ECLMF - Ecolomondo Provides Results of Its Annual General Meeting Held on June 21 2021
(TheNewswire)
Montreal – TheNewswire- June 25, 2021 Ecolomondo Corporation ( TSXV:ECM ) (the “ Company ” or “ Ecolomondo ”) wishesto inform its shareholders that, during the Company’s annual generalmeeting of shareholders (the “ AGM ”) that was virtually held on June 21,2021, the shareholders of the Company (the “ Shareholders ”)unanimously adopted all resolutions presented to them outlined in theinformation circular that was sent to them and filed on SEDAR datedMay 20 th , 2021 (the “ Information Circular ”).
The Shareholders approved all resolutions put beforethem, namely: (i) setting the number of the board of directors toseven and the election of the directors of the Company for the ensuingyear (for further information on the elected directors, please referto the Information Circular), (ii) the re-appointment of RaymondChabot 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 150,776,900common shares were represented at the AGM, representing 85.04% of theissued and outstanding common shares of the Company.
During the AGM, the CEO of the Company, Mr. ElioSorella, explained that construction of the Hawkesbury plant isnearing completion. He mentioned: “commissioning of the HawkesburyThermal Decomposition facility is expected to be completed in thethird quarter of 2021 and could start generating revenues as soon asSeptember 2021.
He continued to explain “This plant, which is a firstof its kind, will demonstrate the full potential of Ecolomondo’s TDPtechnology. It will be a key component to Ecolomondo’s marketingstrategy and the TDP global rollout.”
He pointed out that “while COVID brought some delaysto the completion date of the Hawkesbury facility, we are turning ourfocus from construction to execution. We are now hiring personnel andfinalizing arrangements for feedstock supply and offtake agreements;completing these critical milestones will set the stage for continuouscommercial operations”.
The Hawkesbury TDP facility will be comprised of fourdifferent processing departments (shredding, thermal processing,recovered carbon black processing, oil fractionation) and, once fullyoperational, this facility is expected to process a minimum of 14,000 tons of tire waste per year andproduce 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 explained that, once commissioned, and aftera full year of commercial operation, the Hawkesbury facility isexpected to generate annual revenues of over $11.2 million withprojected EBITDA of approximately $5.3 million.
Please visit the Company’s website at www.ecolomondo.com for updates onthe Company’s Hawkesbury facility.
The Company continued to mobilize for its globalexpansion. The Company is currently in talks to finalize agreementsfor several TDP turnkey facilities in Canada and the continental USA.Management believes that the commercial operation of the Hawkesburyfacility should solidify Ecolomondo’s position as an industry leaderin thermal processing of hydrocarbon waste.
Impact of the COVID-19Pandemic
The world economy is still heavily impacted by thecrisis created by the COVID-19 (coronavirus) pandemic. The COVID-19pandemic has resulted in lockdowns in many parts of Canada and mostcountries around the world.
The Company has taken and continues to take allnecessary precautions needed to mitigate the negative impact broughtabout by the coronavirus pandemic. The Company advises that thepandemic has been responsible for delays and increases to projectoverall costs. It advises that it could be further negatively impactedif the current situation persists. As a result, it is impossible todetermine with accuracy further disruptions and the consequences thatthey may bring to the project schedule and overall cost.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that iscommercializing its waste-to-products technology. The ThermalDecomposition Process (“ TDP ”) converts hydrocarbon waste intomarketable commodity end-products, namely carbon black substitute,oil, gas and steel. Technologies such as Ecolomondo’s are expectedto play an important role in resource recovery needed in today’scircular economy.
The Company’s main revenues will come from the saleof TDP turnkey facilities and royalties from their operations. TDPfacilities will generate revenues from the sale of end-products,tipping fees and carbon credits. Ecolomondo’s first focus is tomarket TDP turnkey facilities that use scrap tires as a feedstock,because scrap tires yield end-products with a higher commercial value,especially the recycled carbon black.
Management believes that technological breakthroughs inareas of emissions, process optimization, automation, end-productprocessing and safety, position Ecolomondo to become an industryleader in the resource recovery of hydrocarbon waste.
Cautionary Note Regarding ForwardLooking 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 looking statements. These statements are based uponassumptions that are subject to significant risks and uncertainties.Because of these risks and uncertainties and as a result of a varietyof factors, the actual results, expectations, achievements orperformance may differ materially from those anticipated and indicatedby these forward looking statements. Although Ecolomondo believes thatthe expectations reflected in forward looking statements arereasonable, it can give no assurances that the expectations of anyforward looking statements will prove to be correct. Except asrequired by law, Ecolomondo disclaims any intention and assumes noobligation to update or revise any forward looking statements toreflect actual results, whether as a result of new information, futureevents, changes in assumptions, changes in factors affecting suchforward looking statements or otherwise.
For further information pleasecontact:
Elio Sorella,
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
www.ecolomondo.com
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