Montreal – TheNewswire – November 22, 2021 Ecolomondo Corporation (TSXV:ECM) (the “Company” or “Ecolomondo”), a cleantech company specializing in the development of proprietary Thermal Decomposition Process (“TDP”) recycling technology and the commercialization of turnkey TDP facilities used to transform tires, plastics and other hydrocarbon waste into salable renewable commodities, today releases the Company’s unaudited interim consolidated financial statements and related management discussion & analysis (“MD&A”) for the interim period ended September 30, 2021 (the “Interim Financial Statements”).
Financial and Business Updates:
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– During the month of September 2021, Ecolomondo raised gross proceeds of $4.0 million with a non-brokered private placement, consisting of 6,153,845 units at a price of $0.65 per Unit. The Company plans to allocate the proceeds to general working capital purposes and to the acceleration of the Company’s North American expansion.
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– As of September 30, 2021, capital expenditures totaled $35,763,953, predominantly for the Hawkesbury TDP facility, while the term loan from the Export Development Canada (“EDC”) term loan was fully disbursed at $32,125,000.
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– During the quarter ended September 30, 2021, the Company continued to market its TDP turnkey facilities. With the Hawkesbury TDP facility approaching completion, the Company is currently in talks for the sale of several TDP turnkey facilities in North America.
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– Hawkesbury project costs and cash flows remain within the guidelines of loan covenants with Export Development Canada (EDC). As of September 30, 2021, total estimated budget for the Hawkesbury TDP turnkey facility stands at approximately $38.375 million, of which approximately $32.125 million comes from the loan facility from EDC and the balance of approximately $6.25 million from the Company has already been contributed as agreed.
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– The Company expects the Hawkesbury TDP commercial operations that include end-of-life tire crumb rubber and carbon black processing to commence this fiscal Quarter. Once built, the plant will be equipped with the latest technology and is designed to ensure efficient handling and processing of large quantities of feedstock (scrap tires) and end-products: oil, steel, fiber, recycled carbon black and process gas. All major mechanical assembly and installation have been completed. Commissioning of the plant’s power grid is nearing completion, with testing of carbon black and crumb rubber processing equipment, along with thermal decomposition and oil fractionation equipment, to soon follow.
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– The Company announced on October 25, 2021 that it received Environmental Compliance Approvals (“ECAs”) from the Ontario Ministry of Environment, Conservation and Parks (“MECP”) to operate its Hawkesbury facility.
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– The Company announced on October 12, 2021 that it has entered into a long-term supply agreement with Recyc-Quebec to deliver over 31,000 short tons of end-of-life-tire (ELT) feedstock until December 2023, with estimated total revenue from tipping fees and related handling charges to be approximately $3.4 million.
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– The Company continued its efforts to secure markets for its recovered carbon black, also known as “Mondo Black”, an its other end-products, both domestically and internationally.
The Hawkesbury TDP facility will redefine scrap tire processing, creating renewable products at a much cleaner and safer environment, all at a cheaper cost. Comprised of four different processing departments (shredding, thermal processing, recovered carbon black processing and oil fractionation), the facility is expected to process a minimum of 14,000 tons of tire waste per year when fully operational, producing 5,300 tons of recovered carbon black, 42,700 barrels of oil, 1,800 tons of steel, 1,600 tons of process gas and 850 tons of fiber when operating at full capacity.
Management cites the successful commercial operation of the Hawkesbury TDP facility as a pivotal milestone toward achieving the Company’s global growth strategy.
Related discussion and analysis have been filed and are available for review on the SEDAR website at www.sedar.com. Please visit the Company’s website at http://www.ecolomondo.com/ for updates on the Company’s Hawkesbury facility and other business developments.
Ecolomondo has spent over 25 years to develop its proprietary Thermal Decomposition Process (“TDP”) technology. TDP is a waste-to-resources technology that is expected to play a critical role in the development and proliferation of the circular economy. TDP is a closed loop, slow pyrolysis technology that operates in an oxygen-free environment using positive pressure and a batch rotary reactor. The process is largely energy self-sufficient. Ecolomondo’s exclusive automation system allows for strict control of cycle times, processing parameters and batch production, consistent batch production, resulting in commercial-grade recycled commodity end-products that are both consistent and superior in quality.
Ecolomondo is a Canadian cleantech company specializing in the commercialization of its waste-to-products operations and proprietary Thermal Decomposition Process (“TDP”) technology. With 25+ years of industry experience and a track record of establishing strong circular economy partnerships, the Company is strategically positioned to become a major global vendor of turnkey TDP facilities that convert hydrocarbon waste into marketable commodity end-products including carbon black substitute, oil, gas and steel.
Revenue growth will come from the sale of fully-automated and energy self-sufficient TDP facilities and royalties from the sale of end-products, tipping fees and carbon credits. Ecolomondo’s initial focus is to aggressively market TDP facility expansion throughout North America, as management has been speaking with numerous public and private sector industry groups looking for breakthrough solutions extending across the entire product management and processing lifecycle.
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward- looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Ecolomondo believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Ecolomondo disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
For further information please contact:
Elio Sorella,
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
www.ecolomondo.com
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