Northstar Completes Site Development Work at Empower Calgary Facility and Announces Update to Incentive Plan
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Over the past few months, the Company and the Landlord completed the following:
- Installation of lighting, fencing, and foundations for the weigh scale
- Installation of required electrical work
- Paving of the parking lot
- Landscaping at the front of the site
Mr. Aidan Mills, President & CEO and Director of Northstar, stated "We are pleased to have the site development work for our Empower Calgary Facility completed. Our Landlord and the Northstar team have been working diligently over the past few months to prepare the site for construction and we are delighted that is now complete. This is an important milestone in the progress of the project. The photos below demonstrate our progress."
As of September 1, 2023, the Company formally took occupancy and gained access to its site for the Empower Calgary Facility, as per the 15-year lease agreement executed by the Company and the Landlord, previously announced by the Company on February 24, 2023.
Pursuant to the Company's Long-Term Performance Incentive Plan, the Company announces that it has issued an aggregate 534,283 restricted share units (each, a "RSU") and 4,007,140 performance share units (each, a "PSU") to officers and key employees of the Company. The RSUs and PSUs will vest as to one-half on each of September 7, 2024, and March 31, 2025. Each RSU and PSU represents the right to receive, once vested, one common share in the capital of the Company. The number of shares earned upon the vesting of the PSUs will be determined by the performance of each individual and will be subject to approval by the Board of Directors.
The Company also announces it has granted an aggregate of 395,472 stock options to directors, officers, and employees at an exercise price of
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 its first commercial scale up facility in
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, but are not limited to, statements concerning: (i) the anticipated development and building of the Empower Calgary Facility; (ii) the completion of detailed design engineering for the Empower Calgary Facility; (iii) the anticipated ordering of long-lead equipment, and (iv) Northstar's ability to become a leader in the recovery and reprocessing of asphalt shingles in
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SOURCE Northstar Clean Technologies Inc.
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