Principal of Ontario's CleanTech steps down, exits stake to avoid conflict

By VCPOST Staff Reporter

Feb 01, 2014 12:58 PM EST

Andrew Horsman, the head of the tire recycling programs of Ontario, has stepped down from his position as principal in a green technology firm. In addition, he is selling his interest in the said company after his investment in the company was revealed, according to The Star.

Andrew Horsman is the executive director of the Ontario Tire Stewardship. On Monday, he announced that he has resigned from CleanTech Capital Inc over issues of a conflict of interest. His investment in the green tech firm was published by The Star, the report detailed.

According to Horsman, he is offloading his $15,000 stake in CleanTech with no profit, the report stated.

Another CleanTech stakeholer, environmental commissioner Gord Miller, is being asked by the Liberal government to explain to the legislative committee his $10,000 investment in the same firm. CleanTech is a new venture capital firm that aims to back initiatives involving water treatment and recycling, The Star reported.

CleanTech president James Sbrolla said he is thrilled with the reaction of the market to this news: "If anything the news story has brought more attention to the company and . . . it's bringing attention to the green economy."

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