Montreal, QC, August 17, 2022 — Ecolomondo Corporation (TSXV:ECM) (OTC:ECLMF) (the “Company” or “Ecolomondo”), a cleantech company specializing in the development of proprietary recycling technology, Thermal Decomposition Process (“TDP”) and the commercialization of turnkey TDP facilities, today announces that its
Chief Executive Officer, Chairman and controlling shareholder, Mr. Eliot Sorella, has exercised approximately $500,000 worth of stock options (the “Options”), in the form of 1,428,571 Options exercised at a price of $0.35 per share.
As announced in its press release dated July 12, 2022, Mr. Sorella has now exercised a total of $1,000,000 worth of Options for estate purposes, all to the benefit of the Company’s working capital.
Prior to the completion of this second exercise, Mr. Sorella had ownership or control of 139,800,474 common shares in the capital of the Company, representing approximately 75.52% of the issued and outstanding share capital of the Company. Following completion of the exercise Mr. Sorella has ownership or control of 141,229,045 common shares in the capital of the Company, representing approximately 75.70% of the issued and outstanding share capital of the Company.
About TDP Technology
Thermal Decomposition Process technology is a proprietary waste-to-resources technology that the Company expects will play a critical role in the development and proliferation of the circular economy. TDP is a closed loop, slow pyrolysis technology that operates in an oxygen-free environment using positive pressure and a batch rotary reactor. The process is largely energy self-sufficient. Ecolomondo’s exclusive automation system allows for strict control of cycle times, processing parameters and consistent batch production, resulting in quality, commercial-grade recycled commodities and end-products.
About Ecolomondo Corporation
Ecolomondo is a Canadian cleantech company specializing in the commercialization of its waste-to-products operations and proprietary TDP technology. With 25+ years of industry experience and a track record of establishing strong circular economy partnerships, the Company is strategically positioned to become a major global vendor of turnkey TDP
facilities that convert hydrocarbon waste into saleable end-products including recycled carbon black, oil, gas and steel.
Revenue growth will come from the building and operations of fully-automated and energy-efficient TDP facilities. Ecolomondo’s initial focus is to aggressively market TDP facility expansion throughout North America, as management has been speaking with numerous public and private sector industry groups looking for breakthrough solutions for processing 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 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.
For further information please contact:
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
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.