/NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
MONTREAL, June 3, 2019 /CNW Telbec/ - Ecolomondo
Corporation (TSXV: ECM) (the "Company" or "Ecolomondo"), wishes
to inform its shareholders that, during the Company's annual
general meeting of shareholders (the "AGM") that was held on
May 29, 2019, the shareholders
adopted all resolutions presented to them outlined in the
information circular that was sent to them and filed on SEDAR on
May 1st, 2019 (the
"Information Circular"). The shareholders approved namely:
(i) the reduction in the number of the board of directors from
seven to six and the election of the directors of the Company (for
further information on the elected directors, please refer to the
Information Circular), (ii) the appointment of auditors and (iii)
the stock option plan.
The AGM was duly constituted and the quorum was confirmed as
shareholders and proxy holders representing 78.40% of the issued
and outstanding common shares of the Company were represented at
the AGM.
During the AGM, the CEO of the Company, Mr. Elio Sorella, explained the technological
advancements achieved during the fiscal year 2018 and how these
advancements could place Ecolomondo as a leader in the
waste-to-resources industry. He also explained that the Company is
well on its way to build the Hawkesbury facility and that he expects the
Company should break ground by late June
2019, with completion and commissioning to take place on
schedule, by the end of the first quarter 2020.
About Ecolomondo Corporation
The Company is a clean tech company that is marketing its
proprietary Thermal Decomposition platform ("TDP"), that recovers
resources from end-of-life tires, namely recovered carbon black,
oil, gas and steel.
The Company expects that its main revenue drivers are the sale
of TDP turnkey facilities based on its thermal decomposition
technology and to collect royalties from their operation, including
revenues from the operations of wholly-owned and joint venture
turnkey facilities. TDP turnkey facilities generate their revenues
by selling the recovered resources (end-products) that they
produce, namely the recovered carbon black, oil, gas and steel.
Ecolomondo recovers a high percentage of carbon black (the
end-product with the highest commercial value) and produces high
quality end-products from tire waste and the process is energy
self-sufficient.
Ecolomondo's TDP technology began development over 25 years ago.
Today, it is a waste-to-resources company and will benefit from the
proliferation of the circular economy.
Waste-to-resources technologies such as Ecolomondo's are
expected to play a pivotal role in the circular economy. It is
expected that a dynamic circular economy will encourage recycling,
new opportunities and ready markets to recycled resources.
Ecolomondo is well positioned to take advantage of this new global
reality of recycling.
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain
information and statements about management's view of future
events, expectations, plans and prospects that constitute forward
looking statements. These statements are based upon assumptions
that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of
factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and
indicated by these forward looking statements. Although Ecolomondo
believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the
expectations of any forward looking statements will prove to be
correct. Except as required by law, Ecolomondo disclaims any
intention and assumes no obligation to update or revise any forward
looking statements to reflect actual results, whether as a result
of new information, future events, changes in assumptions, changes
in factors affecting such forward looking statements or
otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Ecolomondo Corp