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Montreal, August 21, 2020 Ecolomondo Corporation (TSX-V: ECM) (the “Company” or “Ecolomondo”) releases its unaudited interim consolidated financial statements and notes hereto and its related management discussion & analysis (“MD&A”) for the interim period ended June 30, 2020 (the “Interim Financial Statements”).
During the period, the Company continued to make considerable progress on the construction of its new Hawkesbury Thermal Decomposition (“TDP”) turnkey facility. Once the facility is commissioned and fully operational it is expected to be a testimonial to the commercial viability of TDP turnkey facilities. Once this milestone has been achieved, management expects to use Hawkesbury as its technological showpiece to promote its global expansion.
Management estimates that construction of the building that will house the plant is almost 70% complete and expects that it will be mostly completed by the end of the third quarter of 2020.
To view further updates of the Hawkesbury TDP facility, please visit the Company’s website at www.ecolomondo.com
As of the end of the second quarter of 2020, the Company has placed purchase orders for approximately 90% of the equipment and expects to begin installation and integration of the plant equipment in late August of 2020.
As of June 30, 2020, capital expenditures totalled $14,633,675 and are essentially for site purchase, engineering, site preparation, building construction, labor, permitting and equipment purchases. The Company expects that the Hawkesbury plant will be built on budget and expects to begin commissioning in the fourth quarter of 2020.
Until the commissioning of its Hawkesbury TDP facility, the Company expects to continue to use the Contrecoeur pilot plant as its technological showpiece as part of its marketing strategy. It expects to soon begin to use this facility as a training center for the new operators needed for the thermal processing department of the Hawkesbury plant.
During the period ended June 30, 2020, the Company was quite active in marketing TDP turnkey facilities, which continue to receive considerable international interest. The Company continues to market its products and to find ready markets for its recovered carbon black, known as “Mondo Black”. Mondo Black has received very favorable results from customers who tested and used it in their processes.
It also continued to improve its technology platform and make important progress in the areas of process optimization, efficiency, safety and end-product quality. Once built, the Hawkesbury facility will be comprised of four different processing departments (shredding, thermal processing, recovered carbon black processing, oil fractionation) and, once fully operational, this facility is expected to process a minimum of 14,000 tons of tire waste per year and produce 5,300 tons of recovered carbon black, 42,700 barrels of oil, 1,800 tons of steel, 1,600 tons of process gas and 850 tons of fiber.
Impact of the COVID-19 Crisis on the Company
The Company has taken and will continue to take all necessary actions needed to reduce the impact of the crisis created by the coronavirus. The Company expects that the milestone to complete the plant under construction in Hawkesbury, Ontario, will not be materially impacted by the current situation. It is to note, it is impossible to determine with certitude the long-term consequences and financial implications if the current situation persists.
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.
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.
Management believes that technological breakthroughs in areas of emissions, process optimization, automation, end-product processing and safety, position Ecolomondo to become an industry leader in the resource recovery of hydrocarbon waste.
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.