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MONTREAL, Aug. 29, 2019 /CNW Telbec/ - Ecolomondo
Corporation (TSXV: ECM) (the "Company" or "Ecolomondo")
releases its unaudited interim condensed consolidated financial
statements and notes hereto and its related management discussion
& analysis ("MD&A") for the interim period ended
June 30, 2019 (the "Interim
Financial Statements").
During the second quarter of 2019, the Company continued to
market and improve its Thermal Decomposition ("TDP")
technology and was very active in promoting its TDP turnkey
facilities globally.
During the period, the Company made considerable progress
towards the construction of its new TDP turnkey facility in
Hawkesbury, Ontario. It signed
with Maylan Group a binding Design-Build contract with a
not-to-exceed price of $6.6 million,
with substantial completion expected by January 15, 2020 and commissioning of the plant
by the end of the first quarter 2020. The Company issued purchase
orders for long-lead items totalling approximately $7.5 million of the plant equipment, including
reactors, ground flare, gas scrubbers, carbon black and oil
processing lines.
In fact, the Company held a groundbreaking ceremony on
August 21, 2019 and expects the
construction and commissioning to be completed by the end of the
first quarter of 2020.
During the period, as previously announced, the Company secured
a project financing loan of $32.1
million with Export Development Canada ("EDC"), which
is expected to close before the end of the third quarter. The
Company believes that EDC will be a key player in the Company's
global future expansion and the proliferation of TDP turnkey
plants. EDC is a financial Crown corporation dedicated to helping
Canadian companies of all sizes succeed on the world stage.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that is
commercializing its waste-to-products technology. The Thermal
Decomposition Process ("TDP") converts hydrocarbon waste
into marketable commodity end-products, namely carbon black
substitute, oil, gas and steel. Technologies such as Ecolomondo's
are expected to play an important role in resource recovery needed
in today's circular economy.
Management believes that technological breakthroughs in areas of
emissions, process optimization, automation, end-product processing
and safety, position Ecolomondo to become an industry leader.
The Company's main revenues will come from the sale of TDP
turnkey facilities and royalties from their operations. TDP
facilities will generate revenues from the sale of end-products,
tipping fees and carbon credits. Ecolomondo's first focus is to
market TDP turnkey facilities that use scrap tires as a feedstock,
because scrap tires yield end-products with a higher commercial
value, especially the recycled carbon black.
www.ecolomondo.com
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.
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
