Ecolomondo Corporation (TSXV: ECM) (OTC: ECLMF) (the
“Company” or “Ecolomondo”), a cleantech company
specializing in the commercialization of its Thermal Decomposition
Process (“TDP”) proprietary recycling technology and the
global deployment of TDP turnkey facilities, announces that it has
released its audited consolidated financial statements and notes
thereto and its related management discussion and analysis as of
and for the year ended December 31, 2022 (the “Annual Financial
Statements”). The documents are available on SEDAR at
www.sedar.com
Highlights of the Annual Financial Statements are:
- The Company raised capital on different occasions, all to the
benefit of the Company’s working capital:
- Mr. Eliot Sorella, Chairman and CEO, through his holding
company 3212521 Canada Inc., exercised approximately $1,000,000
worth of stock options, half on July 12 and the other half on
August 17;
- The Company closed on January 16, 2023 a non-brokered private
placement for aggregate gross proceeds of $1,000,051.60.
- Loss for the year ended December 31, 2022 increased to
$1,129,748 during the year ended December 31, 2022, from $825,585
during the year ended December 31, 2021;
- Total assets increased by $2,370,161 between December 31, 2022
and December 31, 2021, mostly due to an increase in the Hawkesbury
plant construction that was capitalized;
- Total liabilities increased by $2,406,762 between the two
periods, mostly due to an increase in long term debt related to the
Hawkesbury Project;
- The Company projects that it will require an additional
$2,300,000 in cash to complete the year 2023. It expects $950,000
to come from positive cash flows from the operations of the
Hawkesbury TDP facility. The Company continues to re-assess its
working capital needs regularly and amounts that it may need for
its working capital, operations and global expansion and, if
needed, may decide to borrow or raise capital.
During the fiscal year 2022, the Company continued to work on
process optimization, efficiency, safety, end-product processing
and commissioning of its new TDP facility in Hawkesbury (Ontario,
Canada), including preparing for its ramp-up to commercial
operations. As of December 31, 2022, capital expenditures for the
Hawkesbury facility totaled $42,451,275.
During the year 2022, the Company completed major steps
regarding the Hawkesbury TDP turnkey facility, including:
- An initial purchase order from a multinational corporation for
pyrolysis oil produced;
- Offtakes for over 80% of the Recovered Carbon Black (rCB)
production;
- The Company concluded on August 25 a Third Amending Agreement
to its original loan agreement with Export Development Canada
(“EDC”), the financial institution that loaned the Company C$32.1
million to finance the construction of the Hawkesbury facility. The
Amending Agreement allowed the deferral of interest and capital
payments that were to become due August 31 and November 30, 2022.
The Amending Agreement also allowed for the deferral of interest
and capital payments that were to become due on February 28, 2023,
and a further capital payment to become due May 31, 2023.
During the year 2022, the Company also obtained the ISO
9001:2015, ISO 14001:2015 & ISO 45001:2018 certification of its
Integrated Management System (IMS), which acknowledges Ecolomondo’s
commitment for quality, environmental impact and health and safety
at work. ISO standards are regularly reviewed to ensure its
requirements reflect best practices for organizations, as well as
the needs of customers, in the evolving marketplace.
The Company is also working on the deployment of its new
Shamrock, Texas, TDP turnkey facility, including evaluating several
other sites to build additional TDP turnkey facilities in North
America.
The Company has been actively working on its global expansion.
It is currently in discussion with interested parties for joint
ventures in France, Emirates, Saudi Arabia, Africa and USA.
For more details on these Annual Financial Statements of
Ecolomondo, visit www.sedar.com or www.ecolomondo.com
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company that
prides itself after its proprietary Thermal Decomposition
technology TDP which is headquartered in Québec, Canada. It has a
25-year history and during this time has been focused on its
development of its technology and the deployment of TDP turnkey
facilities. TDP recovers high value re-usable commodities from
scrap tire waste, notably rCB, oil, syngas, fiber and steel.
Ecolomondo expects to be a leading player in the cleantech space
and be an active contributor to the global circular economy.
Ecolomondo trades on the TSX Venture Exchange under the symbol
(TSXV:ECM). To learn more, visit www.ecolomondo.com
Our Mission, Vision & Strategy
Ecolomondo’s mission is to be a contributing participant in a
dynamic Circular Economy and to increase shareholder value by
producing and supplying large quantities of recovered resources to
be re-used in the manufacture of new products.
Ecolomondo’s vision is to be a leading producer and reseller of
recovered resources by building and operating TDP facilities,
strategically located in industrialized countries, close to
feedstock, labor and offtake clients.
Our strategy is to become a major global builder and operator of
TDP turnkey facilities, for now specializing in the processing of
ELTs. Our intent is to expand aggressively in North America and
Europe. Our experience and modular technology should help us get
there faster and better. We plan to keep performing ongoing
research and development to ensure that Ecolomondo remains
technologically advanced.
About ESG
On the social aspect the Company plans to measure global health
and safety, injury rate and gender diversity, and finally in the
corporate governance aspect, the Company is measuring ethics and
anticorruption, ESG reporting and board independence.
About TDP
The TDP process is technically proven and more advanced than
most other pyrolysis technologies. Over the years, our
Technological teams were able to overcome all uncertainties that
plagued most competitors especially in these areas: pre-filtration,
reactor cooling, reactor rotation, reactor evacuation, water
recycling, cleaning of rCB, (hydrocarbon removal), mass monitoring,
heat curve development, humidity and water removal, safety testing,
system automation, emissions control and monitoring, rCB and
pyrolysis oil post processing, efficient syngas reuse.
TDP is Environmentally Friendly – CO2 Reduction
By producing rCB, TDP reduces GHG emissions by 90% versus the
production of virgin carbon black. The production of rCB at the
Hawkesbury and Shamrock facilities are expected to reduce CO2
emissions by 22,400 and 67,200 tons per year, respectively.
Please follow Ecolomondo on Twitter, Facebook, LinkedIn,
Instagram and YouTube.
Twitter: https://twitter.com/EcolomondoECM Facebook:
https://www.facebook.com/EcolomondoECM LinkedIn:
https://www.linkedin.com/company/ecolomondo/ Instagram:
https://www.instagram.com/ecolomondoecm/ YouTube:
https://www.youtube.com/@Ecolomondo
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain
information and statements about management's view of future
events, expectations, plans and prospects that constitute forward
looking statements. These statements are based upon assumptions
that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of
factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and
indicated by these forward-looking statements. Although Ecolomondo
believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurance that the
expectations of any forward-looking statements will prove to be
correct. Except as required by law, Ecolomondo disclaims any
intention and assumes no obligation to update or revise any
forward-looking statements to reflect actual results, whether as a
result of new information, future events, changes in assumptions,
changes in factors affecting such forward-looking statements or
otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230501005769/en/
Ecolomondo Corporation Contact Eliot Sorella Chairman and
Chief Executive Officer, Ecolomondo Tel: (450) 587-5999
esorella@ecolomondocorp.com www.ecolomondo.com
Ecolomondo (TSXV:ECM)
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Ecolomondo (TSXV:ECM)
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