Northstar Signs Long-Term 15-Year Lease Agreement with Two 5-Year Renewal Options for Industrial-Zoned 4-Acre Property for Planned Calgary Scale-Up Facility

Rhea-AI Summary

Northstar Clean Technologies has signed a 15-year lease for a 4-acre industrial site in Rocky View County, Alberta, with two 5-year extension options. This strategic location is 4.4km from the City of Calgary East Landfill, enabling easy access to necessary materials and transportation. All municipal permits for construction and operations have been secured, allowing site access starting July 1, 2023. This facility will serve as Northstar's first scale-up site for asphalt shingle recovery and processing, supporting its mission for a circular economy in asphalt recycling across Canada and the US.

Positive

• Secured a long-term lease of 15 years plus two extension options, providing stability.
• Location is strategically close to key resources and transportation routes, enhancing operational efficiency.
• All municipal permits have been obtained, allowing for immediate construction and operations.

Negative

• None.

Highlights

• 15-year initial term with two 5-year renewal options for industrial-zoned 4-acre property in a well-developed industrial area located 4.4km southeast of the City of Calgary East Landfill
• Located close to (i) the City of Calgary East Landfill, (ii) residential areas where shingles are sourced from, (iii) industry partners, and (iv) easily accessible from major transportation routes
• All municipal permits received to proceed with construction, collection of asphalt shingles and production

VANCOUVER, BC, Feb. 24, 2023 /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 long-term 15-year lease agreement (the "Lease") with the Mook Group of Companies (the "Landlord") for an industrial-zoned property of 3.98 acres located in Rocky View County, a municipal district adjacent to the City of Calgary, Alberta, as the site for the Company's planned scale-up facility in Calgary (the "Empower Calgary Facility").

The Lease 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 can access the site starting July 1, 2023. 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 secured a suitable long-term site location for our Empower Calgary Facility, conveniently located near the existing City of Calgary East Landfill. This location gives us not only the space we need for the Empower Calgary Facility, but also makes disposal of single use asphalt shingles and pick up of our end products convenient for our customers and partners. This site provides us with a great location to construct the Company's first scale up facility and enables us to deliver the shingle diversion, reprocessing and circular economy solution we have promised. This flagship facility will provide the foundation for Northstar's expansion across Canada and the US as we roll out our innovative technology."

Mr. Jon C. Mook, Founder and President of the Mook Group of Companies, stated, "After much hard work, we are happy to announce that Northstar Clean Technologies is a tenant in our portfolio and we will 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."

About Northstar

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

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) the anticipated timing of site access; (ii) the Company's expansion across Canada and the US, 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. Further, the ongoing COVID-19 pandemic, labour shortages, high energy costs, 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. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update these forward-looking statements.

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SOURCE Northstar Clean Technologies Inc.

FAQ

What is the significance of Northstar Clean Technologies' lease agreement for the Calgary facility?

The lease offers Northstar a stable long-term site crucial for scaling up operations in asphalt recycling, enhancing its market position.

When will Northstar Clean Technologies start operations at the new facility?

Northstar Clean Technologies is set to access the new site starting July 1, 2023.

How long is the lease agreement for Northstar Clean Technologies' new facility?

The lease agreement is for an initial term of 15 years, with two additional 5-year renewal options.

What are the expected benefits of the new facility for Northstar Clean Technologies?

The facility will facilitate the sustainable recovery and reprocessing of asphalt shingles, supporting Northstar's expansion across Canada and the US.

What type of facility is Northstar Clean Technologies planning in Calgary?

Northstar is planning a scale-up facility focused on the recovery and reprocessing of asphalt shingles.