/NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
MONTREAL, Nov. 28, 2019 /CNW Telbec/ - Ecolomondo
Corporation (TSXV: ECM) (the "Company" or "Ecolomondo")
releases its unaudited interim condensed consolidated financial
statements and notes hereto and its related management discussion
& analysis ("MD&A") for the interim period ended
September 30, 2019 (the "Interim
Financial Statements").
During this period, the Company continued to focus on its new
Hawkesbury Thermal Decomposition ("TDP") turnkey facility. A
groundbreaking ceremony was held to kick off construction of the
TDP plant on August 21, 2019 and
since then has completed the construction of the foundations and
placed purchase orders for all long-lead equipment such as
shredding line, carbon black processing, flare, reactors, oil
treatment and distillation systems.
Capital expenditures as of September 30,
2019 total $3,524,413 and are
mostly related to the construction of the Company's new
state-of-the-art TDP facility that is being currently built in
Hawkesbury, Ontario, Canada.
As previously announced on April 3,
2019, the Company entered into a Loan agreement with Export
Development Canada ("EDC") for an amount of $32.1 million to finance the construction of its
new, first of its kind TDP turnkey facility being built in
Hawkesbury, Ontario. The Company
anticipates closing the Loan transaction with EDC by the end of
November 2019.
The costs to bring the project to the next stage have been
accounted for in the Company's financial projections. Management
now estimates that direct costs to build the Hawkesbury plant, including equipment, land,
building and soft costs, will be approximately $37.4 million, of which approximately
$32.1 million is expected to come
from the proceeds of the loan from EDC and the balance of
approximately $5.3 million from the
Company, of which the Company has already contributed $4.5 million as of September 30, 2019.
Commissioning is projected to begin at the beginning of the
second quarter and commercial operations are projected to start by
the end of the second quarter of 2020.
The Company continued to market and improve its TDP technology
and was very active in promoting the sales of its TDP turnkey
facilities globally.
About the Hawkesbury TDP turnkey facility
Once built and fully operational, the Hawkesbury TDP turnkey
facility is expected to process a minimum of 14,000 tons of tire
waste per year and to produce 5,300 tons of recycled carbon black,
42,700 barrels of oil, 1,800 tons of steel and 1,600 tons of
process gas.
This Hawkesbury facility is
expected to be the first of its kind and will have four different
departments: shredding, thermal process, carbon black processing,
oil distillation.
Management believes that the Hawkesbury facility will be a technological
showcase of TDP turnkey facilities, an important step in the
Company's growth strategy.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that is
commercializing its waste-to-products technology. The Thermal
Decomposition Process ("TDP") converts hydrocarbon waste
into marketable commodity end-products, namely carbon black
substitute, oil, gas and steel. Technologies such as Ecolomondo's
are expected to play an important role in resource recovery needed
in today's circular economy.
Management believes that technological breakthroughs in areas of
emissions, process optimization, automation, end-product processing
and safety, position Ecolomondo to become an industry leader.
The Company's main revenues will come from the sale of TDP
turnkey facilities and royalties from their operations. TDP
facilities will generate revenues from the sale of end-products,
tipping fees and carbon credits. Ecolomondo's first focus is to
market TDP turnkey facilities that use scrap tires as a feedstock,
because scrap tires yield end-products with a higher commercial
value, especially the recycled carbon black.
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