ECM:CC - Ecolomondo Concludes $3 Million Loan with EDC
(TheNewswire)
Montreal, QC, July 18, 2024 – TheNewswire – Ecolomondo Corporation (TSXV: ECM) (OTC:ECLMF) (the “ Company ” or “ Ecolomondo ”), acleantech company specializing in the commercialization of its ThermalDecomposition Process (“ TDP ”) proprietary recycling technology andthe global deployment of TDP turnkey facilities, has concluded the final documentationto the previously announced $3 million loan (the “ Loan ”) with ExportDevelopment Canada (“ EDC ”).
This Loan, previously announced on May 28, 2024, is inaddition and separate to the original Loan of $32.1 million that wasexecuted in April 2019 and restructured in December 2023 with arestated capital amount of $37,903,920. Theoriginal $32.1 million project financing Loan with EDC was to financethe construction of the Company’s first of its kind new turnkeythermal decomposition facility in the Town of Hawkesbury, Ontario (the “Hawkesburyfacility” ) that will process end-of-life tiresto produce re-usable sustainable resources.
The Loan of $3 million is extended to the Company’ssubsidiary, Ecolomondo Environmental (Hawkesbury) Inc., owner of theHawkesbury facility. The additional funds will improve the Hawkesburysubsidiary’s cash position and pay for additional equipment neededto bring the Hawkesbury plant to full commercial operation.
The Loan calls for a 2-year term, with a floatinginterest rate of prime plus 8%. Interest payments will be capitalizeduntil February 28, 2025 and payable thereafter on a monthly basis.Principal along with the interest will be repaid in monthlyinstallments over a period of 12 months starting April 2025.
The collateral to the Loan is a first rank securityinterest and hypothec of $3 million on all ofthe borrower’s future and present personal/movable property, andreal immovable property owned by Ecolomondo Environmental (Hawkesbury)Inc.
“We are pleased to receive EDC’sconfidence and their continuous support. This important step willenable Ecolomondo to reach its full potential and significantlycontribute to the global circular economy” ,says Gary Economo, Ecolomondo’s CEO.
Issuance of Stock Options to AnEmployee
The Company’s subsidiary, Ecolomondo Environmental(Hawkesbury) Inc., hired Mr. Ross Burt on June 10, 2024 as PlantManager for the Hawkesbury facility. Concurrent with his appointmentand subject to the acceptance of the TSX Venture Exchange whereapplicable, the Company announces the grant of 250,000 stock optionsfor the purchase of 250,000 common shares of the Company at anexercise price of $0.26875 per share for aperiod of five years from the date of grant.
All options issued were granted in accordance with andsubject to the Company’s stock option plan and are also subject tothe applicable policies of the TSX Venture Exchange.
Correction to a Previous PressRelease on Mr. Gary Economo
The press release dated May 1, 2024, announcing theappointment of Mr. Gary Economo as CEO, indicated that “ Concurrent with the appointment of Mr. Economo and subject tothe acceptance of the TSX Venture Exchange where applicable, theCompany announces the grant of 1,100,000 stock options at a price of$0.165 (the “Options”). The Options shall be exercised at thelatest on the first-year anniversary of the appointment(…)”.
The text should have read “(…) Options shall beexercised at the latest on the second -year anniversary of theappointment(…)” (emphasis added).
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company that prides itself after its proprietary ThermalDecomposition technology TDP which is headquartered in Québec, Canada . It has a 25-year history and during this time has been focused on its development of itstechnology and the deployment of TDP turnkeyfacilities . TDP recovers high value re-usable commodities from scrap tire waste, notably rCB, oil , syngas, fiber and steel. Ecolomondo expects to be a leading player in the cleantechspace and be an active contributor to the global circular economy. Ecolomondo trades in Canada on the TSX VentureExchange under the symbol (TSXV:ECM) and in theUnited States under the symbol (OTCQB:ECLMF). To learn more, visit www.ecolomondo.com
About the Hawkesbury Plant – A2-Reactor TDP Facility
The Hawkesbury facility building is 46,200 sq.ft andhas an impressive indoor clearance of 28 feet. It is state-of-the-artand houses 4 main production departments, tire shredding, thermaldecomposition, recycled carbon black refining and oil fractionation.Once fully operational, this facility is expected to process 1.3M ofscrap tires per year and produce 8.7M lbs of recovered carbon black,34,608 barrels of oil, 2.9M lbs of steel, and 2.6M lbs of processgas.
About the Shamrock Project – A6-Reactor TDP Facility
Processing capabilities for the Shamrock facility isprojected at 5.5M per year of end-of-life tires, yieldingapproximately 35.1M lbs of recovered carbon black, 128,100 barrels of oil, 11.9M lbs of steel, and 10.6M lbs ofsyngas; roughly three times the size of the Company’s Hawkesbury(Ontario) plant output. Facility construction is expected to begin bythe third quarter of202 4 with completionexpected by the end of the fourth quarter of 2025. Projected cost to build is approximately US$93 million.
Our Mission , Vision & Strategy
Ecolomondo’s mission is to be a contributingparticipant in a dynamic Circular Economy and to increase shareholdervalue by producing and supplying large quantities of recoveredresources to be re-used in the manufacture of new products.
Ecolomondo’s vision is to be a leading producer andreseller of recovered resources by building and operating TDPfacilities, strategically located in industrialized countries, closeto feedstock, labor and offtake clients.
Our strategy is to become a major global builder andoperator of TDP turnkey facilities, for now specializing in theprocessing of ELTs. Our intent is to expand aggressively in NorthAmerica and Europe. Our experience and modular technology should helpus get there faster and better. We plan to keep performing ongoingresearch and development to ensure that Ecolomondo remainstechnologically advanced.
ISCC Certification
A confirmation of the Company’s successful processlies in the recent International Sustainability and CarbonCertification (“ISCC”) for its Hawkesbury TDP facility, anotherstep forward that should help improve demand for TDP. ISCC is a GlobalSustainability Certification System and offers chain-of-custodycertification systems to ensure traceability and feedstock identity,which can add commercial value to the Company’s end-products as theyremain traceable in the supply chain.
ISO Certification
The Company has obtained ISO 9001:2015, ISO 14001:2015& ISO 45001:2018 certification of its Integrated Management System(IMS), which acknowledges Ecolomondo’s commitment for quality,environmental impact and health and safety at work.
Environmental, Social &Governance (ESG)
On the social aspect the Company plans to measureglobal health and safety, injury rate and gender diversity, andfinally in the corporate governance aspect, the Company is measuringethics and anticorruption, ESG reporting and board independence.
About TDP
The TDP process is technically proven and moreadvanced than most other pyrolysis technologies.Over the years, our Technological teams were able to overcome alluncertainties that plagued most competitors especially inthe s e areas:pre-filtration, reactor cooling, reactor rotation, water recycling, processing of rCB,(hydrocarbon removal), mass monitoring, heat curve development,humidity and water removal, safety testing, system automation,emissions control and monitoring .
TDP is Environmentally Friendly –CO 2 Reduction
By producing rCB, TDP reduces GHG emissions by 90%versus the production o fvirgin carbon black. The production of rCB at the Hawkesbury andShamrock facilities are expected to reduce CO2 emissions by 22,400 and 67,200 tons per year,respectively.
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Ecolomondo Corporation Contact
Gary Economo
Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
geconomo@ecolomondocorp.com
Cautionary NoteRegarding Forward Looking Statements
The information in this news release includes certaininformation and statements about management's view of future events,expectations, plans and prospects that constitute forward lookingstatements. These statements are based upon assumptions that aresubject to significant risks and uncertainties. Because of these risksand uncertainties and as a result of a variety of factors, the actualresults, expectations, achievements or performance may differmaterially from those anticipated and indicated by theseforward-looking statements. Although Ecolomondo believes that theexpectations reflected in forward looking statements are reasonable,it can give no assurance that the expectations of any forward-lookingstatements will prove to be correct. Except as required by law,Ecolomondo disclaims any intention and assumes no obligation to updateor revise any forward-looking statements to reflect actual results,whether as a result of new information, future events, changes inassumptions, changes in factors affecting such forward-lookingstatements or otherwise.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
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