Ecolomondo Releases Its Interim Consolidated Financial Statements for the Third Quarter of 2023. Provides Amendment to Market Making Services Agreement
- Significant headway in production ramp-up at the Hawkesbury facility
- Secured a further advance of $1,000,000 from a company under common control
- Filed an application for listing on the OTCQB Markets under the symbol 'ECLMF' in the United States
- Loss for the quarter was $511,354
- Capital expenditures for the Hawkesbury TDP turnkey facility totaled $46,234,419
- Postponement of principal and interest payments to November 30, 2023
Not for Distribution to
During the quarter ended September 30, 2023, the Company gained significant headway in production ramp-up of its state-of-the art Hawkesbury TDP turnkey facility. During the quarter, the company had revenues of
Highlights of the unaudited consolidated financial statements and notes thereto for the interim period ended September 30, 2023, are:
-
The Company had revenues of
mostly from the sale of end-products produced at the$105,486 Hawkesbury facility. -
The Company received a further advance from a company under common control of
bringing the total for the year to$725,300 .$1,175,300 -
Loss for the quarter was
, compared to$511,354 for the same period in 2022.$573,152 -
As of September 30, 2023, capital expenditures for the Hawkesbury TDP turnkey facility totaled
.$46,234,419 -
Accounts payable and accrued liabilities decreased by
between December 31, 2022, and September 30, 2023.$1,053,480
Subsequent Events
-
On October 1, 2023, the company secured a further advance of
from a company under common control.$1,000,000 -
On October 10, 2023, the Company filed an application for listing on the OTCQB Markets under the symbol "ECLMF" in
the United States operated by OTC Markets Group Inc. This significant step further solidifies Ecolomondo’s commitment to expanding its global footprint and accessibility for investors. Ecolomondo’s common shares will continue to trade on the TSX Venture Exchange under the symbol "ECM". -
Ecolomondo entered into amending agreements to the original loan agreement with Export Development Canada ("EDC") on July 26, September 28, and subsequently on October 31. The Original loan Agreement was executed on April 3, 2019, to finance the construction of the Company’s first-of-its-kind new turnkey thermal decomposition facility in the
Town of Hawkesbury, Ontario (the "Hawkesbury facility") to process end-of-life tires to produce renewable resources. The Amending Agreements allow for the postponement of principal and interest payments to November 30, 2023, as the Company continues to work through the final documentation of renegotiating the conditions of its asset-backed loan with the EDC.
Ecolomondo successfully performed the simultaneous production cycles of optimal payloads using both the reactors at its Hawkesbury TDP facility. The facility initially began testing its reactors in January 2023 with an initial payload of 1,600 lbs and payloads were gradually increased and reached the optimal payload goal of 15,000 lbs per production cycle of each reactor.
On July 11, 2023, the Company announced that it received the International Sustainability and Carbon Certification (“ISCC”) for its Hawkesbury TDP facility, another step forward towards commercial operations. ISCC is a Global Sustainability Certification System and offers chain-of-custody certification systems to ensure traceability and feedstock identity.
On August 2, 2023, Reactor 1 of its 2-reactor TDP plant in
During the third quarter of 2023, the Company continued to make considerable headway at its
The total budgeted cost of the
Amendments to Previous Press Releases
-
Market Making Services Agreement with ITG
The Company is seeking acceptance by the TSX Venture Exchange (the "Exchange") regarding the market making services agreement between the Company and Independent Trading Group (ITG), Inc. ("ITG") that was announced in a press release dated September 29, 2023 (the "Services Agreement").
As a result of the Exchange’s review, the Company made the following edits to the Services Agreement:- A reference to a section has been corrected to reflect the appropriate section.
- Any assignment of the Services Agreement will be done in accordance with and subject to the Exchanges requirements; and
- Any amendment to the Services Agreement will be subject to the Exchange’s approval.
The Services Agreement is subject to acceptance by the Exchange.
About Independent Trading Group (ITG), Inc.
ITG is a
-
Ecolomondo announces an expanded leadership team
In a press release dated October 4, 2023, the text "Vaizag holds an MBA degree in Finance fromCarleton University and is a CPA and CFA" is corrected to "Vaizag holds an MBA degree in Finance fromCarleton University and holds a CA and CFA Level 2 Cleared certification".
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company that prides itself after its proprietary Thermal Decomposition technology TDP which is headquartered in
About the Hawkesbury Plant – A 2-Reactor TDP Facility
The
About the Shamrock Project – A 6-Reactor TDP Facility
Processing capabilities for the
Our Mission, Vision & Strategy
Ecolomondo’s mission is to be a contributing participant in a dynamic Circular Economy and to increase shareholder value by producing and supplying large quantities of recovered resources to be re-used in the manufacture of new products.
Ecolomondo’s vision is to be a leading producer and reseller of recovered resources by building and operating TDP facilities, strategically located in industrialized countries, close to feedstock, labor and offtake clients.
Our strategy is to become a major global builder and operator of TDP turnkey facilities, for now specializing in the processing of ELTs. Our intent is to expand aggressively in
ISO Certification
The Company has obtained ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certification of its Integrated Management System (IMS), which acknowledges Ecolomondo’s commitment for quality, environmental impact and health and safety at work.
Environmental, Social & Governance (ESG)
On the social aspect the Company plans to measure global health and safety, injury rate and gender diversity, and finally in the corporate governance aspect, the Company is measuring ethics and anticorruption, ESG reporting and board independence.
About TDP
The TDP process is technically proven and more advanced than most other pyrolysis technologies. Over the years, our Technological teams were able to overcome all uncertainties that plagued most competitors especially in these areas: pre-filtration, reactor cooling, reactor rotation, water recycling, processing of rCB, (hydrocarbon removal), mass monitoring, heat curve development, humidity and water removal, safety testing, system automation, emissions control and monitoring.
TDP is Environmentally Friendly – CO2 Reduction
By producing rCB, TDP reduces GHG emissions by
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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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231129680300/en/
Ecolomondo Corporation
Eliot Sorella
Chairman and Chief Executive Officer, Ecolomondo
(450) 587-5999
esorella@ecolomondocorp.com
www.ecolomondo.com
Source: Ecolomondo Corporation
FAQ
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