Northstar Issued Second Patent by United States Patent & Trademark Office and Amends Stock Options

Rhea-AI Summary

Northstar Clean Technologies (TSXV: ROOF, OTCQB: ROOOF) announced it has been issued a second patent by the USPTO for its proprietary technology to reprocess asphalt shingles. This is part of a series of follow-on patents, with the third and fourth patents pending. The patent is valid until 2044. The company is also progressing similar applications in Canada and internationally. Additionally, Northstar's board amended the exercise price of 6,205,854 stock options from $0.35 to $0.21 per share, with most of these options held by insiders, subject to TSXV and shareholder approval.

Positive

• Issued second patent by USPTO for proprietary technology.
• Patent valid until 2044, ensuring long-term IP protection.
• Progressing patent applications in Canada and internationally.
• Continuation of commitment to innovation and commercial opportunities in clean technology.

Negative

• Stock options exercise price reduced from $0.35 to $0.21, indicating potential undervaluation.
• Amendment of stock options subject to TSXV and shareholder approval, creating uncertainty.

VANCOUVER, BC and CALGARY, AB, May 15, 2024 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has been issued a follow-on patent (the "Patent") by the United States Patent and Trademark Office ("USPTO") for the Company's proprietary technology for reprocessing asphalt shingles.

The Patent is the first of three follow-on patents (in addition to the first initial patent, totaling four patents in aggregate) submitted by the Company following the issuance of the Company's first front-end technology patent, previously announced by the Company on November 8, 2022. The first two steps of the Company's four step processing technology have now been fully patented, with the third and fourth submitted and under patent-pending protection. The Patent is expected to remain in force until 2044. Further, the Company continues to progress the application for patent approval in Canada, previously announced by the Company on February 14, 2023, and its international Patent Cooperation Treaty application.

Mr. Aidan Mills, President & CEO and Director of Northstar, stated "This recent patent issuance continues to demonstrate our commitment to protecting the innovation of our proprietary clean technology portfolio and the significant commercial opportunity that it represents for our company, our stakeholders, and our partners. We are delighted to be issued our second patent from the USPTO for the second stage of our four-stage proprietary technology for reprocessing asphalt roofing shingles. We believe the approval of the Patent is a testament to the strength of our proprietary technology and helps protect the Company's intellectual property. We also believe the Patent furthers Northstar's mission to be the leader in the recovery and reprocessing of asphalt shingles in North America."

Stock Options Update

The Company also announces that its board of directors (the "Board") has amended the exercise price (the "Stock Option Amendment") of an aggregate of 6,205,854 options (each, an "Option") to purchase Common Shares, as to 2,500,000 Options granted on February 16, 2021, 2,100,000 Options granted on July 12, 2021, 875,000 Options granted on December 15, 2021, 200,000 Options granted on February 7, 2022, 260,854 Options granted on April 19, 2022, 20,000 Options granted on August 30, 2022, and 300,000 Options granted on June 12, 2023, from $0.35 per Common Share to $0.21 per Common Share. All other terms and conditions related to the Options will remain unchanged. An aggregate of 4,385,427 of the Options are held by insiders of the Company as such term is defined by the policies of the TSXV. Accordingly, the Stock Option Amendment remains subject to the approval of the TSXV as well as disinterested shareholder approval for the amendment of the exercise price for those Options held by those insiders of Northstar.

About Northstar

Northstar Clean Technologies Inc. is a Canadian 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 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

Cautionary Statement on Forward-Looking Information

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) Northstar's plans to file an international patent, (ii) Northstar's ability to obtain TSXV approval for the Stock Option Amendment as well as disinterested shareholder approval for the amendment of the exercise price for those Options held by insiders of Northstar, (iii) Northstar's ability to become a leader in the recovery and reprocessing of asphalt shingles in North America, as well as (iii) any general statement regarding potential commercial benefits with respect to the Patent derived by Northstar. 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 dispute between the sovereign state of Ukraine and Russia also poses 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.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/northstar-issued-second-patent-by-united-states-patent--trademark-office-and-amends-stock-options-302146941.html

SOURCE Northstar Clean Technologies Inc.

FAQ

What recent patent did Northstar Clean Technologies receive?

Northstar received a second patent from the USPTO for its technology to reprocess asphalt shingles.

How long is Northstar's new patent valid?

The new patent is expected to remain in force until 2044.

What is the significance of Northstar's new patent?

The patent protects Northstar's proprietary technology and reinforces its leadership in asphalt shingles reprocessing.

What stock option changes did Northstar announce?

Northstar amended the exercise price of 6,205,854 stock options from $0.35 to $0.21 per share.

Are Northstar's stock option amendments final?

No, the amendments are subject to TSXV and disinterested shareholder approval.