CALGARY, Alberta, April 25, 2023 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC; OTCQB:CWSFF) (“Cielo” or the “Company”), a waste-to-fuel environmental technology company, is pleased to announce the completion of the commissioning of its research and development facility (the “R&D Facility”), located in Aldersyde, Alberta.
Completion of Commissioning
Cielo is pleased to announce the completion of the commissioning of the R&D Facility located in Aldersyde, Alberta. The purpose of the R&D Facility is to achieve a high degree of detailed performance characteristics, feedstock yields, optimum carrier fluid design, reactor design, catalyst experimentation and a detailed material balance for the system. The R&D Facility is expected to give Cielo the flexibility to enhance the quality of the fuel yield. The detailed engineering output is expected to facilitate the design of the Company’s first full-scale facility, expected to be located in Dunmore, Alberta (the “Dunmore Facility”) with predictable performance, capital cost expectations and operating cost metrics.
Ryan Carruthers, Executive Vice President of Operations, commented: “Commissioning completion is a significant milestone achieved as Cielo continues to march down the path to commercialization. I am proud of the commitment and effort displayed by the Operations Team during the commissioning activities, and I look forward to the insight and subsequent advancement that the R&D unit will provide.”
Alberta Environment and Protected Areas Update
Cielo also continues to work with the Alberta Environment and Protected Areas (“EPA”) to obtain the requisite permit(s) to begin operating the R&D Facility, as information provided in the previously submitted application amendment was found to be incomplete. Cielo was advised that compositional information related to various proposed substances required more details as well as monitoring information for the proposed substances and it was confirmed that the application amendment was not rejected based on the proposed project. The EPA has continued an open dialogue with Cielo and from that dialogue it has been agreed that a new application be submitted as opposed to an application amendment.
As a result of the dialogue with EPA, Cielo has engaged Matrix Solutions Inc. Environment and Engineering (“Matrix”) to assist the Company with the completion of the application for Cielo to EPA. Management believes that based on the conversations with EPA and Matrix, a new application would be beneficial for Cielo as it would offer an opportunity to submit a cleaner application which could result in a shorter time to be reviewed/approved.
The Company has also engaged an EPA-recommended third-party laboratory to perform the railway tie compositional analysis, which will also be included in the EPA application.
Webinar
The Company’s CEO, Ryan Jackson, and CFO, Jasdeep K. Dhaliwal, along with EVP of Operations, Ryan Carruthers, will be presenting an overview of current operations and an update on upcoming milestones, while sharing excerpts of the Company’s most recent investor presentation. We invite all investors and other interested parties to register for the webinar at the link below.
Date: Wednesday, April 26, 2023
Time: 1pm ET
Register: Webinar Registration
HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may submit your question(s) beforehand in the registration form or by email at: cielo@rbmilestone.com.
Neither the 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.
ABOUT MATRIX
Matrix is a Canadian environmental and engineering consulting company with roots dating back to 1984. We partner with clients and communities to solve challenges. It’s our job to power progress and shape a better future where our clients, people, communities, and environment thrive. We collaborate across services, disciplines, and geographies to deliver responsive, locally connected, and scalable solutions customized to your project and environmental challenge. Our integrated approach is supported by talented professionals and a project management model that encourages synergies, promotes service excellence, and provides cost and time savings. Our core services (water resources, environmental planning and permitting, site assessment and remediation) support both private and public sector clients who are moving towards a lower-carbon future.
ABOUT CIELO
Cielo Waste Solutions Corp. was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company with its shares listed to trade on the TSX Venture Exchange (“TSXV”) under the symbol “CMC,” on the Frankfurt Exchange (“DAX”) under the symbol “C36”, as well as on the OTC Venture Market (“OTCQB”), under the symbol “CWSFF.” The Company’s strategic intent is to become a leading waste-to-fuel company using economically sustainable technology while minimizing the environmental impact. Cielo has a patented process that can convert waste feedstocks, including organic material and wood derivative waste, to fuel. Having demonstrated its ability to produce diesel and naphtha from waste, Cielo’s business model is to construct additional processing facilities. Cielo’s objective is to generate value by converting waste to fuel, while fueling the sustainable energy transition.
For further information please contact:
Cielo Investor Relations
Phone: (403) 348-2972
Email: investors@cielows.com
RB Milestone Group LLC
Email: cielo@rbmilestone.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.
Forward-looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Cielo is making forward looking statements, with respect to, but not limited to: the purpose of the R&D Facility and the expected results and benefits thereof, including the ability to use the detailed engineering output to facilitate the design of the Dunmore Facility; the location of the Company’s first full-scale facility being in Dunmore, Alberta; matters related to the Company’s application(s) for permit(s) to be obtained from the EPA, including the submission of a new application versus an application amendment, and the potential benefits and results thereof; the services to be performed by Matrix Solutions Inc. and the third-party laboratory, and the impact on the Company’s EPA application(s); and the timing, format, speakers, and content / agenda of the Company’s webinar to be held on April 26th, 2023.
Investors should continue to review and consider information disseminated through news releases and filed by the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV), nor OTCQB nor WKN, have reviewed, and do not accept responsibility for the adequacy or accuracy of, the content of this news release.
