CIELO WASTE SOLUTIONS CRP - CWSFF STOCK NEWS

Cielo Waste Solutions Corp. has appointed Mr. Gregg Gegunde as CEO while retaining Mr. Don Allan as President and Chair. This management change aims to bolster growth as the company transitions to large-scale commercialization of its waste-to-diesel technology. Cielo is on track to achieve operational milestones, including the start-up of its desulfurization unit and enhancements at its Aldersyde facility. The company plans to file its Q1 fiscal results on September 28, 2021, followed by a conference call on September 29, 2021, to discuss the developments.

Cielo Waste Solutions Corp. announced the resignation of two directors, Ms. Andrea Whyte and Mr. George H. Brookman, from its board. The company expressed gratitude for their contributions and wished them well in future endeavors. Cielo, known for its proprietary technology converting waste into renewable fuels, continues to operate its facility in Aldersyde, Alberta. This leadership change may bring new perspectives to the company's strategy as it aims to expand its waste-to-fuel operations throughout Canada and the U.S.

Cielo WasteSolutions Corp. (CWSFF) filed its annual audited financial statements for the year ending April 30, 2021, reporting total assets increased by $24.8 million to $45.2 million, driven by a $17.1 million cash rise. Non-current liabilities decreased by $7.7 million. However, the company reported a net loss of $39.7 million, significantly higher than the previous year's $4.2 million, primarily due to a $28.5 million non-cash fair value change in warrant liability. The management remained committed to improving performance amid a management cease trade order (MCTO) related to the delayed filing.

Cielo Waste Solutions Corp. has appointed Andrea Whyte to its Board of Directors effective September 9, 2021. Whyte, a partner at Osler, brings expertise in corporate finance and governance. Additionally, the company provided an update regarding a Management Cease Trade Order (MCTO) issued due to delays in filing annual audited financial statements. Cielo anticipates filing these documents by September 20, 2021, and is committed to satisfying alternative information guidelines during the process, ensuring no material defaults affecting shareholders.

Cielo Waste Solutions Corp. (OTCQB:CWSFF) announced that the British Columbia Securities Commission has accepted its application for a Management Cease Trade Order (MCTO) due to delays in filing audited financial statements for the year ending April 30, 2021. The MCTO, issued on August 31, 2021, restricts trading by the CEO and CFO until the filings are completed, anticipated by September 14, 2021. The public can continue trading Cielo's shares, and the company will provide biweekly updates during this period. No insolvency proceedings are currently against the company.

Cielo Waste Solutions has signed a non-binding Letter of Intent (LOI) with Kodiak Chemical Solutions to purchase Waste Derived Naphtha (WDN) from its Alberta production facilities. The agreement anticipates a profitable revenue stream driven by market-demand pricing. Cielo is also focusing on operational enhancements at its Aldersyde facility and plans to move its corporate office to downtown Calgary. The commissioning of a desulfurization process is expected by the end of September 2021. The company aims to expand its production of renewable fuels using proprietary technology.

Cielo Waste Solutions has announced the appointment of George H. Brookman and Larry Schafran to its board of directors, effective September 8, 2021, replacing Doug Mackenzie and Chris Dovbniak who are resigning. Additionally, Christopher Sabat has been appointed as Corporate Secretary and General Counsel, effective September 1, 2021. The company also disclosed a delay in filing its annual financial statements for the fiscal year ended April 30, 2021, due to the need to restate previous financial documents. An application for a Management Cease Trade Order has been made to the BC Securities Commission.

Cielo Waste Solutions has successfully acquired a 60-acre industrial site in Fort Saskatchewan, Alberta, complemented by a 31,750 square foot industrial building, for CDN$13M, offering a net savings of CDN$9M. The site, previously developed at a cost of CDN$22M, is set to expedite Cielo's future waste-to-fuel facility operations. Concurrently, the company secured a CDN$12M mortgage loan at a 6% annual interest rate to help finance the purchase. The loan includes 12 million share purchase warrants as an inducement and has received conditional approval from the TSX Venture Exchange.

Cielo Waste Solutions has successfully completed a non-brokered convertible debenture financing, securing gross proceeds of CDN$4,000,000. This financing involved the issuance of 4,000 unsecured convertible debentures, each worth CDN$1,000, convertible into common shares at $1.25 per share within a 12-month period. The funds will support engineering work for a new facility in Fort Saskatchewan, Alberta. Cielo will also pay transaction fees totaling CDN$600,000. The debentures are subject to a 4-month hold period, ending December 4, 2021.