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Montreal, June 25, 2021 Ecolomondo Corporation (TSX-V: ECM) (the “Company” or “Ecolomondo”) wishes to inform its shareholders that, during the Company’s annual general meeting of shareholders (the “AGM”) that was virtually held on June 21, 2021, the shareholders of the Company (the “Shareholders”) unanimously adopted all resolutions presented to them outlined in the information circular that was sent to them and filed on SEDAR dated May 20th, 2021 (the “Information Circular”).
The Shareholders approved all resolutions put before them, namely: (i) setting the number of the board of directors to seven and the election of the directors of the Company for the ensuing year (for further information on the elected directors, please refer to the Information Circular), (ii) the re-appointment of Raymond Chabot Grant Thornton LLP as auditors for the ensuing year; and (iii) the Company’s “rolling” stock option plan.
The AGM was duly constituted and a total of 150,776,900 common shares were represented at the AGM, representing 85.04% of the issued and outstanding common shares of the Company.
During the AGM, the CEO of the Company, Mr. Elio Sorella, explained that construction of the Hawkesbury plant is nearing completion. He mentioned: “commissioning of the Hawkesbury Thermal Decomposition facility is expected to be completed in the third quarter of 2021 and could start generating revenues as soon as September 2021.
He continued to explain “This plant, which is a first of its kind, will demonstrate the full potential of Ecolomondo’s TDP technology. It will be a key component to Ecolomondo’s marketing strategy and the TDP global rollout.”
He pointed out that “while COVID brought some delays to the completion date of the Hawkesbury facility, we are turning our focus from construction to execution. We are now hiring personnel and finalizing arrangements for feedstock supply and offtake agreements; completing these critical milestones will set the stage for continuous commercial operations”.
Ecolomondo Hawkesbury TDP Facility
The Hawkesbury TDP facility will be comprised of four different processing departments (shredding, thermal processing, recovered carbon black processing, oil fractionation) and, once fully operational, this facility is expected to process a minimum of 14,000 tons of tire waste per year and produce 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.
Management explained that, once commissioned, and after a full year of commercial operation, the Hawkesbury facility is expected to generate annual revenues of over $11.2 million with projected EBITDA of approximately $5.3 million.
Please visit the Company’s website at www.ecolomondo.com for updates on the Company’s Hawkesbury facility.
The Company continued to mobilize for its global expansion. The Company is currently in talks to finalize agreements for several TDP turnkey facilities in Canada and the continental USA. Management believes that the commercial operation of the Hawkesbury facility should solidify Ecolomondo’s position as an industry leader in thermal processing of hydrocarbon waste.
Impact of the COVID-19 Pandemic
The world economy is still heavily impacted by the crisis created by the COVID-19 (coronavirus) pandemic. The COVID-19 pandemic has resulted in lockdowns in many parts of Canada and most countries around the world.
The Company has taken and continues to take all necessary precautions needed to mitigate the negative impact brought about by the coronavirus pandemic. The Company advises that the pandemic has been responsible for delays and increases to project overall costs. It advises that it could be further negatively impacted if the current situation persists. As a result, it is impossible to determine with accuracy further disruptions and the consequences that they may bring to the project schedule and overall cost.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that is commercializing its waste-to-products technology. The Thermal Decomposition Process (“TDP”) converts hydrocarbon waste into marketable commodity end-products, namely carbon black substitute, oil, gas and steel. Technologies such as Ecolomondo’s are expected to play an important role in resource recovery needed in today’s circular economy.
The Company’s main revenues will come from the sale of TDP turnkey facilities and royalties from their operations. TDP facilities will generate revenues from the sale of end-products, tipping fees and carbon credits. Ecolomondo’s first focus is to market TDP turnkey facilities that use scrap tires as a feedstock, because scrap tires yield end-products with a higher commercial value, especially the recycled carbon black.
Management believes that technological breakthroughs in areas of emissions, process optimization, automation, end-product processing and safety, position Ecolomondo to become an industry leader in the resource recovery of hydrocarbon waste.
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:
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
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