ECM:CC - Eliot Sorella Chief Executive Officer and Chairman of Ecolomondo Exercises Additional Stock Options
(TheNewswire)
Montreal, QC – TheNewswire - August 17, 2022 -- Ecolomondo Corporation (TSXV:ECM) (OTC:ECLMF) (the “ Company ” or“ Ecolomondo ”), a cleantech company specializing in the development ofproprietary recycling technology, Thermal Decomposition Process(“ TDP ”) and the commercialization of turnkey TDP facilities,today announces that its Chief ExecutiveOfficer, Chairman and controlling shareholder, Mr. Eliot Sorella, hasexercised approximately $500,000 worth of stock options (the“ Options ”), in the form of 1,428,571 Options exercised at a priceof $0.35 per share.
As announced in its press release dated July 12, 2022,Mr. Sorella has now exercised a total of $1,000,000 worth of Optionsfor estate purposes, all to the benefit of the Company’s workingcapital.
Prior to the completion of this second exercise, Mr.Sorella had ownership or control of 139,800,474 common shares in thecapital of the Company, representing approximately 75.52% of theissued and outstanding share capital of the Company. Followingcompletion of the exercise Mr. Sorella has ownership or control of141,229,045 common shares in the capital of the Company, representingapproximately 75.70% of the issued and outstanding share capital ofthe Company.
About TDP Technology
Thermal Decomposition Process technology is aproprietary waste-to-resources technology that the Company expectswill play a critical role in the development and proliferation of thecircular economy. TDP is a closed loop, slow pyrolysis technology thatoperates in an oxygen-free environment using positive pressure and abatch rotary reactor. The process is largely energy self-sufficient.Ecolomondo’s exclusive automation system allows for strict controlof cycle times, processing parameters and consistent batch production,resulting in quality, commercial-grade recycled commodities andend-products.
About Ecolomondo Corporation
Ecolomondo is a Canadian cleantech company specializing in thecommercialization of its waste-to-products operations and proprietaryTDP technology. With 25+ years of industry experience and a trackrecord of establishing strong circular economy partnerships, theCompany is strategically positioned to become a major global vendor ofturnkey TDP facilities that convert hydrocarbon waste into saleableend-products including recycled carbon black, oil, gas andsteel.
Revenue growth will come from the building andoperations of fully-automated and energy-efficient TDP facilities.Ecolomondo’s initial focus is to aggressively market TDP facilityexpansion throughout North America, as management has been speakingwith numerous public and private sector industry groups looking forbreakthrough solutions for processing hydrocarbon waste.
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 differ materially from those anticipated andindicated by these forward-looking statements. Although Ecolomondobelieves that the expectations reflected in forward looking statementsare reasonable, it can give no assurance that the expectations of anyforward-looking statements will prove to be correct. Except asrequired by law, Ecolomondo disclaims any intention and assumes noobligation to update or revise any forward-looking statements toreflect actual results, whether as a result of new information, futureevents, changes in assumptions, changes in factors affecting suchforward-looking statements or otherwise.
For further information pleasecontact:
Eliot Sorella,
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
esorella@ecolomondocorp.com
www.ecolomondo.com
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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