ECM:CC - Ecolomondo Provides Results of its Annual General Meeting Held on June 14 2022
(TheNewswire)
Montreal – TheNewswire- June 17, 2022 - 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 14,2022, 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 13 th , 2022 (the “ Information Circular ”).
The Shareholders approved all resolutions put beforethem, namely: (i) setting the number of the board of directors toeight 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 146,932,872common shares were represented at the AGM, representing 80.02% 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 has beencompleted and that commissioning of the Hawkesbury ThermalDecomposition facility is advancing daily with initial production soonto begin with ramp-up of production to begin early in August 2022.
Eliot Sorella, President & CEO, pointed out that“while COVID brought some delays to the commissioning timeline ofour Hawkesbury project, and even though we are still feeling some ofthe tailwinds of COVID, such as unprecedented inflation, tightsupplies and long delivery delays, the Hawkesbury facility is still ontrack to soon be commissioned followed by the beginning of commercialoperations”.
Ecolomondo Hawkesbury TDP Facility
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 14,000tons of tire waste per year and produce 5,300 tons of recovered carbonblack, 42,700 barrels of oil, 1,800 tons of steel, 1,600 tons ofprocess gas and 850 tons of fiber. Management believes that thecommercial operation of the Hawkesbury facility should solidifyEcolomondo’s position as an industry leader in thermal processing ofhydrocarbon waste.
Please visit the Company’s website at www.ecolomondo.com for updates onthe Company’s Hawkesbury facility.
Mr. Sorella also indicated shareholders that“continuing interest rate increases will lead to higher costs forthe equity financing of the recently announced Shamrock, Texasproject. The Company is following the situation closely and willadvise investors accordingly as it is approaching the completion ofthe financing of the Texas project.”
TDP is Environmentally Friendly –CO 2 Reduction
By producing rCB, TDP reduces GHG emissions by 90% versus theproduction if virgin carbon black. The production of rCB at theHawkesbury and Shamrock facilities will reduce CO 2 emissions by 22,400 and 67,200 tonsper year, respectively.
About TDP
The TDP system is technically proven and issuperior to other pyrolysis technologies. Over the years, ourTechnical Teams were able to overcome all uncertainties that plaguedmost competitors especially in these areas: pre-filtration, reactorcooling, reactor rotation, reactor evacuation, water recycling,cleaning of rCB (hydrocarbon removal), mass monitoring, heat curvedevelopment, humidity and water removal, safety testing, full systemautomation, emissions control and monitoring, rCB and pyrolysis oilpost processing, efficient syngas reuse.
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company headquarteredin Québec, Canada with an over 25-year history focused onwaste-to-resource technology development and deployment. Ecolomondohas developed the proprietary TDP which recovers high value circularcommodities from end-of-life tires including rCB, oil and steel. TDPlowers carbon emissions by up to 90% versus virgin carbon blackproduction. Ecolomondo has adopted a triple bottom line approach tobusiness focused on people, planet, and profit. Ecolomondo trades onthe TSX Venture Exchange under the symbol (TSXV:ECM). To learn more,visit www.ecolomondo.com
Ecolomondo Corporation Contact
Eliot Sorella
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
esorella@ecolomondocorp.com
www.ecolomondo.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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