Q4 2022 Business Highlights
- Announced the execution of a binding term sheet for a
5-year off-take agreement with McAsphalt Industries, a subsidiary
of Colas Canada, for 100% of liquid asphalt production from the
Empower Calgary Facility
- Issued the Company's first patent by the United States
Patent and Trademark Office for Northstar's proprietary front-end
technology for reprocessing asphalt shingles
- Signed a letter of intent with a major industrial
customer for the exclusive right to purchase recycled asphalt from
one or more of Northstar's future facilities in the United States
VANCOUVER, BC, April 20,
2023 /CNW/ - Northstar Clean Technologies Inc. (TSXV:
ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to
announce that it has filed its audited annual financial statements
and management's discussion and analysis ("MD&A") on SEDAR for
the year ended December 31, 2022.
These documents are also available on the Company's website at
www.northstarcleantech.com. The Company would like to remind its
stakeholders that it has scheduled a virtual investor webcast to
discuss these results and to provide a business update to the
investment community today Thursday, April
20, 2023 at 2:00 pm PDT /
5:00 pm EDT. Details are provided
below. Financial references are in Canadian dollars unless
otherwise specified.
Mr. Aidan Mills, President &
CEO and Director of Northstar, commented, "2022 was a strong year
for Northstar, as we made significant steps to de-risk our
proprietary front-end patented technology. The Company initiated
production at its existing pilot facility in Delta, BC (the "Empower Pilot Facility"),
which delivered significant results in several key areas:
- The production fully proved the Company's proprietary Bitumen
Extraction & Separation Technology ("BEST") with shingle
feedstock processed into aggregate, fiber and asphalt (the
"Products").
- The process enabled the supply of Products to potential
customers for detailed testing, research & development. This
testing helped to secure the long-term off-take agreement for the
Calgary facility (the "Empower
Calgary Facility") with McAsphalt Industries ("McAsphalt"),and
allowed subsequent successful testing with a number of shingle and
flat roof manufacturers. Importantly, the testing results supported
the Company's view that the asphalt produced by the BEST technology
is suitable for all three target markets: (i) paving, (ii) shingle
manufacturing and (iii) flat roof manufacturing.
- The production of Products generated valuable feedback for the
design of the Empower Calgary Facility from customers, vendors and
from the production process itself. The feedback has been
incorporated into the detailed design process for the Empower
Calgary Facility by the Company's vendors and as part of the
integrated facility design led by BBA Engineering Ltd. In the
Company's view, the feedback, derived from steady state operations
at the Empower Pilot Facility, significantly de-risks the Empower
Calgary Facility design."
"We built on this progress by achieving major milestones in Q4
2022 and Q1 2023, including the definitive off-take agreement with
McAsphalt, the $7.1 million
government grant award from Emissions Reduction Alberta, the
issuance of our first patent from the United States Patent and
Trademark Office ("USPTO"), letter of intent for our first US
facility and Calgary site
selection and permitting," continued Mr. Mills.
"We are continuing to focus our time, efforts and financial
resources on our Empower Calgary Facility. We believe that our
updated project economics and internal capital estimate demonstrate
the compelling payback and return from this first-of-its-kind
project. 2023 will be the most critical year in the Company's
history, as we focus on building, constructing and financing the
Empower Calgary Facility. We are currently in advanced negotiations
on a non-dilutive funding structure to supplement the ERA
government grant award and expect to provide an update to the
market in Q2 2023," concluded Mr. Mills.
Q4 2022 Highlights
- October 2022 – Announced
the execution of a binding term sheet for a 5-year off-take
agreement with McAsphalt, a subsidiary of Colas Canada, for 100% of
liquid asphalt production from the Company's scale-up facility in
Calgary, Alberta.
- November 2022 – The USPTO
issued the Company's first-ever patent for the front-end technology
for reprocessing asphalt shingles.
- November 2022 – Received
the first truckload of previously landfill bound asphalt shingles
at the Company's Empower Pilot Facility.
- November 2022 – Signed a
letter of intent with a major industrial customer for the exclusive
right to purchase recycled asphalt from one or more of Northstar's
future facilities in the United
States.
Subsequent to Q4 2022
- January 2023 – The Mook
Group of Companies (the "Landlord") for Northstar's site for its
Empower Calgary Facility received its conditional development
permit from Rocky View County, a municipal district in Alberta adjacent to the City of Calgary.
- February 2023 – Selected
for an award of up to $7.1 million in
non-repayable project-level government grants from Emissions
Reduction Alberta for the Empower Calgary Facility.
- February 2023 – Received
notice from the Canadian Patent Office that its patent application
was approved for fast track due to the Company's green
technology.
- February 2023 – Signed a
long-term 15-year lease agreement (with two renewal options of 5
years each) with the Landlord for an industrial-zoned property of
3.98 acres located in Rocky View County, as the site for the
Company's Empower Calgary Facility.
- March 2023 – Announced the
execution of a definitive take-or-pay offtake agreement with
McAsphalt for the exclusive sale of 100% of liquid asphalt
production from the Empower Calgary Facility for a minimum term of
5 years. The commercial terms were unchanged from the binding term
sheet.
- March 2023 – Successfully
completed liquid asphalt R&D testing with major manufacturers
and progressed to product manufacturing and quality testing.
- March 2023 – Received an
Environmental Awareness Award from the Waste Management Association
of British Columbia.
- April 2023 – Announced a
non-brokered private placement of up to $2.0
million.
- April 2023 – Announced the
upsizing of the non-brokered private placement to up to
$2.3 million.
- April 2023 – Closed an
upsized non-brokered private placement of $2.73 million.
- April 2023 – Announced
updated preliminary project economics and internal capital estimate
for the Empower Calgary Facility.
Virtual Investor Webcast Call Details
Title: Northstar Clean Technologies Fourth Quarter 2022
Financial Results
Date: Thursday, April 20th,
2023
Time: 2:00 pm PDT /
5:00 pm EDT
Registration Link:
https://us06web.zoom.us/webinar/register/5716814086394/WN_Ftsjd1eOR7mTW5tHNEyrgg
Approximately two hours after the Q&A session has ended, an
archived version of the webcast will be available via the webcast
URL above.
About Northstar
Northstar Clean Technologies Inc. is a Canadian-based 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 for use in new hot mix asphalt,
shingle manufacturing and asphalt flat roof systems, and aggregate
and fiber for use in 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 both its Empower Pilot
Facility in Delta, British
Columbia and its first commercial scale up facility in
Calgary, Alberta. 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, but are not limited to,
statements concerning: (i) Northstar's updated project economics
and internal capital estimate and any intended, believed or
perceived benefits therefrom, financial or otherwise; (ii)
Northstar's ability to advance negotiations and enter into an
agreement to fund the Company through a non-dilutive funding
structure to supplement government grant awards; 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 the inability by Northstar to
close the Private Placement in whole or in part, other 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 dispute between the
sovereign state of Ukraine and
Russia also poses 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.
Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, believed,
estimated or expected. Although the Company has attempted to
identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended and
such changes could be material. The Company does not intend, and do
not assume any obligation, to update the forward-looking statements
except as otherwise required by applicable law.
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SOURCE Northstar Clean Technologies Inc.