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MONTREAL, June 10, 2019 /CNW Telbec/ - Ecolomondo
Corporation (TSX-V: ECM) (the "Company" or "Ecolomondo")
announces that it has selected Maylan Group Inc. (the
"Contractor" or "Maylan") of Hawkesbury, Ontario, to construct the building
that will house its new Thermal Decomposition Process
("TDP") turnkey facility to be located on Tessier street in
Hawkesbury, Ontario. The Company
and the Contractor have recently signed a binding Design-Build
contract with a not-to-exceed price of $6.6
million, with substantial completion expected by
January 15, 2020.
Maylan is a privately owned construction company located in
Hawkesbury, Ontario, that since
1998 has built numerous commercial, industrial, institutional and
residential projects. Maylan prides itself on its reputation,
delivering projects on time and on budget.
The Company also issued additional purchase orders totalling
approximately $7.5 million for plant
equipment, including reactors, ground flare, gas scrubbers, carbon
black and oil processing lines.
As previously announced in a press release dated April 3, 2019, the funds for these equipment
purchases will come from the proceeds of a project financing loan
of $32.1 million from Export
Development Canada ("EDC") and from an equity injection of
approximately $5.2 million by the
Company and the Joint Venture partner, Greg
Matzel.
The Hawkesbury TDP turnkey facility will be a first of its kind
and be used as a technological showpiece to promote TDP turnkey
facilities. Once built, this state-of-the-art facility will consist
of four different processing departments (shredding, thermal,
carbon black processing, oil distillation) and, when fully
operational, this facility is expected to process a minimum of
14,000 tons of tire waste per year and produce 5,300 tons of
recovered carbon black, 42,700 barrels of oil, 1,800 tons of steel
and 1,600 tons of process gas.
About Ecolomondo Corporation
The Company is a clean tech company that is marketing its
proprietary Thermal Decomposition Process, that recovers resources
from end-of-life tires, namely recovered carbon black, oil, gas and
steel.
The Company expects that its main revenue drivers are the sale
of TDP turnkey facilities based on its thermal decomposition
technology and to collect royalties from their operation, including
revenues from the operations of wholly-owned and joint venture
turnkey facilities. TDP turnkey facilities generate their revenues
by selling the recovered resources (end-products) that they
produce, namely the recovered carbon black, oil, gas and steel.
Ecolomondo recovers a high percentage of carbon black (the
end-product with the highest commercial value) and produces high
quality end-products from tire waste and the process is energy
self-sufficient.
Ecolomondo's TDP technology began development over 25 years ago.
Today, it is a waste-to-resources company and will benefit from the
proliferation of the circular economy.
Waste-to-resources technologies such as Ecolomondo's are
expected to play a pivotal role in the circular economy. It is
expected that a dynamic circular economy will encourage recycling,
new opportunities and ready markets to recycled resources.
Ecolomondo is well positioned to take advantage of this new global
reality of recycling.
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 assurances 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.
www.ecolomondo.com
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.
SOURCE Ecolomondo Corp