Montreal, QC – TheNewswire – May 5, 2022 — 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 building and operating of turnkey TDP facilities globally, 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, 2021 (the “Annual Financial Statements”). The documents are available on SEDAR at www.sedar.com
Highlights of the Annual Financial Statements are:
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In September 2021, the Company raised an aggregate of $4,000,000 through a private placement offering of units of the Company (the Private Placement”);
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Loss for the year ended December 31, 2021 decreased by $1,091,424, from $1,917,009 during the year ended December 31, 2020 to $825,585 during the year ended December 31, 2021;
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Total assets increased by $10,565,986 between December 31, 2021 and December 31, 2020, mostly due to an increase in the Hawkesbury plant construction that was capitalized;
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Total liabilities increased by $8,587,638 between the two periods, mostly due to an increase in long term debt related to the Hawkesbury Project;
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Working capital improved by $2,129,521 as of December 31, 2021; and
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As of December 31, 2021, the Company had cash on hand of $4,404,963, mostly coming from the proceeds of the private placement.
For more details on these Annual Financial Statements of Ecolomondo, visit www.sedar.com or www.ecolomondo.com
During the fiscal year ended December 31, 2021, the Company continued on an aggressive pace to promote its TDP technology and market its TDP turnkey facilities. The company also completed construction of its state-of-the-art Hawkesbury TDP facility. The Hawkesbury TDP facility is currently undergoing commissioning with commercial operations expected to begin shortly. With commercial operations set to begin at Hawkesbury, the company is currently pursuing other opportunities and locations to build and license TDP Facilities across North America and Europe.
Additionally, as part of its global strategy, the Company recruited Hari Krishna Mynampati to serve as Global Sales Director, End Products. In this role Mr. Krishna is responsible for securing purchase orders and offtake agreements for the End Products produced at TDP facilities in addition to educating industry stakeholders on the benefits of the circular products that the Company produces. Mr. Krishna has over 13 years of experience in the Carbon Black industry serving as the Head of International Sales and Marketing at Epsilon Carbon, a leading carbon black manufacturer, and at Rex-tone Industries and Phillips Carbon Black.
The Company expects to begin operations at Hawkesbury in Q2 2022, gradually ramping up to full production volumes. Full production is defined by the company as operating the plant on a continuous basis 24 hours per day, 330 days per year. The company has received a combination of trendsetting purchase orders and off-take agreements for the high-quality recovered carbon black (“rCB”), oil and steel that will be produced at the Hawkesbury TDP facility.
“We believe that 2021 was a transformative year for Ecolomondo and we look forward to continuing our momentum, to solidify the Company’s global position in the industry and to become a large producer and supplier of recycled resources. I believe that the next 12 months will be a period of rapid growth for Ecolomondo, leading to its global success,” stated Eliot Sorella, Chairman and CEO.
In line with its aggressive expansion policy, the Company recently announced its next project, a six-reactor TDP facility to be located in Shamrock, Texas. Working in close consultation with the Shamrock Economic Development Corporation, Ecolomondo entered into a binding land purchase agreement for a 136.76-acre parcel of land on I-40 in Shamrock, Texas for the proposed plant construction.
Production capabilities for the Shamrock facility suggest an estimated processing of 50,000 metric tons per year of end-of-life tires, yielding approximately 15,900 metric tons of recovered carbon black, 128,100 barrels of oil, 5,400 metric tons of steel, 2,550 metric tons of fiber and 4,800 metric tons of syngas; roughly three times the size of the Company’s Hawkesbury (Ontario) plant output. Facility construction is expected to begin by the end of the third quarter of 2022 with completion expected in early 2024. Projected cost to build is approximately US $80 million. The Company is currently in progressive discussions to secure the required project financing and is pursuing a potential joint venture partner.
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company headquartered in Québec, Canada with an over 25-year history focused on waste-to-resource technology development and deployment. Ecolomondo has developed the proprietary TDP which recovers high value circular commodities from end-of-life tires including rCB, oil and steel. TDP lowers carbon emissions by up to 90% versus virgin carbon black production. Ecolomondo has adopted a triple bottom line approach to business focused on people, planet, and profit. Ecolomondo trades on the TSX Venture Exchange under the symbol (TSXV:ECM). To learn more, visit www.ecolomondo.com
Ecolomondo Corporation Contact
Eliot Sorella
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
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 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.
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