Montreal, June 17, 2022 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 14, 2022, 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 13th, 2022 (the “Information Circular”).
The Shareholders approved all resolutions put before them, namely: (i) setting the number of the board of directors to eight 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 146,932,872 common shares were represented at the AGM, representing 80.02% 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 has been completed and that commissioning of the Hawkesbury Thermal Decomposition facility is advancing daily with initial production soon to begin with ramp-up of production to begin early in August 2022.
Eliot Sorella, President & CEO, pointed out that “while COVID brought some delays to the commissioning timeline of our Hawkesbury project, and even though we are still feeling some of the tailwinds of COVID, such as unprecedented inflation, tight supplies and long delivery delays, the Hawkesbury facility is still on track to soon be commissioned followed by the beginning of 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 believes that the commercial operation of the Hawkesbury facility should solidify Ecolomondo’s position as an industry leader in thermal processing of hydrocarbon waste.
Please visit the Company’s website at www.ecolomondo.com for updates on the Company’s Hawkesbury facility.
Mr. Sorella also indicated shareholders that “continuing interest rate increases will lead to higher costs for the equity financing of the recently announced Shamrock, Texas project. The Company is following the situation closely and will advise investors accordingly as it is approaching the completion of the financing of the Texas project.”
TDP is Environmentally Friendly – CO2 Reduction
By producing rCB, TDP reduces GHG emissions by 90% versus the production if virgin carbon black. The production of rCB at the Hawkesbury and Shamrock facilities will reduce CO2 emissions by 22,400 and 67,200 tons per year, respectively.
About TDP
The TDP system is technically proven and is superior to other pyrolysis technologies. Over the years, our Technical 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, full system automation, emissions control and monitoring, rCB and pyrolysis oil post processing, efficient syngas reuse.
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company headquartered in Québec, Canada with an over 25-year history focused on waste-to-resource technology development and deployment. Ecolomondo has developed the proprietary TDP which recovers high value circular commodities from end-of-life tires including rCB, oil and steel. TDP lowers carbon emissions by up to 90% versus virgin carbon black production. 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). To learn more, visit www.ecolomondo.com
Ecolomondo Corporation Contact
Eliot Sorella
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
esorella@ecolomondocorp.com
www.ecolomondo.com
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.
