Aduro Clean Technologies Inc.
(“
Aduro” or the “
Company”)
(Nasdaq:
ADUR) (CSE:
ACT) (FSE:
9D5), a clean technology company using the power
of chemistry to transform lower value feedstocks, like waste
plastics, heavy bitumen, and renewable oils, into resources for the
21st century, announces key developments in its commercialization
journey. As the Company prepares to commission its Hydrochemolytic™
Technology (HCT) pilot plant in Q3 2025, Aduro has appointed Dr.
Arturo Gomez as Vice President of Engineering and entered into a
new marketing agreement with Outside The Box Capital (“OTBC”).
Dr. Arturo Gomez as Vice President of
Engineering:
Arturo’s career includes senior engineering
roles at leading organizations such as MilliporeSigma (a Merck
KGaA), Lanxess and Bartek Ingredients. He has successfully led
initiatives involving automation, process design, and the
development of innovative chemical solutions, delivering improved
efficiency and cost-effectiveness. Gomez holds a Ph.D. in Chemical
and Petroleum Engineering from the University of Calgary and is a
licensed Professional Engineer (P.Eng.).
Aduro continues to enhance its strong
engineering team alongside the Company’s R&D and Operations
teams. Hiring Dr. Gomez underscores Aduro’s commitment to support
the process scale-up of its HCT. As Aduro works toward
commissioning its HCT Pilot Plant in the third quarter of this
year, Dr. Gomez’s expertise in process scale-up will prove
invaluable in completing the pilot plant and advancing the future
HCT commercial demonstration plant, further driving Aduro’s
progress on the path towards commercialization.
Onboarding Dr. Gomez strengthens the Company’s
engineering capabilities. He brings over 20 years of expertise in
process engineering and chemical process design, including leading
teams through the successful transition of technologies from
laboratory and pilot phases to commercial-scale operations. Dr.
Gomez has a history of managing complex projects in reactor design,
advanced materials manufacturing, and chemical process
optimization, positioning Aduro for a stronger path towards
commercialization.
“We are excited to welcome Arturo to the Aduro
team. His depth of experience in chemical process development and
process scale-up will strengthen our engineering capabilities and
will help drive the commercialization of our Hydrochemolytic™
platform,” said Ofer Vicus, CEO of Aduro. “In recent months, our
focus has shifted to strengthening our engineering capabilities,
and we’re all excited to welcome him to Team Aduro as we continue
progressing toward our key milestones.”
“Joining Aduro is a unique opportunity to
contribute to the development of this very special chemical
technology platform,” said Dr. Gomez. “I look forward joining the
team and collaborating to advance our efforts to scale-up our
technology.”
Marketing and Investor Relations
Agreement with Outside the Box Capital
The Company also announces that it has entered
into a marketing and consulting agreement with the arm’s length
marketing firm OTBC, of Oakville, Ontario, to build awareness as
the Company continues to work on delivering key milestones and to
provide marketing consulting and investor relations services,
including marketing through OTBC’s social media channels and online
media distribution. Specifically, OTBC will employ various social
media platforms, including Reddit, Discord, Telegram, X,
StockTwits, YouTube, and Facebook to bring investor awareness to
the Company.
Under the OTBC Agreement, for an initial term of
twelve months starting on January 15th, 2025 (the “Effective
Date”), Aduro will pay OTBC an aggregate cash compensation of
C$360,000 plus applicable taxes, with C$180,000 due within 7 days
of the Effective Date, C$126,000 due within 3 months after the
Effective Date and the remaining C$54,000 due within 6 months after
the Effective Date. Additionally, Aduro has agreed to grant to OTBC
40,000 stock options of the Company (the “OTBC Options”). The OTBC
options will be fully vested on the date of grant and exercisable
for a one-year term at a price equal to the higher of: (i) the
closing market price on the Exchange on the trading day prior to
the date of grant; (ii) the closing market price on the Exchange on
the date of grant; or (iii) C$9.00. The OTBC Options and any common
shares issuable upon exercise of the OTBC Options are subject to
resale restrictions imposed by applicable law or regulation,
including a statutory hold period expiring four months and one day
from the date of grant.
This continued engagement with OTBC builds on
prior successes in creating awareness and communication with the
investor community, further expanding the Company's visibility.
OTBC’s expertise in leveraging social media platforms has
effectively facilitated broader awareness and widespread
dissemination of the Company status reports and updates.
Grant of Options
The Company also announces that certain
employees will be granted an aggregate of 270,000 stock options
(each, an “Incentive Option”) to purchase up to 270,000 common
shares of the Company. The Incentive Options are exercisable for
two years from the date of grant at a price of C$9.00 per common
share. The Options will vest on a monthly basis over a period of
two years from the date of grant.
All 270,000 of the Incentive Options and the
common shares underlying the Incentive Options are subject to a
hold period of four months and one day from the date of grant.
None of the securities acquired upon exercise of
the stock options issued by the Company will be registered under
the United States Securities Act of 1933, as amended (the “1933
Act”), and none of them may be offered or sold in the United States
absent registration or an applicable exemption from the
registration requirements of the 1933 Act.
This news release shall not constitute
an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of the securities in any state where such offer,
solicitation, or sale would be unlawful.
About Aduro Clean
Technologies
Aduro Clean Technologies is a developer of
patented water-based technologies to chemically recycle waste
plastics; convert heavy crude and bitumen into lighter, more
valuable oil; and transform renewable oils into higher-value fuels
or renewable chemicals. The Company’s Hydrochemolytic™ technology
relies on water as a critical agent in a chemistry platform that
operates at relatively low temperatures and cost, a game-changing
approach that converts low-value feedstocks into resources for the
21st century.
For further information, please
contact:
Abe Dyck, Head of Business Development and Investor
Relationsir@adurocleantech.com+1 226 784 8889
KCSA Strategic CommunicationsJack Perkins, Vice
Presidentaduro@kcsa.com
Forward-Looking Statements
This news release contains forward-looking
statements. All statements, other than statements of historical
fact that address activities, events, or developments that the
Company believes, expects, or anticipates will or may occur in the
future, are forward-looking statements. The forward-looking
statements reflect management’s current expectations based on
information currently available and are subject to a number of
risks and uncertainties that may cause outcomes to differ
materially from those discussed in the forward-looking statements.
In this news release, the forward-looking statements include, but
are not limited to, the Company’s plans to commission its HCT pilot
plant in Q3 2025; the Company enhancing its engineering team to
support the HCT pilot plant commissioning; that Dr. Arturo Gomez
will help complete the pilot plant and advance the future HCT
commercial demonstration plant; that Aduro is progressing towards
commercializing its Hydrochemolytic™ technology; that OTBC’s social
media expertise will continue to increase awareness of the Company;
that Aduro’s continued engagement with OTBC aims to expand its
market visibility. Although the Company believes that the
assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance, and, accordingly, undue reliance should not be put on
such statements due to their inherent uncertainty. Important
factors that could cause actual results to differ materially from
the Company’s expectations include, but are not limited to, adverse
market conditions could impact the Company's ability to achieve its
goals, including the commissioning of the HCT pilot plant and the
commercialization of its technology; the success of the HCT pilot
plant and future commercial demonstration plant depend on
overcoming engineering and technical challenges, and any delays or
failures in these areas could hinder progress; the Company’s
operations and commercialization efforts are subject to various
regulatory approvals, and any delays or failures in obtaining these
approvals could impact the Company's timelines and objectives; the
Company’s ability to execute its plans depends on having sufficient
financial resources and any limitations in funding could affect the
Company's ability to achieve its milestones; the success of the
Company's marketing and commercialization efforts relies on
effective partnerships and collaborations, such as the agreement
with OTBC, and any issues in these relationships could impact the
Company's visibility and progress; the commercial success of the
Company's technology depends on market acceptance, and any
resistance or slow adoption by the market could affect the
Company's growth and business prospects; broader economic and
political factors, including changes in government policies,
economic downturns, or geopolitical tensions, could impact the
Company's operations and market opportunities; the Company operates
in a competitive industry and any advancements by competitors or
changes in the competitive landscape could affect the Company's
market position and growth prospects; and other factors beyond the
control of the parties. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether because of new information, future events, or
otherwise, except as required by applicable law.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a38439fc-4e84-405a-b6ac-617104c3a630
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