Northstar's Wholly-Owned Subsidiary Signs Letter of Intent for Long-term Lease for Planned Calgary Scale-up Facility
Northstar Clean Technologies has signed a non-binding letter of intent for a 15-year lease of a 3.98-acre industrial property in Greater Calgary, Alberta, to establish its planned Calgary Scale-Up Facility. Access to the site is expected from July 1, 2023. The property is strategically located near major transportation routes, residential areas, and the City of Calgary East Landfill. The lease allows for improvements at Northstar's discretion. The company aims to enhance its operations in sustainable asphalt shingle recovery and reprocessing.
- Non-binding LOI signed for a 15-year lease of a 3.98-acre property.
- Strategic location near the City of Calgary East Landfill.
- Access to the site expected by July 1, 2023.
- Lease allows for improvements to the facility.
- The lease is non-binding and may not be finalized.
- The change of land-use development permit is still pending, expected in 45 days from August 2, 2022.
VANCOUVER, BC, Sept. 14, 2022 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that its wholly owned subsidiary Empower Environmental Solutions Calgary Ltd. has signed a non-binding letter of intent (the "LOI") for a potential long-term 15-year lease for an industrial zoned property of 3.98 acres located in Greater Calgary, Alberta (the "Property") as the site for the Company's planned scale-up facility ("Empower Calgary"). The LOI is for an initial term of 15 years, with two extension options of five years each. The 125m x 125m site is strategically located just outside of metropolitan Calgary, easily accessed 4.4km southeast of the City of Calgary East Landfill.
The Company is expected to have access to the site starting July 1, 2023. The Property is currently zoned as industrial; however, the standard change of land-use development permit application required by the municipality was submitted on August 2, 2022 and is expected to be received in the next 45 days. The lease also allows for certain improvements to be made and financed under the lease at Northstar's discretion.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "We are excited to have identified a suitable site for our Calgary Scale-Up Facility, conveniently located near the existing City of Calgary East Landfill. We believe securing the lease will allow us to grow the Company and make long-term decisions. We are proceeding forward on negotiating the official lease agreement and will provide an update to the market in due course. This location gives us not only the space we need for the Calgary Empower Facility, but also makes disposal of single use asphalt shingles and pick up of our end products convenient for our customers and partners."
Mr. Allen Gervais, General Manager of Alberta for Northstar, stated, "We searched extensively across Greater Calgary for the last 6 months to find a suitable property for our planned Calgary Empower Facility. We identified this particular site as attractive for the following reasons: (i) easy access from major transportation routes, (ii) located close to residential areas where the shingles typically come from, (iii) located close to the nearby City of Calgary East Landfill where the shingles are typically hauled to, (iv) located close to industry partners and (v) it is a well-developed industrial area."
Jon C. Mook, Founder and President of the Mook Group of Companies, stated "We are very excited to have Northstar Clean Technologies as a tenant in our portfolio and to be a partner in Northstar's new facility in Rocky View County. Northstar's requirements are familiar to us as we have similar tenants in our portfolio today and we believe we can add value working with them to create a start-of-art processing facility in Alberta that is focused on clean technology."
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, aggregate and fiber for usage in new hot mix asphalt, 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 Empower Pilot Facility in Delta, British Columbia. 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 Company's ability to finalize and execute the lease agreement for the proposed 15-year industrial property lease in Greater Calgary, Alberta and any potential benefit derived therefrom; (ii) the anticipated timing of site access; and (iii) the receipt and anticipated timing of the change of land-use development permit required by the municipality of Calgary. 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.
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SOURCE Northstar Clean Technologies Inc.
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