VANCOUVER, BC, Nov. 23,
2022 /CNW/ - Northstar Clean Technologies Inc. (TSXV:
ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to
announce that it has signed a non-binding Letter of Intent (the
"LOI") with a major industrial customer (the "Customer"), where the
Customer has the exclusive right to purchase recycled asphalt from
one or more of Northstar's future facilities in the United States ("U.S. Facilities"). In
addition, Northstar and the Customer (together, the "Parties")
will negotiate the purchase and sale of aggregate and fiberglass
materials produced at Northstar's U.S. Facilities. The LOI outlines
the intent of the Parties to enter into a definitive agreement (the
"Definitive Agreement"), with a target completion in mid 2023 for
an initial term of up to five years.
The Parties also agreed that the price of the asphalt will be
market based, including a location and quality differential.
Further, the Customer agreed that, so long as Northstar's asphalt
meets its specifications, it will purchase 100% of the asphalt from
Northstar's first location in the United
States, up to the produced volume.
Mr. Aidan Mills, President &
CEO, and Director of Northstar, stated, "This is a great step for
Northstar towards the formalization of a major off-take agreement
with a major North American industrial customer for our first U.S.
Facilities. We believe that we have the lowest carbon footprint of
any commercially available asphalt in North America at a specification that can be
blended for use in the (i) paving (ii) flat roof manufacturing, and
(iii) shingle manufacturing sectors, and this LOI continues our
entry into these sectors. Part of our objectives for next year will
now include developing the terms of the LOI into a definitive
agreement, therefore securing the binding commercial off-take terms
for our first U.S. Facility."
About Northstar
Northstar Clean Technologies Inc. is a Canadian clean technology
company focused on the sustainable recovery and reprocessing of
asphalt shingles. Northstar has developed a proprietary design
process for taking discarded asphalt shingles, otherwise destined
for already over-crowded landfills, and extracting the liquid
asphalt, aggregate and fiber for usage in new hot mix asphalt,
construction products and other industrial applications. Focused on
the circular economy, Northstar plans to reprocess used or
defective asphalt shingle waste back into its three primary
components for reuse/resale at its Empower Pilot Facility in
Delta, British Columbia. As an
emerging innovator in sustainable processing, Northstar's mission
is to be the leader in the recovery and reprocessing of asphalt
shingles in North America,
extracting the recovered components from asphalt shingles that
would otherwise be sent to landfill.
For further information about Northstar, please visit
www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
Cautionary Statement on Forward-Looking Information
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release. The
TSXV has neither approved nor disapproved the contents of this
press release.
This press release may contain forward‐looking information
within the meaning of applicable securities legislation, which
forward‐looking information reflects the Company's current
expectations regarding future events. Forward-looking statements
are often identified by the words "may", "would", "could",
"should", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" or similar expressions. Forward-looking
statements in this press release include statements concerning: (i)
the entry into of a definitive off-take agreement by the Parties,
(ii) the proposed expansion of Northstar's production facilities
into the U.S. and, in connection therewith, receipt of any
necessary planning, regulatory and government approvals therefor,
and (iii) Northstar's ability to become a leader in the recovery
and reprocessing of asphalt shingles in North America. Such statements are subject to
risks and uncertainties that may cause actual results, performance
or developments to differ materially from those contained in the
statements, including risks related to factors beyond the control
of the Company as well as those risks and uncertainties which are
more fully described under the heading "Risk Factors" in the final
prospectus of the Company dated June 18,
2021 and in the Company's annual and quarterly management's
discussion and analysis and other filings with the Canadian
securities regulatory authorities under the Company's profile on
SEDAR. The ongoing COVID-19 pandemic, labour shortages,
inflationary pressures, rising interest rates, the global financial
climate and the conflict in Ukraine and surrounding regions are some
additional factors that are affecting current economic conditions
and increasing economic uncertainty, which may impact the Company's
operating performance, financial position, and future prospects.
Collectively, the potential impacts of this economic environment
pose risks that are currently indescribable and immeasurable. No
assurance can be given that any of the events anticipated by the
forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them. The Company does not
undertake any obligation to update such forward‐looking information
whether because of new information, future events or otherwise,
except as expressly required by applicable law.
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SOURCE Northstar Clean Technologies Inc.