ECM:CC - Eliot Sorella Chief Executive Officer and Chairman of ECOLOMONDO Exercises Stock Options
(TheNewswire)
Montreal, QC – TheNewswire- July 12, 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 $500,000 worth of stock options (the “ Options ”), in theform of 500,000 Options exercised at a price of $0.30 per share and1,000,000 Options exercised at a price of $0.35 per share.
Mr. Sorella exercised the Options for estate purposes,all to the benefit of the Company’s working capital. Mr. Sorellaannounced that he intends to further exercise additional stock optionsin the coming weeks, for an additional value of $500,000, at whichtime an early warning report containing the required information withrespect to the foregoing matters will be filed under the Company’sSEDAR profile at www.sedar.com .
Prior to the completion of the exercise, Mr. Sorellahad ownership or control of 138,300,474 common shares in the capitalof the Company, representing approximately 75.32% of the issued andoutstanding share capital of the 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.
The securities offered have not been, nor will they be,registered under the U.S. Securities Act of1933, as amended (the “ 1933Act ”), or under any state securitieslaws, and may not be offered or sold, directlyor indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (asdefined in Regulation S under the 1933 Act) absent registration or anapplicable exemption from the registration requirements. This newsrelease does not constitute an offer to sell or a solicitation to buysuch securities in the United States.
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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