Northstar Announces Successful Completion of Liquid Asphalt R&D Testing with Major Manufacturers and Progression to Manufacturing and Product Testing
Northstar Clean Technologies Inc. (TSXV: ROOF, OTCQB: ROOOF) has disclosed the successful completion of R&D testing for its liquid asphalt by major shingle and flat roofing manufacturers. These manufacturers will initiate manufacturing and product testing in the first half of 2023, following positive results. Assuming success in this phase, Northstar anticipates entering negotiations for long-term liquid asphalt supply agreements. The company will continue production for this testing at its Empower Pilot Facility in Delta, British Columbia, with a focus on delivering test volumes until Q3 2023. CEO Aidan Mills expressed optimism about expanding markets for Northstar's liquid asphalt.
- Successful R&D testing of liquid asphalt by major manufacturers.
- Manufacturers to commence product manufacturing and quality testing in 1H 2023.
- Potential for long-term supply agreements following successful testing.
- Production continues at the Empower Pilot Facility in Delta, BC.
- None.
- Northstar's liquid asphalt was R&D tested in 2022 by numerous major shingle and flat roof manufacturers for its suitability in asphalt shingle and flat roof manufacturing
- These tests were successful and the manufacturers will now commence manufacturing and product testing during 1H 2023
- Assuming successful testing, the Company expects to progress to the negotiation of long-term liquid asphalt supply agreements with these manufacturers
VANCOUVER, BC, March 8, 2023 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that several major domestic and international asphalt shingle and flat roofing manufacturers (collectively, the "Manufacturers") have successfully completed their detailed research and development ("R&D") testing of Northstar's liquid asphalt for use in asphalt shingles and flat roofing systems. As such, they will now commence product manufacturing and quality testing with Northstar's liquid asphalt.
Manufacturing testing will test both the suitability of Northstar's liquid asphalt in the Manufacturers' production process, and the quality of the final products made using Northstar's liquid asphalt.
The Company will continue to produce its liquid asphalt for manufacturing testing at Northstar's asphalt shingle reprocessing facility in Delta, British Columbia (the "Empower Pilot Facility"). Delivery of manufacturing test volume will therefore be the focus of the Empower Pilot Facility until Q3 2023.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "We believe Northstar's liquid asphalt is suitable for three sectors: paving, shingle manufacturing and flat roof manufacturing. We know, given our long-term offtake agreement with McAsphalt Industries Limited, that our liquid asphalt satisfies the requirements for the paving industry. The positive results of this R&D testing, carried out by several sophisticated Manufacturers is very encouraging, suggesting similar applicability of Northstar's liquid asphalt to both shingle and flat roof manufacturing furthering the circular economy for our asphalt. Given the significant due diligence that the Manufacturers have already carried out, this next step of moving to manufacturing and product testing is a major vote of confidence in Northstar's liquid asphalt and significantly opens further markets for our asphalt. This is another milestone for Northstar in the commercialization of our asphalt product in our target market sectors, as successful product testing will advance the potential development of long-term commercial agreements."
Northstar Clean Technologies Inc. is a Canadian-based clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar has developed a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracting the liquid asphalt for use in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fiber for use in construction products and other industrial applications. Focused on the circular economy, Northstar plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale at both its Empower Pilot Facility in Delta, British Columbia and its first commercial scale up facility in Calgary, Alberta. As an emerging innovator in sustainable processing, Northstar's mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America, extracting the recovered components from asphalt shingles that would otherwise be sent to landfill.
For further information about Northstar, please visit www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has neither approved nor disapproved the contents of this press release.
This press release may contain forward–looking information within the meaning of applicable securities legislation, which forward–looking information reflects the Company's current expectations regarding future events. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Forward-looking statements in this press release include statements concerning: (i) the anticipated successful product testing by shingle and flat roof manufacturers; (ii) the successful execution of long-term supply agreements with shingle and flat roofing manufacturers; and (iii) the Company's ability to become a leader in the recovery and reprocessing of asphalt shingles in North America. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company as well as those risks and uncertainties which are more fully described under the heading "Risk Factors" in the final prospectus of the Company dated June 18, 2021 and in the Company's annual and quarterly management's discussion and analysis and other filings with the Canadian securities regulatory authorities under the Company's profile on SEDAR. The ongoing COVID-19 pandemic, labour shortages, inflationary pressures, rising interest rates, the global financial climate and the conflict in Ukraine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company does not undertake any obligation to update such forward–looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.
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SOURCE Northstar Clean Technologies Inc.
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