ECM:CC - ECOLOMONDO Releases its Interim Consolidated Financial Statements for the First Quarter of 2022
(TheNewswire)
Montreal, QC – TheNewswire- May 30, 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 andoperating of turnkey TDP facilities globally, announces that it has released its unaudited consolidatedfinancial statements and notes thereto and its related managementdiscussion and analysis for the interim period ended March 31, 2022(the “ Interim FinancialStatements ”). The documents are available onSEDAR at www.sedar.com
During the quarter ended March 31, 2022, the Companycontinued to market its TDP turnkey facilities and to commission itsHawkesbury TDP facility. The Company also made considerable headway onits Shamrock, Texas TDP facility in areas of financing, feedstocksupply, offtake agreements and selecting a joint venture partner andEPC contractor.
Construction of the Hawkesbury facility continued toprogress during the quarter and the facility is currently reachingfinal stages of commissioning. The Company expects to begin operationsby the end of the second quarter of 2022, gradually ramping up to fullproduction volumes by the end of the third quarter. The company hasreceived a combination of purchase orders and off-take agreements forthe high-quality oil , recovered carbon black and steel that will be produced at the Hawkesbury TDPfacility.
With the commissioning of the Hawkesbury facility, theCompany is also projecting positive revenues coming from the sale ofend-products and tipping fees beginning by the end of the secondquarter of 2022.
During the quarter ended March 31, 2022, the Companycontinued to mobilize for its global expansion. It has put into placea global sales team to promote its TDP technology and to ensureofftake agreements for end-products manufactured. The Company iscurrently in talks to finalize the sale of several TDP turnkeyfacilities in Canada and the continental USA. Management believes thatthe commercial operation of the Hawkesbury facility, soon to beoperational, should solidify Ecolomondo’s position as an industryleader in thermal processing of hydrocarbon waste.
In line with its expansion strategy, early in the firstquarter of 2022, the Company announced its next project, a six-reactorTDP facility to be located in Shamrock, Texas. Production capabilitiesfor the Shamrock facility will be roughly three times the size of theCompany’s Hawkesbury plant output. Facility construction is expectedto begin by the end of the third quarter of 2022 with completionexpected in early 2024. Projected cost to build is approximately US$80 million and the facility should generate estimated revenues ofapproximately US $45 million.
The Company chose Shamrock, Texas as the site of theirfirst facility in the U.S. because abundant tire feedstock isavailable, several large potential off-takers are located in theregion and local government has provided strong support and economicincentives.
The Company further advises that the current globalmarket conditions and the ongoing geo-political events have createdtight supply that are causing commodity prices to spiral that shouldresult in higher revenues for TDP facilities.
Supported by increasing global consumption, the Companyexpects that there will continue to be an abundant supply of scraptire feedstock for the foreseeable future. The Company expects that the continued global expansion of tiremanufacturing should generate an increasing and stable supply of scraptire feedstock that should help drive Ecolomondo’s futuregrowth.
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, futureevents, changes in assumptions, changes in factors affecting suchforward-looking statements 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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