Business
Urban Infrastructure Group Inc. Provides Corporate Update
Highlights: Gary Alves to be Appointed Chief Executive Officer of Urban Infrastructure Grou...
About this update from Urban Infrastructure Group Inc.
[{"type":"text","content":"Urban Infrastructure Group Inc. Provides Corporate UpdateHighlights:Gary Alves to be Appointed Chief Executive Officer of Urban Infrastructure GroupReduction in size of Board of DirectorsNomination of Norman Levine to the Board of DirectorsAnnual and Special Meeting of Shareholders to be held May 27, 2025Adoption of Advance Notice PolicyRepricing of OptionsBrampton, Ontario--(Newsfile Corp. - April 24, 2025) - Urban Infrastructure Group Inc., (TSXV: UIG) a leading stage-one concrete and drainage infrastructure construction group, specializing in large scale new residential housing developments, (\"UIG\" or the \"Corporation\") would like to provide the following updates:Transition of Chief Executive Officer Mr. Ungad Chadda has notified the Corporation of his decision to resign from his position as Chief Executive Officer and to not stand for re-election as director of UIG, effective May 27, 2025. Mr. Chadda played a crucial role in facilitating the Corporation's acquisition of all the issued and outstanding securities of Urban Utilities Contractors Inc. (\"UUCI\"). He has guided the Corporation and UUCI through a pivotal period of their growth, including capital raising and successful debut on the TSX Venture Exchange. Mr. Gary Alves, the current Chief Operating Officer and founder of UUCI, will be appointed as Chief Executive Officer. Mr. Chadda will continue to support UIG in an advisory role.\"Leading the Corporation and UUIC through their respective development in recent years, and witnessing UUIC's transformation into a publicly listed company, has been a privilege,\" Mr. Chadda stated. \"As the founder of UUCI, Mr. Alves embodies the entrepreneurial spirit and operational expertise that the Corporation requires in today's environment. His leadership will be invaluable as the Corporation undertakes its next stage of development and growth.\"Mr. Alves stated, \"The Corporation extends its gratitude to Mr. Chadda for his dedication and significant contributions to both the Corporation and UUCI. His prior experience at the TSX and extensive knowledge of public markets were instrumental during the going public process, proving to be invaluable assets.\"Reduction in Board SizeTo enhance operational efficiency and streamline corporate governance costs, UIG has decided to reduce its board of directors from seven (7) to five (5) m...