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News Release - June 20, 2019Pinnacle Renewable Energy Inc. Announces Transition of Chief Operating Officer, Leroy Reitsma to Lead U.S. Development Projects

Scott Bax, Current Senior Vice President, Operations to assume role of Chief Operating Officer

VANCOUVER, June 20, 2019 /CNW/ - Pinnacle Renewable Energy ("Pinnacle" or the "Company") (TSX: PL) announced today that effective July 2, 2019, the Company's President and Chief Operating Officer, Leroy Reitsma, will be transitioning from his current role to focus solely on Pinnacle's U.S. development projects, while continuing to actively support the Pinnacle team during the transition. Mr. Reitsma has advised the company that he remains a committed shareholder and will continue his role as an effective and important member of Pinnacle's board of directors.   

Mr. Reitsma joined Pinnacle in 2007 and was appointed President and Chief Operating Officer in 2011. Mr. Reitsma will transition from the role of Chief Operating Officer to allow for more time with family.

In recognition of his accomplishments and increasing responsibilities in the organization, effective July 2, 2019, Scott Bax, current Senior Vice President, Operations, will succeed Mr. Reitsma in the role of Chief Operating Officer, reporting to Chief Executive Officer Rob McCurdy.

Mr. Bax joined Pinnacle in 2013 and has been instrumental in the safe and cost-effective production of quality wood pellets from Pinnacle's facilities. Prior to joining Pinnacle, Mr. Bax acquired more than 20 years of forestry experience in various logging and wood manufacturing operations throughout Canada and the United States. Mr. Bax holds an MBA as well as a Master of Forestry from the University of Alberta and a Bachelor of Science (Environment) from the University of Guelph. Recognized as a leader in pellet safety and operations, Mr. Bax was included by Argus Media in the Top 36 Most Influential Leaders in the Biomass Industry in 2016.

"Throughout his Pinnacle career, Leroy has had a significant impact on the development and growth of the business, employing endless drive and passion to his role as Chief Operating Officer," said Rob McCurdy, Chief Executive Officer of Pinnacle. "We are extremely appreciative of Leroy's deep expertise and the many positive contributions he has made to the Company, and are pleased he will remain with Pinnacle to further contribute to our U.S. growth strategy and provide the Company with his valuable Board perspectives."

About Pinnacle

Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets. This fuel is used by large-scale thermal power generators as a greener alternative to produce reliable baseload renewable power. Pinnacle is a trusted supplier to its customers, who require reliable, high-quality fuel supply to maximize utilization of their facilities. Pinnacle takes pride in its industry leading safety practices. The Company operates eight industrial wood pellet production facilities in western Canada and one in Alabama, and owns a port terminal in Prince Rupert, B.C.  Pinnacle has entered into long-term take-or-pay contracts with utilities in the U.K., Europe and Asia that represent 105% of its production capacity through 2021 and nearly 106% of its production capacity through 2026.

SOURCE Pinnacle Renewable Energy Inc.

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Pinnacle currently operates eight wood pellet production facilities throughout western Canada, and one production facility in Alabama. Pinnacle’s Canadian production facilities are all located on major rail lines allowing for efficient rail transport to one of two ocean shipping terminals on the B.C. coast: Pinnacle’s wholly-owned Westview terminal in Prince Rupert, and the Fibreco Terminal at the Port of Vancouver. The Alabama production facility utilizes inland waterways to cost-effectively transport pellets for ocean shipping via the Port of Mobile on the U.S. Gulf Coast.

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