ECM:CC - Ecolomondo Releases its Interim Consolidated Financial Statements for the First Quarter of 2024

(TheNewswire)

Montreal, QC, May 3 1 , 2024 – TheNewswire – Ecolomondo Corporation (TSXV: ECM) (OTC: ECLMF) (the “ Company ” or“ Ecolomondo ”), a cleantech company specializing in thecommercialization of its Thermal Decomposition Process(“ TDP ”) proprietary recycling technology and the globaldeployment of TDP turnkey facilities, announces that it has released its unaudited consolidatedfinancial statements and notes thereto and its related managementdiscussion and analysis (“ MDA ”) for the three-month period ended March31, 2024 (the “ InterimFinancial Statements ”). The documents areavailable on SEDAR at www.sedar.com

Highlights of the unaudited consolidated financialstatements and notes thereto for the interim period ended March 31,2024, are:

• The Company had revenues of $109,215 mostly from thesale of end-products produced at the Hawkesbury facility.

• A company under common control, owned by thecontrolling shareholder, loaned to the Company $1.5 million for a termof one year at 8.5% interest per annum.

• Loss for the quarter was $1,531,713, compared to$297,602 for the same period in 2023, mainly due to the fact thatoperating expenses for the Hawkesbury facility are expensed instead ofbeing fully capitalized.

• As of March 31, 2024, capital expenditures for theHawkesbury TDP turnkey facility totaled $45,481,969, net ofdepreciation, while the Company contributed equity of $12,758,858 andthe term loan with EDC stands at $37,773,738.

As of January 2, 2024, the Company projected that itwould need a further $4,500,000 until the end of the current fiscalyear, to fulfill capital purchases and working capital requirements.This amount is covered by the advances form a company under commoncontrol, 3212521 Canada Inc., owned by the controlling shareholder,and by the recently announced additional loan of $3 million from EDC.

During the quarter ended March 31, 2024, the Companycontinued its ramp-up at its Hawkesbury TDP turnkey facility. As theCompany began to ramp-up its production, it learned that its recoveredcarbon black milling line could not achieve the required throughput of1,600 lbs per hour nor produce the required particle size of 15microns. The Company identified the deficiency and began immediatecorrective action.

While corrective measures undertaken will cause somedelay to Hawkesbury’s full commercialization, management believesthat all should be completed by the beginning of the third quarter of2024.

During the period, the company continued to expand itspersonnel at the Hawkesbury facility, adding professionals, mechanics,operators, burner specialists, and maintenance personnel. Theseadditional personnel will lead to improved efficiency and ensure thatthe Hawkesbury facility has the personnel in place to fully ramp-upthe facility.

Because of delays in the Hawkesbury commercialization,the Company found it wise to temporarily delay the Shamrock, Texas,TDP turnkey facility, to the second quarter of 2025.

Subsequent Events

On May 1, 2024, the Company announced the appointmentof Mr. Gary Economo as Chief Executive Officer, who is an accomplishedsenior executive with more than four decades' experience ininternational finance, mergers, and acquisitions. He has also servedon several boards of TSX, TSXV and CSE-listed companies. Mr. EliotSorella, who was President & CEO, will take on the role ofExecutive Chairman and retain the position of Chairman of the Board ofDirectors of the Company.

On May 28, 2024, the Company announced, subject tofinal documentation, a loan of $3,000,000 from EDC to cover projectedcapital expenditures and working capital, needed for the balance ofthe fiscal year 2024.

On May 29, 2024, the Company announced that it reachedan agreement in principle with EDC, subject to final documentation, toa payment holiday for the capital and interest on the project Loan of$37,773,738 until May 2025.

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 ofoil, 11.9M lbs of steel, and 10.6M lbs of syngas; roughly three timesthe size of the Company’s Hawkesbury (Ontario) plant output.Facility construction is expected to begin by the second quarter of 202 5 with completion expected by the endof the fourth quarter of2026. 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

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

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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