Q1 2023 Business Highlights
- 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.
- Executed 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.
- Signed a long-term lease agreement for 3.98 acres located
in Rocky View County for the Empower Calgary Facility.
VANCOUVER, BC, May 30, 2023
/CNW/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB:
ROOOF) ("Northstar" or the "Company") is pleased to announce that
it has filed its first quarter 2023 unaudited financial statements
and management's discussion and analysis on SEDAR for the three
months ended March 31, 2023. 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 an update to the investment
community tomorrow Wednesday, May 31,
2023, at 14:00 PDT /
17:00 EDT. Details are provided
below. Financial references are in Canadian dollars unless
otherwise specified.
Mr. Aidan Mills, President &
CEO and Director of Northstar, commented, "We've continued the
momentum from the last year with strong progress in Q1 2023. I'm
incredibly proud of the Northstar team for helping provide the
Company the opportunity to secure up to $7.1
million in non-repayable project-level government grants
from Emissions Reduction Alberta ("ERA"). This award has provided
strong validation that our work to divert asphalt shingles from
landfills back into the circular economy has not gone unnoticed and
that governments value the work we're doing and are willing to
invest."
"Progress on the Empower Calgary Facility also advanced on
several fronts, including signing a long-term lease for the future
site of the facility, a short distance from the City of Calgary's East Landfill and our
landlord receiving conditional development permits. Work by the
landlord has already begun on site and is moving along well."
"Lastly, but perhaps most importantly, we successfully completed
liquid asphalt R&D testing with major manufacturers, and we are
now in the midst of product manufacturing and quality testing with
this same group of major manufacturers."
"Our focus continues to be on progressing the Empower Calgary
Facility while conserving capital. On April
19, 2023, we closed an upsized non-brokered private
placement of $2.73 million which
provides significant runway for us to continue to focus on securing
a non-dilutive funding structure to supplement the ERA government
grant," concluded Mr. Mills.
Q1 2023 Highlights
- 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 ERA 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.
Subsequent to Q1 2023
- 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.
- May 2023 – Provided update
on site development work at the Empower Calgary Facility.
- May 2023 – Announced
completion of milestones required to commence detailed engineering
of the Empower Calgary Facility.
Virtual Investor Webcast Details
Topic: Northstar Clean Technologies First Quarter
Financial Results Webcast
Date: May 31, 2023
Time: 14:00 PDT / 17:00 EDT
Webcast URL:
https://us06web.zoom.us/webinar/register/8916845129112/WN_VaIt952eSISUsa2fZZAO-Q
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 ability to finalize and
secure the ERA grant award; and (ii) 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. Further, the ongoing labour
shortages, high energy costs, 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. Readers are cautioned that forward-looking statements
are not guarantees of future performance or events and,
accordingly, are cautioned not to put undue reliance on
forward-looking statements due to the inherent uncertainty of such
statements. These forward-looking statements are made as of the
date of this news release and, unless required by applicable law,
the Company assumes no obligation to update these forward-looking
statements.
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SOURCE Northstar Clean Technologies Inc.