Montreal, QC, September 6, 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 building and operating of turnkey TDP facilities globally, announces that it has released its unaudited consolidated financial statements and notes thereto and its related management discussion and analysis for the interim period ended June 30, 2022 (the “Interim Financial Statements”). The documents are available on SEDAR at www.sedar.com
Highlights of the Q2 Interim Financial Statements are:
- As of June 30, 2022, total assets were $42,245,221, compared to $41,587,914 as of December 31, 2021.
- General and administrative expenses increased mostly due to increases in managerial costs, for the Hawkesbury project and costs related to its commissioning, higher foreign exchange loss, along with costs related to the Company’s marketing and expansion activities.
- During the three-month period ended June 30, 2022, the Company continued to invest in the Hawkesbury project. Management expects that working capital will materially improve with (i) the exercise of $1,000,000 of stock options (which as of today has concluded), (ii) the completion of the transaction with the joint venture partner in the Hawkesbury project, (iii) the soon anticipated start-up of operations at the Hawkesbury facility, and (iv) the conclusion of the Third Amending Agreement with Export Development Canada (which as of today has concluded).
For more details on these Q2 Interim Financial Statements of Ecolomondo, visit www.sedar.com or www.ecolomondo.com
During the quarter ended June 30, 2022, the Company continued to market its TDP turnkey facilities and to commission its new Hawkesbury TDP turnkey facility. The Company expects to begin operations in Q4 2022 and gradually ramp up to full production soon thereafter, however the ongoing strike by TSSA inspectors that began on July 21, 2022, could impact the start-up date if the strike prolongs for an extended period. The Company believes it will begin to ship products as production begins, because of its previously received purchase orders for most of the end-products produced at the Hawkesbury TDP facility.
During the quarter ended June 30, 2022, the Company continued to work on its global expansion and developed an efficient global sales team that is expected to promote its TDP technology and to secure offtake agreements not only for the Hawkesbury and Texas facilities, but also those offtake agreements needed for any new TDP facility built.
In line with its global expansion strategy, the Company recently announced its latest project, a six-reactor TDP facility to be located in Shamrock, Texas. Working in close consultation with the Shamrock Economic Development Corporation, Ecolomondo has finalized the land purchase agreement of a 136.76 acre parcel of land in Shamrock, Texas as the site for the proposed plant construction. Production capabilities for the Shamrock facility suggest estimated yields that are approximately three times the size of the Company’s Hawkesbury (Ontario) plant output. Projected cost to build the Texas facility is approximately US $90 million and the facility is expected to generate estimated revenues of approximately US $50 million. The Company is currently in advanced discussions to secure the required project financing, securing feedstock, offtake agreements and identifying a potential joint venture partner.
Supported by increasing global consumption, the Company expects that there will continue to be an abundant supply of scrap tire feedstock for the foreseeable future. The Company expects that the continued global expansion of tire manufacturing should generate an increasing and stable supply of scrap tire feedstock that should help drive Ecolomondo’s future growth.
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.
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
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.