Alexandre has decided to step down as President and Chief Executive Officer. Daniel Maheu, Chief Financial Officer of Orbit Garant, has been appointed as the Company's new President and Chief Executive Officer, and was elected as a director at the Meeting. Mr. Alexandre will remain a director of the Company and will resume his former senior management position as Executive Vice President.

"When I was appointed President and CEO in November 2022, my objective was to realign our operations to better position the Company for profitable growth," said Pierre Alexandre. "Supported by our Board, senior management and dedicated teams of personnel across our operations, we initiated several strategic changes, including strengthening our focus on our operations in Canada and Chile, and establishing a more team-oriented leadership structure. We have made strong progress with our plan, which is reflected in our improved financial performance. The Board and I believe the time is now right for Daniel to pursue our growth strategy."

Pier-Luc Laplante has been promoted from his former position as the Company's Corporate Controller to Chief Financial Officer, succeeding Mr. Maheu. The management changes are effective immediately.

Mr. André Pagé has been appointed Chair of the Board, succeeding Jean-Yves Laliberté, who served as Orbit Garant's Chair since 2020 and on its board since 2008. Mr. Pagé, who was appointed to Orbit Garant's board in May 2024, also serves as a member of the Company's Audit and Corporate Governance and Compensation Committees.

"On behalf of my fellow directors and everyone at Orbit Garant, I extend our gratitude to Jean-Yves for his invaluable contributions in governance oversight, financial expertise and strategic direction over his many years of service," said Mr. Pagé. "I look forward to working with our board and senior management team as we maintain our focus on building value for our shareholders."

André Pagé has more than 30 years of experience in capital markets. He was until his retirement in November 2023 Managing Director with Desjardins Capital Markets, a division of Desjardins Group, the largest cooperative financial group in North America and the fifth largest cooperative financial group in the world. Mr. Pagé was with Desjardins Capital Markets since 2007. Prior thereto, he was a Managing Director for Institutional Sales at BMO Capital Markets (1998 to 2006).

Daniel Maheu has more than 25 years of experience in financial management and operational planning and has served in progressively senior roles since joining Orbit Garant in 2010. He was appointed Chief Financial Officer in 2021. From 1998 to 2010, he held various management positions in transport companies, including that of Controller and Chief Financial Officer. Mr. Maheu holds a Bachelor's Degree in Administration from HEC Montréal and obtained his Chartered Accountant designation in 1986.

Pier-Luc Laplante has 12 years of experience in accounting and financial reporting and has served in progressively senior roles since joining Orbit Garant in 2015. He was appointed Corporate Controller in 2021. Mr. Laplante holds a Bachelor's Degree in Accounting Sciences from the Université du Québec en Abitibi-Témiscamingue, and is a Chartered Professional Accountant.

All of the nominees listed in the management information circular prepared in connection with the Meeting were elected as directors of the Company. Detailed results of the election are set out below:

Shareholders also approved the re-adoption of the Company's stock option plan.

In addition, KPMG LLP was reappointed as the auditor of the Company.

About Orbit Garant

Headquartered in Val-d'Or, Québec, Orbit Garant is one of the largest Canadian-based mineral drilling companies, providing both underground and surface drilling services in Canada and internationally through its 188 drill rigs and approximately 1,000 employees. Orbit Garant provides services to major, intermediate and junior mining companies, through each stage of mining exploration, development and production. The Company also provides geotechnical drilling services to mining or mineral exploration companies, engineering and environmental consultant firms, and government agencies. For more information, please visit the Company's website at www.orbitgarant.com.

Forward-looking information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Orbit Garant Drilling Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Risks and uncertainties that could cause actual results, performance or achievements to differ materially include the world economic climate as it relates to the mining industry; the Canadian economic environment; the Company's ability to attract and retain customers and to manage its assets and operating costs; the political situation in certain jurisdictions in which the Company operates and the operating environment in the jurisdictions in which the Company operates, as well as the risks and uncertainties are discussed in the Company's regulatory filings available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by applicable securities laws.

SOURCE Orbit Garant Drilling Inc.