VANCOUVER, BC and CALGARY, AB, April 11,
2024 /CNW/ - Northstar Clean Technologies Inc. (TSXV:
ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to
announce that the Company and its strategic investor, TAMKO
Building Products LLC ("TAMKO"), have mutually agreed that
Northstar's first U.S. asphalt shingle reprocessing facility (the
"Northstar U.S. Expansion Facility") will supply TAMKO's asphalt
shingle production facility located in Frederick, Maryland, USA.
After a comprehensive review of several potential market options
for the Northstar U.S. Expansion Facility, the Board of Directors
of the Company approved the nominated choice for the Mid Atlantic
Region. This area encompasses Maryland, Delaware, Pennsylvania, New
Jersey, New York, and parts
of Virginia and West Virginia.
Over the upcoming months, Northstar and TAMKO will work together
to find the ideal location for both the optimal supply to TAMKO's
asphalt shingle production facility in Frederick, Maryland, and Northstar's
processing and recovery facility for asphalt shingles. This
collaborative effort has the goal of delivering the optimal site
for Northstar's first U.S. facility.
Mr. Aidan Mills, President &
CEO and Director of Northstar, stated, "We are pleased to announce
this major milestone of progression in our strategic partnership
with TAMKO, marking a pivotal step towards our expansion into the
U.S. market in 2025-2026. This strategic decision now gives us the
required lead time for the site selection and permitting processes.
The U.S. is a critical market for us and given the numerous
advantages of the Mid Atlantic region both for Northstar's
selection criteria and TAMKO's asset flexibility, we are excited to
progress together on the next step of detailed site selection."
Mr. Jeffrey Beyer, Vice President
and Chief Operating Officer of TAMKO, stated, "We are excited to
announce our strategic collaboration with Northstar on the
selection of the first U.S. location. Together, we are committed to
identifying the optimal site for the inaugural U.S. facility,
serving our operations in Frederick,
Maryland. By redirecting asphalt shingle waste, we are not
only mitigating environmental impact but also spearheading a
sustainable future for our communities."
On July 31, 2023, Northstar
announced a US$10.0 million arms
length strategic investment from TAMKO's subsidiary, Allmine Paving
LLC, which included two phases: US$6.4
million of preferred shares (Phase 1) and US$3.6 million of unsecured three-year debentures
(Phase 2), which is to be purchased in two tranches and conditional
on the attainment of certain milestones.
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 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 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 TSX Venture Exchange ("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) the location for both the Company's
processing and recovery facility and the optimal supply to TAMKO's
asphalt shingle production facility; (ii) the Company's goals and
timeline for expansion into the U.S. market; (iii) the projected
advantages of expanding into the U.S. market; (iv) the Company's
plans for reprocessing asphalt shingle waste; and (v)
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
Company's annual information form for the year ended December 31, 2022 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 conflicts in Ukraine and Palestine 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.