Ecolomondo Concludes 2022 With Impressive Developments
MONTREAL--(BUSINESS WIRE)--Jan 3, 2023--
Ecolomondo Corporation (TSXV: ECM) (OTC: ECLMF) (the “ Company ” or “ Ecolomondo ”), a cleantech company specializing in the commercialization of its Thermal Decomposition Process (“ TDP ”) proprietary recycling technology and the building and operating of turnkey TDP facilities globally, concludes the year with impressive developments. The year 2022 witnessed numerous key developments for the Company, for its new Hawkesbury TDP facility as well as its next TDP facility to be built in Shamrock, Texas.
Management and the staff of Ecolomondo take this opportunity to wish each and everyone along with their respective families the very best for 2023, filled with good health, happiness and good fortune.
Highlights of the year 2022:
The Company completed the construction and is currently in the final stages of commissioning of a 2-reactor TDP turnkey facility costing approximately C$42 million in Hawkesbury, Ontario, that is expected to process 14,000 tons of scrap tires per year to produce 5,300 tons of recovered carbon black (“ rCB ”), 42,700 barrels of oil, 1,800 tons of steel, 1,600 tons of process gas and 850 tons of fiber. Revenue streams of the Hawkesbury facility will come from the sale of the recovered end-products, more precisely, carbon black oil, steel and fiber, while syngas will be consumed in the process.
January 5: All major building installations were completed and underwent a successful final inspection by authorities.
January 10: In line with its expansion strategy, the Company announced its next turnkey TDP project, an unprecedented six-reactor facility to be located in Shamrock, Texas that is expected to be roughly three times the size of the Company’s Hawkesbury plant.
February 1: The Company announced final commissioning of the Hawkesbury TDP facility’s shredding line. The mechanical assembly of the Tire Shredding Line was completed, and the control and electrical systems were fully ESAFE certified, setting the stage for beginning of shredding end-of-life (“ ELT ”) tires.
March 3: Ecolomondo retained Red Cloud Securities Inc. to provide market making services to the Company.
March 14: Ecolomondo announced an initial purchase order from a multinational corporation for pyrolysis oil produced from recovered end-of-life tires.
March 16: The company announced that it has secured an offtake agreement for up to 80% of its Recovered Carbon Black (rCB) production from the Company’s Hawkesbury TDP facility.
April 12: The Company announced that Eliot Sorella, Chairman and CEO, would be hosting an investor webinar on April 19th. The Company provided a focused discussion on progress of the Hawkesbury TDP facility, the Shamrock project and recent offtake agreements.
May 30: The Company announced that it made considerable headway on its Shamrock, Texas project in regards to financing, feedstock supply, offtake agreements, EPC contractor and finding a joint venture partner.
June 17: The Company reported that it held its Annual General Meeting (“ AGM ”) on June 14 where a total of 146,932,872 common shares were cast, representing 80.02% of the issued and outstanding common shares of the Company.
July 12: Mr. Eliot Sorella, Chairman and CEO, has exercised $500,000 worth of stock options (the “Options”), in the form of 500,000 Options exercised at a price of $0.30 per share and 1,000,000 Options exercised at a price of $0.35 per share. Mr. Sorella exercised the Options for estate purposes, all to the benefit of the Company’s working capital.
August 17: Mr. Eliot Sorella, Chairman and CEO, has exercised approximately $500,000 worth of stock options (the “Options”), in the form of 1,428,571 Options exercised at a price of $0.35 per share, all to the benefit of the Company’s working capital.
August 29: Ecolomondo announced that it has concluded on August 25 a Third Amending Agreement to its original loan agreement with Export Development Canada (“ EDC ”), the financial institution that loaned the Company C$32.1 million to finance the construction of the Hawkesbury facility. The Amending Agreement allowed the deferral of interest and capital payments that were to become due August 31 and November 30, 2022. The Amending Agreement also allowed for the deferral of interest and capital payments that were to become due on February 28, 2023, and a further capital payment to become due May 31, 2023.
September 6: The Company updated on its latest project, a six-reactor TDP facility to be built in Shamrock, Texas, announcing that it finalized the land purchase agreement of a 136.76 acre parcel of land in Shamrock, Texas as the site for the proposed plant.
September 14: The Company announced that Eliot Sorella, Chairman and CEO, would be hosting an interactive investor webinar on September 28. He provided an update on the progress of the Hawkesbury TDP facility, the Shamrock project and several other corporate activities.
October 3: The Company reported that the installation and commissioning of shredding, thermal and recovered carbon black production lines at the Hawkesbury TDP facility were completed, with production to begin in the fourth quarter.
November 7: The Company announced that Mr. Hari K. Mynampati was appointed as the general manager for its new Hawkesbury TDP facility. Mr. Mynampati brings with him extensive experience in the carbon black industry and will supervise the start-up and beginning of operations of the facility, soon to begin along with the current plant manager, Mr. André Lamarre.
November 24: The Company announced that it received final certification on November 16 from TSSA (Technical Standards and Safety Authority) needed to operate the thermal department of its Hawkesbury TDP facility.
November 24: The Company also engaged GlobalOne Media to provide social media management and content marketing services.
November 28: The Company announced in the Management’s Discussion and Analysis (“ MD&A ”) for the period ended September 30, 2022, that by the end of the year, it expected to complete the pressure tests to troubleshoot for leaks on the reactors setting the stage to begin its first Thermal Decomposition batch containing rubber.
December 7: The Company announced that it will be proceeding with a private placement consisting of the sale of up to 7,000,000 units at $0.45 each (the “Units”) for gross proceeds of $3,150,000. Each Unit will consist of one common share (the “Common Shares”) and one common share purchase warrant (the “Warrants”). Each Warrant will entitle the holder thereof to acquire an additional Common Share of the Company for $0.55 for a period of six months from the date of closing of the private placement.
“As you can see, 2022 was a year of hard work, commitment and great achievements at Ecolomondo. We finish the year on the threshold of the Hawkesbury plant beginning commercial operations, while the Texas project is gradually becoming a reality,” says Eliot Sorella, Ecolomondo’s President & CEO.
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company headquartered in Quebec, Canada, with an over 25-year history focused on waste-to-resources technology development and deployment. Ecolomondo has developed the Thermal Decomposition Process (“TDP”), which recovers high-value circular commodities from end-of-life tires, including recovered carbon black (“rCB”), oil, steel and rubber. TDP lowers carbon emissions up to 90%, compared to the production of virgin carbon black. Ecolomondo has adopted a triple bottom line approach to business focused on people, planet and profit. Ecolomondo trades on the TSX Venture Exchange under the symbol (TSXV: ECM) (OTC:ECLMF). To learn more, visit www.ecolomondo.com.
The TDP system is technically proven and is superior to other pyrolysis technologies. Over the years, our Technological teams were able to overcome all uncertainties that plagued most competitors especially in there areas: pre-filtration, reactor cooling, reactor rotation, reactor evacuation, water recycling, cleaning of rCB, (hydrocarbon removal), mass monitoring, heat curve development, humidity and water removal, safety testing, full system automation, emissions control and monitoring, rCB and pyrolysis oil post processing, efficient syngas reuse.
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 because 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 assurance 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 because of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230103005174/en/
CONTACT: Ecolomondo Corporation
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: GREEN TECHNOLOGY ALTERNATIVE ENERGY ENERGY ENVIRONMENT RECYCLING
SOURCE: Ecolomondo Corporation
Copyright Business Wire 2023.
PUB: 01/03/2023 08:00 AM/DISC: 01/03/2023 08:01 AM