Profire Energy Announces Executive Management Changes

Ryan W. Oviatt and Cameron M. Tidball Promoted to Co-CEO and Co-President

LINDON, Utah, July 07, 2020 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (Nasdaq: PFIE), a technology company which creates, installs and services burner solutions in the oil and gas industry, announced today that Brenton W. Hatch is transitioning from his role as Chief Executive Officer to Executive Chairman.  Ryan W. Oviatt, Chief Financial Officer, and Cameron M. Tidball, Chief Business Development Officer, have been promoted as Co-Chief Executive Officers and Co-Presidents of the Company. All changes became effective on July 2, 2020.

Mr. Hatch will serve as Executive Chairman for a period of 12 months through June 30, 2021, and in that capacity will inform the Board of Directors on the company’s operations, mentor other executives, and serve as an advisor on the day-to-day and strategic operations of the company. Effective July 1, 2021, Mr. Hatch will transition from Executive Chairman to Special Advisor for the executive officers of the Company for a period of 12 months through June 30, 2022. Mr. Hatch will continue to serve as Chairman of the Board.

“On behalf of myself and the Board of Directors we are pleased to select both Ryan and Cameron as Co-CEOs of Profire moving forward.  Both Ryan and Cameron have served along side me for many years and have been groomed for this exact opportunity,” said Mr. Hatch.  “I am confident that together they will continue to position Profire for growth in support of our customers, and our employees, while continuing to drive shareholder value for decades to come.  Having served over 18 years as CEO after co-founding Profire in 2002, I feel this is the right time for a leadership transition.  I remain confident and vested in the long-term success of Profire by continuing as Chairman of the Board and remaining the largest individual shareholder.  I am also excited to continue my involvement as Executive Chairman.  Playing a smaller role on the management team will finally allow me to spend more time with my 21 grandchildren and now my very first great grandchild.  It has been my honor and privilege to serve this great company, our employees and our shareholders.”