Ecolomondo reports 2018 third quarter results
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MONTREAL, Nov. 22, 2018 /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 as of and for the three and nine months ended September 30, 2018 (the "Interim Financial Statements").
During this quarter, the Company continued its efforts to complete the conversion of its Contrecoeur facility to become a partially commercialized TDP facility. The Company achieved a major milestone and completed the installation and commissioning of a post-process treatment line to refine the recycled carbon black that it produces at its Contrecoeur facility. This facility now has the equipment to produce a commercial grade recycled carbon black, which was easily approved and purchased by customers that are large consumers of carbon black, a major step towards its commercialization of the Contrecoeur facility. During this period, the Contrecoeur facility operated on a limited commercial basis and the Company expects to complete its partial commercialization in the fourth quarter of 2018. Partial commercialization is considered to be achieved when the Contrecoeur facility processes three batches of seven tons per week.
During this period, the joint venture entity, Ecolomondo Environmental (Hawkesbury) Inc., completed the purchase of the land for the TDP turnkey facility and the city of Hawkesbury began constructing the access road on Tessier street. The Company confirms that the EPCM contractor, Ultragen, mandated to build the Hawkesbury TDP turnkey facility, was also actively working and made substantial progress in the areas of engineering, procurement and construction design. Construction of the Hawkesbury facility is expected to begin early in 2019 and to be completed within 12 months from the start date. The Company was also actively negotiating its debt financing to build the facility with a major commercial lender.
The partial commercialization of the Contrecoeur facility and the construction of the Hawkesbury TDP facility are important steps in the Company's growth strategy because they will be used to showcase the Company's TDP technology to potential customers.
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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