Montreal, QC, November 28, 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 September 30, 2022 (the “Interim Financial Statements”). The documents are available on SEDAR at www.sedar.com
Highlights of the Q3 Interim Financial Statements are:
- As of September 30, 2022, total assets were $43,072,364, compared to $41,587,914 as of December 31, 2021, an increase of $1,484,450 during the period.
- As of September 30, 2022, the Company invested $40,798,531, an increase of $5,861,332 compared to December 31, 2021 in its Hawkesbury TDP turnkey facility.
- The Company signed a Third Amending Agreement with the financing organization, Export Development Canada (“EDC”), on August 25, 2022.
- General and administrative expenses and Operating, research and development expenses increased marginally compared to the third quarter of 2021, mostly due to increases in managerial costs for the Hawkesbury project and costs related to its commissioning, along with costs related to the Company’s marketing and expansion activities.
- Despite a working capital deficit, management expects that it will materially improve with (i) the recent exercise of $1,000,000 of stock options by Mr. Eliot Sorella, President & CEO of the Company, (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, (iv) the execution of the Third Amending Agreement with Export Development Canada, and (v) the anticipated capital raise. The Company is currently assessing its working capital needs to determine the final amount that it will plan to raise.
For more details on these Q3 Interim Financial Statements of Ecolomondo, visit www.sedar.com or www.ecolomondo.com
Management expects to soon begin to generate positive revenues because of the imminent start of commercial operation at the Hawkesbury TDP facility.
As detailed in the Management’s Discussion and Analysis of the Interim Financial statements (“MDA”), the Hawkesbury facility was still the focus of the Company during the third quarter of 2022.
Subsequent Events to the Quarter
- On November 16, 2022, the Company received final certification from TSSA (Technical Standards and Safety Authority). As soon as the thermal reactors are safety and leak tested one last time, the Company expects to start processing rubber waste with a gradual ramp-up of production to follow.
- Mr. Hari K. Mynampati was appointed as the new facility manager. Mr. Mynampati brings with him extensive experience in the carbon black industry, including 1½ years at Ecolomondo as Global Sales Director, End-Products. Mr. Mynampati will supervise the start-up and the beginning of operations of the Hawkesbury plant.
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, which is expected to be 3 times the size and capacity of the Hawkesbury facility. The Company also announced on October 3, 2022, that the total budgeted cost of the Shamrock project is approximately US$93 million, and that the Company has engaged the services of a leading U.S. Investment Bank to advise on the financing, which is projected to be approximately US$73 million. It is anticipated that the financing to close in the second quarter of 2023, with ground breaking to begin soon thereafter.
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.