ECLMF - Ecolomondo Releases Its Interim Financial Statements for the First Quarter of 2021 and Provides Projects Update
(TheNewswire)
Montreal – TheNewswire- May 27, 2021 Ecolomondo Corporation ( TSXV:ECM ) (the “ Company ” or “ Ecolomondo ”)releases its unaudited interim consolidated financial statements andnotes hereto and its related management discussion & analysis(“ MD&A ”) for the interim period ended March 31, 2021 (the“ Interim FinancialStatements ”).
During the first quarter of 2021, the Company continuedto aggressively market its TDP turnkey facilities and to build its newHawkesbury TDP turnkey facility (the “ Project ”).
Mechanical assembly and installation of theHawkesbury Project are scheduled to be completed duringthe next quarter, with commissioning expected to be completed in thethird quarter of 2021. Once built, the plant will be equipped with thelatest technology and is designed to ensure efficient handling andprocessing of large quantities of feedstock (scrap tires) andend-products: oil, steel, fiber, recycled carbon black and processgas.
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.
Once commissioned, the Company projects that in thefirst full year of commercial operation, the Hawkesbury facility isexpected to generate annual revenues of over $10 million with aprojected EBITDA of over $5 million.
Please visit the Company’s website at www.ecolomondo.com for updates onthe Company’s Hawkesbury facility.
As of March 31, 2021, capital expenditures for theHawkesbury facility totaled $27,976,037 and the term loan with EDCreached $27,703,032, and was mostly used to purchase plant equipmentsuch as reactors, oil fractionation, recovered carbon black, flare,shredding, scrubbing and equipment installation. The Company alsocontributed all of its equity share of $5,453,422 to fulfill its loancovenants.
Management believes that the successful commercialoperation of the Hawkesbury facility as a TDP turnkey facility is animportant step in the Company’s global growth strategy. Achievingthis milestone should help bring global attention and help drive salesof TDP turnkey plants.
The Company continued to mobilize for its globalexpansion. The Company is currently in talks to finalize the sale ofseveral 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.
The Company’s facility in Contrecoeur, Quebec,Canada, a 2-reactor industrial-size TDP facility, that was previouslyused mostly for research and development, is now ready to begintraining operators needed for the thermal processing department at theHawkesbury TDP turnkey facility that is soon to begincommissioning.
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 scraptires as a feedstock, because scrap tires yield end-products with ahigher 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 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 these forwardlooking statements. Although Ecolomondo believes that the expectationsreflected in forward looking statements are reasonable, it can give noassurances that the expectations of any forward looking statementswill prove to be correct. Except as required by law, Ecolomondodisclaims any intention and assumes no obligation to update or reviseany forward looking statements to reflect actual results, whether as aresult of new information, future events, changes in assumptions,changes in factors affecting such forward looking statements orotherwise.
For further information pleasecontact:
Elio Sorella,
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
www.ecolomondo.com
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
NOT FOR DISTRIBUTION TO U.S NEWSWIRESERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2021 TheNewswire - All rights reserved.