Northstar Announces Corporate and Intellectual Property Update, and Announces Details of Q3 2022 Financial Results and Virtual Investor Webcast
VANCOUVER, BC, Nov. 18, 2022 /CNW/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it intends to file its unaudited quarterly financial statements and management's discussion and analysis ("MD&A") on SEDAR for the three months ended September 30, 2022 on Tuesday, November 22, 2022. These documents will also be available on the Company's website at www.northstarcleantech.com. The Company has scheduled a virtual investor webcast to discuss these financial results and to provide a business update to the investment community on Wednesday, November 23, 2022, at 2:00 pm PST / 5:00 pm EST. Details are provided below.
Topic: Northstar Clean Technologies Third Quarter Financial Results Webcast
Date: November 23, 2022
Time: 14:00 PST / 17:00 EST
Webcast URL: https://us06web.zoom.us/webinar/register/9016497132073/WN_KkEcr5DOTr2QW0j4GOFfEg
Approximately two hours after the Q&A session has ended, an archived version of the webcast will be available via the webcast URL above.
Renewable U Financing Update
Regarding the strategic financing transaction with Renewable U Energy Inc. ("Renewable U") previously announced by the Company on October 4, 2022, Renewable U did not complete the $1 million debenture funding scheduled for October 31, 2022, and Northstar and Renewable U did not enter into definitive agreements on November 15, 2022; however, Northstar and Renewable U are continuing to progress commercial discussions. The Company will provide an update on the transaction in due course.
Intellectual Property Update
On November 15, 2022, the Company completed an internal transaction with its wholly-owned subsidiary, Empower Environmental Solutions Ltd. ("Empower") in which the Company acquired intellectual property related to the Company's proprietary shingle reprocessing technology (the "Technology"). In consideration, the Company designated a new series of its previously authorized preferred shares, designated as the Series A Preferred Shares, and it issued all 1,000 of those Series A Preferred Shares (collectively, the "Consideration Shares") to Empower at a deemed price per share of $3,580. Following the issuance of the Consideration Shares, the Company approved the redemption of the Consideration Shares in accordance with their special rights and restrictions.
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 usage in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fiber for usage 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 intended timing of filing of Northstar's September 30, 2022 financial statements, and (ii) 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 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 COVID-19 pandemic, labour shortages, 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. 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.
SOURCE Northstar Clean Technologies Inc.
Northstar Investor Relations Inquiries: Kin Communications, Phone: 604 684 6730, Email: [email protected]
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