Northstar Signs Waste Asphalt Shingle Supply Letter of Intent with YORK1 for Northstar's Empower Hamilton Facility

Rhea-AI Summary

Northstar Clean Technologies (TSXV: ROOF) (OTCQB: ROOOF) has announced that its subsidiary, Empower Environmental Solutions Hamilton, has signed a non-binding letter of intent (LOI) with YORK1 Environmental Waste Solutions for waste roofing shingle supply and co-location of facilities at the planned Empower Hamilton Facility in southwestern Ontario.

The LOI, which expires on December 31, 2025, is expected to transition into a definitive agreement by June 30, 2025. Under the initial arrangement, Empower Hamilton anticipates receiving up to 10,000 tonnes of asphalt shingles annually from YORK1 facilities, with potential for increased supply volumes over time.

Positive

• Strategic partnership secured for consistent waste asphalt shingle supply
• Initial supply agreement for 10,000 tonnes of asphalt shingles annually
• Potential for increased supply volumes in the future

Negative

• Agreement is non-binding and subject to definitive agreement execution
• Actual supply volumes not guaranteed

CALGARY, AB, Feb. 18, 2025 /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 Hamilton Ltd. ("Empower Hamilton"), has signed a non-binding letter of intent (the "LOI") with YORK1 Environmental Waste Solutions Ltd. as general partner for and on behalf of York1 Environmental Waste Solutions, LP ("YORK1"), related to the formation of a strategic alliance for the supply of waste roofing shingles and for co-location of complimentary facilities at the Company's planned facility in southwestern Ontario (the "Empower Hamilton Facility").

The LOI expires on December 31, 2025. The parties anticipate entering into a definitive agreement by June 30, 2025. Empower Hamilton initially anticipates receiving up to 10,000 tonnes of asphalt shingles for reprocessing per annum from YORK1 facilities with a mutual understanding for the companies to increase the supply volume through time.

"We are thrilled to announce this strategic alliance with YORK1, a key milestone in advancing our plans for the Empower Hamilton Facility and additionally, a key step in our overall growth plans," said Aidan Mills, President & CEO of Northstar. "Securing a reliable and consistent supply of waste asphalt shingles is a critical step in ensuring the success of our operations and our ability to make a significant environmental impact in southern Ontario. We are excited to work with YORK1 to create a scalable, sustainable solution for the reprocessing of asphalt shingles."

About YORK1

YORK1 embraces the spirit of innovation and collaboration. Headquartered in Mississauga, Ontario, YORK1 is known as one of North America's most forward-thinking, and innovative environmental companies, with a fully integrated infrastructure division. YORK1 is proudly Canadian, with a diverse, experienced workforce, and take pride in providing quality solutions to complex challenges. Learn more about YORK1 at York1.com.

About Northstar

Northstar is a Canadian clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar developed and owns a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracts the liquid asphalt for use in new hot mix asphalt shingle manufacturing and asphalt flat roof systems while also extracting 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 with its first commercial scale up facility in Calgary, Alberta. As an emerging innovator in sustainable processing, Northstar's mission aims at leading the recovery and reprocessing of asphalt shingles in North America that would otherwise be sent to landfill addressing numerous stakeholder objectives.

U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on https://www.otcmarkets.com/. 

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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange 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 execution of a definitive shingle supply agreement with YORK1; (ii) the anticipated development and building of the Empower Hamilton Facility ; (iii) the ability to make an environmental impact in Southern Ontario and a sustainable asphalt shingle recycling industry; and  (iv) Northstar'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; inability of the Company to execute on its business plans; the Company may require additional financing which may not be obtainable or on favourable terms; economic uncertainty; and the risks and uncertainties which are more fully described under the heading "Risk Factors" 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+. 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-signs-waste-asphalt-shingle-supply-letter-of-intent-with-york1-for-northstars-empower-hamilton-facility-302378665.html

SOURCE Northstar Clean Technologies Inc.

FAQ

What is the annual supply volume agreed between Northstar (ROOOF) and YORK1?

The initial supply volume agreed is up to 10,000 tonnes of asphalt shingles per annum from YORK1 facilities.

When will the LOI between Northstar (ROOOF) and YORK1 expire?

The Letter of Intent (LOI) expires on December 31, 2025.

When is the definitive agreement between Northstar (ROOOF) and YORK1 expected to be finalized?

The definitive agreement is expected to be finalized by June 30, 2025.

Where will Northstar's (ROOOF) Empower Hamilton Facility be located?

The Empower Hamilton Facility will be located in southwestern Ontario.