Q4 2023 Highlights
- Commenced detailed engineering design for its planned
asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary
Facility")
- Placed orders for three long-lead items for the Empower
Calgary Facility
- Announced a private placement of convertible debenture units
for up to $3.5 million
- Closed the first tranche of the private placement for gross
proceeds of $2.26 million (and
subsequently closed the second tranche in Q1 2024, totaling
$3.6 million)
VANCOUVER, BC and CALGARY, AB, April 29,
2024 /CNW/ - Northstar Clean Technologies Inc. (TSXV:
ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to
announce that it has filed its 2023 audited annual financial
statements and management's discussion and analysis for the year
ended December 31, 2023 on the
Company's profile at SEDAR+ at www.sedarplus.ca. These documents
are also available on the Company's website at
www.northstarcleantech.com.
Mr. Aidan Mills, President &
CEO and Director of Northstar, stated, "2023 and 2024 have
represented a transformational time for the Northstar business. In
2023, the Company delivered on a number of critical objectives for
the business including: executing a 5-year asphalt offtake
agreement for the Empower Calgary Facility with McAsphalt, a
subsidiary of Colas SA, one of the largest global asphalt
companies; receiving an Emissions Reduction Alberta circular
economy award of $7.088 million in
non-repayable government grants; securing both debt financing for
the Empower Calgary Facility of $8.75
million from BDC; and a corporate strategic investment from
TAMKO Building Products, a major U.S. shingle manufacturer, for
US$10 million. The support from major
strategic customers, coupled with secured funding, engineering
design work, and project de-risking from the Company's pilot
facility, enabled us to commence detailed design engineering and
place orders for essential long-lead equipment items in the second
half of 2023."
Mr. Mills continued, "The first four months of 2024 have also
been marked by significant developments for the business. With
feedstock supply contracts from IKO Industries Ltd. and Ecco
Recycling & Energy Corporation, we have secured all our
required Empower Calgary Facility commissioning volume, the
majority of our operating feedstock supply, and significant
potential upside for the Empower Calgary Facility production. We
have also completed Empower Calgary Facility detailed engineering
design and commenced the fabrication phase for the project. The
validation of this critical step by both Alberta Innovates and
Emissions Reduction Alberta, supported by their recent respective
payments of $100,000 and $1.34 million, is a major milestone for the
Empower Calgary Facility. Lastly, along with TAMKO, our strategic
partner, we have identified TAMKO's asphalt shingle manufacturing
plant in Frederick, Maryland as
the first location for supply for Northstar in the United States."
Q4 2023 Highlights
- October 2023 – Commenced detailed
engineering design for the Empower Calgary Facility.
- November 2023 – Placed orders for
three major long-lead equipment items for the Empower Calgary
Facility, totaling $3.3 million in
value.
- November 2023 – Announced a
private placement of convertible debenture units for up to
$3.5 million.
- December 2023 – Announced the
closing of the first tranche of the convertible debenture unit
private placement for gross proceeds of $2.26 million.
- December 2023 – Announced
a CFO transition and appointed Mr. Christopher Park to serve as the Company's
interim CFO.
Subsequent to Q4 2023
- January 2024 – Announced a
five-year manufacturing waste asphalt shingle supply agreement
with IKO Industries Ltd. ("IKO") for the Empower Calgary
Facility.
- January 2024 – Received the first
delivery of asphalt shingles from IKO at the Empower Calgary
Facility.
- February 2024 – Announced closing
of final tranche of over-subscribed private placement, totaling
over $3.6 million.
- April 2024 – Received ERA
approval for grant funding milestone following completion of
detailed engineering design.
- April 2024 – Northstar and
TAMKO select TAMKO's Frederick,
Maryland plant as first U.S. supply location.
- April 2024 – Received
$1.34 million from ERA in grant
funding following approval of the first milestone of completing
detailed engineering design.
- April 2024 – Announced a
three-year asphalt shingle supply agreement with Ecco
Recycling & Energy Corporation ("Ecco Recycling") for the
Empower Calgary Facility and further landfill supply study for Ecco
Recycling's C&D landfill in Calgary, which has an estimated 500,000 tonnes
of potential shingle supply.
- April 2024 – Received the first
delivery of asphalt shingles from Ecco Recycling at the
Empower Calgary Facility.
The Company will host a virtual investor webcast to discuss
these financial results and to provide a business update to the
investment community on Tuesday, April 30,
2024, at 14:00 PDT /
17:00 EDT. Details are provided
below.
Title: Northstar Clean Technologies 2023 Annual Financial
Results
Date: Tuesday, April 30, 2024
Time: 14:00 PDT / 17:00 EDT
Registration:
https://us06web.zoom.us/webinar/register/3117123328669/WN_W-q8-p-8Tg-NxDZPzj8OiQ
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 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 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 anticipated development and building
of the Empower Calgary Facility; (ii) the continued supply of
asphalt shingles to Northstar's Calgary facility; (iii) the potential
upside for Northstar's Calgary
facility production Northstar's; (iv) the building of a
Northstar facility in the US; 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 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 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.