ECLMF - Ecolomondo Releases Its Interim Financial Statements for the Third Quarter of 2020 and Provides Projects Update
(TheNewswire)
Montreal - TheNewswire- November 2 5 , 2020 EcolomondoCorporation ( TSXV:ECM ) (the " Company " or " Ecolomondo ") releases its unauditedinterim consolidated financial statements and notes hereto and itsrelated management discussion & analysis (" MD&A ") forthe interim period ended September 30, 2020 (the " Interim Financial Statements ").
During the period, the Company made considerableprogress on the construction of its new Hawkesbury ThermalDecomposition (" TDP ") turnkey facility. Managementestimates that construction of the building that will house the plantis about 90% complete and expects completion by the end of 2020.Installation of the plant equipment began in late August of 2020 andis proceeding according to schedule while commissioning is nowscheduled to begin in the first quarter of 2021.
FLARE AND GAS STORAGE TANK
SHREDDING LINE
RECYCLED CARBON BLACK PROCESSING EQUIPMENT
GAS SCRUBBING EQUIPMENT
To view further updates of the Hawkesbury TDP facility,please visit the Company's website at www.ecolomondo.com .
As of September 30, 2020, capital expenditures for theHawkesbury facility totalled $19,965,404 and were essentially for sitepurchase, engineering, site preparation, building construction, labor,permitting, equipment purchases and installation. Management believesthat the project will be completed on budget and expects to begincommercial operations by the end of April of 2021.
During the quarter ended September 30, 2020, theCompany continued to ready its Pilot plant, located in Contrecoeur,Quebec, Canada, a 2-reactor industrial-size TDP facility, to operateas the training center to train future operators needed for thethermal processing department at its new TDP turnkey facility inHawkesbury.
The Company continued to market all of its end-productsand to secure offtake agreements for them, especially its recoveredcarbon black, known as "Mondo Black". The Company was alsoquite active in marketing TDP turnkey facilities, in Canada, USA andEurope.
It also continued to improve its technology platformand make important progress in the areas of process optimization,efficiency, safety and end-product quality. Once built, the Hawkesburyfacility will be comprised of four different processing departments(shredding, thermal processing, recovered carbon black processing, oilfractionation) and, once fully operational, this facility is expectedto process a minimum of 14,000 tons of tire waste per year and produce5,300 tons of recovered carbon black, 42,700 barrels of oil, 1,800tons of steel, 1,600 tons of process gas and 850 tons of fiber.
During this period, the Company worked aggressively tocomplete the construction of its new Hawkesbury TDP turnkey facility.Once completed, this facility will be a first of its kind and be usedas a technological showpiece to promote the sale of TDP turnkeyfacilities globally. Management believes that once the Hawkesbury facility comes online,it is expected to be a testimonial of the commercial viability of TDPturnkey facilities and, as aresult, it is expected to promote the sale of other TDP turnkeyfacilities.
Impact of the COVID-19Pandemic
The world economy is still impacted by the crisiscreated by the COVID-19 (coronavirus) pandemic. The COVID-19 pandemichas resulted in the confinement of the population of Canada and manycountries around the world.
The Company has taken and will continue to take allnecessary actions needed to reduce the impact of the crisis created bythe coronavirus. The Company expects that the milestone to completethe plant under construction in Hawkesbury, Ontario, will not bematerially impacted by the current situation. The Company has experienced somedelays in lead times for certain parts, and some work slowdown bysubcontractors due to labor shortages. It is tonote, it is impossible to determine with certitude the long-termconsequences and financial implications if the current situationpersists.
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 expected toplay an important role in resource recovery needed in today's circulareconomy.
The Company's main revenues will come from the sale ofTDP 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 to marketTDP turnkey facilities that use scrap tires as a feedstock, becausescrap 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 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
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