Montreal, QC, May 1, 2022 — 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 global deployment of TDP turnkey facilities, announces that it has released its audited consolidated financial statements and notes thereto and its related management discussion and analysis as of and for the year ended December 31, 2022 (the “Annual Financial Statements”). The documents are available on SEDAR at www.sedar.com
Highlights of the Annual Financial Statements are:
• The Company raised capital on different occasions, all to the benefit of the Company’s working capital:
– Mr. Eliot Sorella, Chairman and CEO, through his holding company 3212521 Canada Inc., exercised approximately $1,000,000 worth of stock options, half on July 12 and the other half on August 17;
-The Company closed on January 16, 2023 a non-brokered private placement for aggregate gross proceeds of $1,000,051.60.
• Loss for the year ended December 31, 2022 increased to $1,129,748 during the year ended December 31, 2022, from $825,585 during the year ended December 31, 2021;
• Total assets increased by $2,370,161 between December 31, 2022 and December 31, 2021, mostly due to an increase in the Hawkesbury plant construction that was capitalized;
• Total liabilities increased by $2,406,762 between the two periods, mostly due to an increase in long term debt related to the Hawkesbury Project;
• The Company projects that it will require an additional $2,300,000 in cash to complete the year 2023. It expects $950,000 to come from positive cash flows from the operations of the Hawkesbury TDP facility. The Company continues to re-assess its working capital needs regularly and amounts that it may need for its working capital, operations and global expansion and, if needed, may decide to borrow or raise capital.
During the fiscal year 2022, the Company continued to work on process optimization, efficiency, safety, end-product processing and commissioning of its new TDP facility in Hawkesbury (Ontario, Canada), including preparing for its ramp-up to commercial operations. As of December 31, 2022, capital expenditures for the Hawkesbury facility totaled $42,451,275.
During the year 2022, the Company completed major steps regarding the Hawkesbury TDP turnkey facility, including:
• An initial purchase order from a multinational corporation for pyrolysis oil produced;
• Offtakes for over 80% of the Recovered Carbon Black (rCB) production;
• The Company 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.
During the year 2022, the Company also obtained the ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certification of its Integrated Management System (IMS), which acknowledges Ecolomondo’s commitment for quality, environmental impact and health and safety at work. ISO standards are regularly reviewed to ensure its requirements reflect best practices for organizations, as well as the needs of customers, in the evolving marketplace.
The Company is also working on the deployment of its new Shamrock, Texas, TDP turnkey facility, including evaluating several other sites to build additional TDP turnkey facilities in North America.
The Company has been actively working on its global expansion. It is currently in discussion with interested parties for joint ventures in France, Emirates, Saudi Arabia, Africa and USA.
For more details on these Annual Financial Statements of Ecolomondo, visit www.sedar.com or www.ecolomondo.com
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company that prides itself after its proprietary Thermal Decomposition technology TDP which is headquartered in Québec, Canada. It has a 25-year history and during this time has been focused on its development of its technology and the deployment of TDP turnkey facilities. TDP recovers high value re-usable commodities from scrap tire waste, notably rCB, oil, syngas, fiber and steel. Ecolomondo expects to be a leading player in the cleantech space and be an active contributor to the global circular economy. Ecolomondo trades on the TSX Venture Exchange under the symbol (TSXV:ECM). To learn more, visit www.ecolomondo.com
Our Mission, Vision & Strategy
Ecolomondo’s mission is to be a contributing participant in a dynamic Circular Economy and to increase shareholder value by producing and supplying large quantities of recovered resources to be re-used in the manufacture of new products.
Ecolomondo’s vision is to be a leading producer and reseller of recovered resources by building and operating TDP facilities, strategically located in industrialized countries, close to feedstock, labor and offtake clients.
Our strategy is to become a major global builder and operator of TDP turnkey facilities, for now specializing in the processing of ELTs. Our intent is to expand aggressively in North America and Europe. Our experience and modular technology should help us get there faster and better. We plan to keep performing ongoing research and development to ensure that Ecolomondo remains technologically advanced.
On the social aspect the Company plans to measure global health and safety, injury rate and gender diversity, and finally in the corporate governance aspect, the Company is measuring ethics and anticorruption, ESG reporting and board independence.
The TDP process is technically proven and more advanced than most other pyrolysis technologies. Over the years, our Technological teams were able to overcome all uncertainties that plagued most competitors especially in these 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, system automation, emissions control and monitoring, rCB and pyrolysis oil post processing, efficient syngas reuse.
TDP is Environmentally Friendly – CO2 Reduction
By producing rCB, TDP reduces GHG emissions by 90% versus the production of virgin carbon black. The production of rCB at the Hawkesbury and Shamrock facilities are expected to reduce CO2 emissions by 22,400 and 67,200 tons per year, respectively.
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Ecolomondo Corporation Contact
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
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 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 as a result 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.