CALGARY, Alberta, July 16, 2026 (GLOBE NEWSWIRE) -- Questor Technology Inc. ("Questor" or the "Company") (TSX-V: QST) today announced that, in light of its ongoing leadership transition and the legal proceedings initiated by former President and CEO Audrey Mascarenhas against the Company, its independent directors and CFO (the "Legal Proceedings"), the Board of Directors of the Company (the "Board") formed a special committee of independent directors of the Board (the "Special Committee") on June 11, 2026. On July 13, 2026, the Board approved an expanded mandate for the Special Committee, authorizing it to oversee the search for a new permanent Chief Executive Officer, explore potential strategic alternatives, and make recommendations to the Board on such matters.
The Special Committee is comprised of Bastien Commet, Paul Huizinga, Saj Shapiro and Jason Smith, each of whom is an independent director of the Company. The Special Committee operates with full authority to retain financial, legal, and other professional advisors as it considers appropriate.
On June 11, 2026, Questor disclosed one of the Legal Proceedings, in respect of Ms. Mascarenhas's statement of claim filed at the Court of King's Bench of Alberta alleging claims of oppression, wrongful termination and related claims and relief totaling over $26 million against the Company, its independent directors and CFO. The other of the Legal Proceedings involves a second statement of claim filed at the Court of King's Bench of Alberta alleging wrongful termination against the Company and seeking an amount equal to 26 months of her total compensation plus additional damages. The independent directors and management dispute the allegations and intend to defend the interests of the Company and its shareholders.
"Questor is moving forward with purpose," said Paul Huizinga, Chair of the Special Committee. "Our focus is on securing the right permanent leadership for Questor and ensuring shareholders have full visibility into that process. The Board and Special Committee are firmly in control of this transition, and will not be distracted from driving value creation for all shareholders."
No decisions relating to the new CEO search or any potential strategic alternative have been made as at the date of this news release. The Company has not received any proposal with respect to a going-private transaction or any other strategic transaction. There are no assurances that any strategic alternative will be identified or pursued from the Special Committee's strategy refresh process. The Company will continue to provide updates on the CEO search and strategy refresh process in accordance with applicable securities laws and as developments warrant.