Bri-Chem Enters into Formal Supply Agreement with Reliant Technologies Inc.
Rhea-AI Summary
Bri-Chem (OTC:BRYFF) entered a formal supply agreement with Reliant Technologies effective February 17, 2026. Reliant, substantially owned by CEO Barry Hugghins, will supply advanced technologies and specialty chemical formulations to expand Bri-Chem's product portfolio.
The Board approved the related-party transaction with Mr. Hugghins abstaining. The agreement is exempt from MI 61-101 valuation and minority approval requirements under sections 5.5(d) and 5.7(c).
Positive
- Access to advanced technologies from Reliant to expand offerings
- Product portfolio enhancement via specialty chemical formulations
- Board reviewed and approved the agreement with CEO abstaining from vote
- Agreement effective February 17, 2026, establishing supply terms
Negative
- Related-party transaction involving CEO-owned Reliant may raise governance scrutiny
- Exemptions under MI 61-101 mean no formal valuation or minority approval were required
AI-generated analysis. How Rhea-AI works. Not financial advice.
Edmonton, Alberta--(Newsfile Corp. - February 18, 2026) - Bri-Chem Corp. (TSX: BRY) ("Bri-Chem" or "Company"), a leading North American oilfield chemical distribution and blending company, is pleased to announce that it has entered into and have ratified a formal supply agreement with Reliant Technologies Inc. ("Reliant") effective February 17, 2026 ("Agreement").
Reliant Technologies Inc. is substantially owned by Mr. Barry Hugghins, Chief Executive Officer, President and Executive Chairman of the Board of Bri-Chem. The Agreement is considered a related-party transaction and has been entered into on ordinary business terms consistent with market standards.
Under the Agreement, Reliant will supply Bri-Chem with advanced technologies and specialty chemical formulations that will enhance Bri-Chem's product portfolio. The Company expects the Agreement to provide access to superior and differentiated technologies, strengthening Bri-Chem's ability to serve customers both domestically and internationally.
The Board of Directors reviewed and approved the Agreement, with Mr. Hugghins abstaining from deliberations and voting related to the Agreement. The Company believes the Agreement is in the best interests of Bri-Chem and its shareholders, supporting its strategic objective of expanding high-value offerings and improving competitive positioning across its operating markets.
The Agreement with Mr. Barry Hugghins is considered a "related party transaction" pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101"), which is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(d) and 5.7(c) respectively.
About Bri-Chem
Bri-Chem has established itself, through a combination of strategic acquisitions and organic growth, as the North American industry leader for wholesale distribution and blending of oilfield drilling, completion, stimulation and production chemical fluids. We sell, blend, package and distribute a full range of drilling fluid products from 19 strategically located warehouses throughout Canada and the United States. Additional information about Bri-Chem is available at www.sedarplus.ca or at Bri-Chem's website at www.brichem.com.
To receive Bri-Chem news updates send your email to ir@brichem.com.
For further information, please contact:
Tony Pagnucco CPA, CA
Bri-Chem Corp.
CFO
T: (780) 571-8587
E: tpagnucco@brichem.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284329