Ecolomondo Announces that it has Released its Interim Financial Results for the Second Quarter of 2019
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MONTREAL, Aug. 29, 2019 /CNW Telbec/ - Ecolomondo Corporation (TSXV: ECM) (the "Company" or "Ecolomondo") releases its unaudited interim condensed consolidated financial statements and notes hereto and its related management discussion & analysis ("MD&A") for the interim period ended June 30, 2019 (the "Interim Financial Statements").
During the second quarter of 2019, the Company continued to market and improve its Thermal Decomposition ("TDP") technology and was very active in promoting its TDP turnkey facilities globally.
During the period, the Company made considerable progress towards the construction of its new TDP turnkey facility in Hawkesbury, Ontario. It signed with Maylan Group a binding Design-Build contract with a not-to-exceed price of $6.6 million, with substantial completion expected by January 15, 2020 and commissioning of the plant by the end of the first quarter 2020. The Company issued purchase orders for long-lead items totalling approximately $7.5 million of the plant equipment, including reactors, ground flare, gas scrubbers, carbon black and oil processing lines.
In fact, the Company held a groundbreaking ceremony on August 21, 2019 and expects the construction and commissioning to be completed by the end of the first quarter of 2020.
During the period, as previously announced, the Company secured a project financing loan of $32.1 million with Export Development Canada ("EDC"), which is expected to close before the end of the third quarter. The Company believes that EDC will be a key player in the Company's global future expansion and the proliferation of TDP turnkey plants. EDC is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that is commercializing its waste-to-products technology. The Thermal Decomposition Process ("TDP") converts hydrocarbon waste into marketable commodity end-products, namely carbon black substitute, oil, gas and steel. Technologies such as Ecolomondo's are expected to play an important role in resource recovery needed in today's circular economy.
Management believes that technological breakthroughs in areas of emissions, process optimization, automation, end-product processing and safety, position Ecolomondo to become an industry leader.
The Company's main revenues will come from the sale of TDP turnkey facilities and royalties from their operations. TDP facilities will generate revenues from the sale of end-products, tipping fees and carbon credits. Ecolomondo's first focus is to market TDP turnkey facilities that use scrap tires as a feedstock, because scrap tires yield end-products with a higher commercial value, especially the recycled carbon black.
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Ecolomondo believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Ecolomondo disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither 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.
SOURCE Ecolomondo Corp
Elio Sorella, Chairman and Chief Executive Officer, Ecolomondo, Tel: (450) 587-5999, [email protected]
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