Northstar Completes Site Development Work at Empower Calgary Facility and Announces Update to Incentive Plan
VANCOUVER, BC, Sept. 12, 2023 /CNW/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has completed site development work at the industrial-zoned property of 3.98 acres in Rocky View County, a municipal district adjacent to the City of Calgary, Alberta (the "Empower Calgary Facility"). The Company's landlord (the "Landlord") commenced site development in early April 2023. The site development work was part of the Company's long-term lease agreement for the Empower Calgary Facility and these expenditures were included in the Landlord's obligations under this agreement. The site was completed without any cost overruns or delays.
Over the past few months, the Company and the Landlord completed the following:
- Installation of lighting, fencing, and foundations for the weigh scale
- Installation of required electrical work
- Paving of the parking lot
- Landscaping at the front of the site
Mr. Aidan Mills, President & CEO and Director of Northstar, stated "We are pleased to have the site development work for our Empower Calgary Facility completed. Our Landlord and the Northstar team have been working diligently over the past few months to prepare the site for construction and we are delighted that is now complete. This is an important milestone in the progress of the project. The photos below demonstrate our progress."
As of September 1, 2023, the Company formally took occupancy and gained access to its site for the Empower Calgary Facility, as per the 15-year lease agreement executed by the Company and the Landlord, previously announced by the Company on February 24, 2023.
Pursuant to the Company's Long-Term Performance Incentive Plan, the Company announces that it has issued an aggregate 534,283 restricted share units (each, a "RSU") and 4,007,140 performance share units (each, a "PSU") to officers and key employees of the Company. The RSUs and PSUs will vest as to one-half on each of September 7, 2024, and March 31, 2025. Each RSU and PSU represents the right to receive, once vested, one common share in the capital of the Company. The number of shares earned upon the vesting of the PSUs will be determined by the performance of each individual and will be subject to approval by the Board of Directors.
The Company also announces it has granted an aggregate of 395,472 stock options to directors, officers, and employees at an exercise price of $0.21 per share for a five-year term. All options vest as to one-half on each of March 31, 2024, and March 31, 2025. With the recent completion of certain milestones, the Board of Directors and Compensation Committee would like to announce that the Company has also granted an aggregate of 750,000 stock options to the Company's President & CEO, Mr. Aidan Mills, at an exercise price of $0.21 per share for a five-year term with immediate vesting.
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 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
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, but are not limited to, statements concerning: (i) the anticipated development and building of the Empower Calgary Facility; (ii) the completion of detailed design engineering for the Empower Calgary Facility; (iii) the anticipated ordering of long-lead equipment, 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 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 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.
SOURCE Northstar Clean Technologies Inc.
Northstar Investor Relations Inquiries: Kin Communications, Phone: 604 684 6730, Email: [email protected]
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