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Montreal –
TheNewswire
–
August 29, 2021
–
Ecolomondo Environmental
(Hawkesbury) Inc.
, a subsidiary of
Ecolomondo Corporation (
TSXV:ECM
) (OTC:ECLMF)
(“
the
Company”
or
“Ecolomondo
”) is
pleased to announce that it has concluded on August 25, 2022 a Third
Amending Agreement (the “
Amending
Agreement
”) to its original loan agreement
(“
Loan
”) with from Export Development Canada (“
EDC
”).
The original Loan was for an amount of $32.1 million in
project financing with EDC, executed on April 3, 2019, to finance the
construction of the Company’s first of its kind new turnkey thermal
decomposition facility in the Town of Hawkesbury, Ontario (the
“
Hawkesbury
facility
”) that will process end-of-life tires
to produce re-usable resources.
The Amending Agreement updates the original Loan and
addresses mostly the consequential challenges and negative impact
brought on by a chronic global COVID-19 pandemic to the construction
and commissioning of the Company’s Hawkesbury TDP facility.
As the Hawkesbury facility is almost ready to begin
commercial production, the Amending Agreement allows the deferral of
interest and capital payments that were to become due August 31 and
November 30, 2022, on the condition that the Company injects $500,000
in capital in its subsidiary Ecolomondo Environmental (Hawkesbury)
Inc. by August 31, 2022.
It is to note that this
condition was satisfied on August 29, 2022.
The
Amending Agreement also encompasses for the deferral of interest and
capital payments that were to become due on February 28, 2023 and a
further capital payment to become due May 31, 2023, on the condition
that the Company agrees to inject $2,000,000 in capital before
December 31, 2022 into its Hawkesbury subsidiary. Deferred amounts
will be added to the balloon payment due at the maturity of the Loan.
The Amending Agreement also details the funding of the Debt Service
Reserve Account and the disbursement priority waterfall.
“This Agreement further confirms my
long-standing belief that EDC is an exceptional financial partner. The
signing of this Third Amending Agreement confirms their support
towards the success of Ecolomondo’s Hawkesbury TDP turnkey
plant”
, says Eliot Sorella, Ecolomondo’s
Chairman & CEO.
About TDP Technology
Thermal Decomposition Process technology is a proprietary
waste-to-resources technology that the Company expects will play a
critical role in the development and proliferation of the circular
economy. TDP is a closed loop, slow pyrolysis technology that operates
in an oxygen-free environment using positive pressure and a batch
rotary reactor. The process is largely energy self-sufficient.
Ecolomondo’s exclusive automation system allows for strict control
of cycle times, processing parameters and consistent batch production,
resulting in quality, commercial-grade recycled commodities and
end-products.
About Ecolomondo Corporation
Ecolomondo is a Canadian cleantech company specializing in the
commercialization of its waste-to-products operations and proprietary
TDP technology. With 25+ years of industry experience and a track
record of establishing strong circular economy partnerships, the
Company is strategically positioned to become a major global vendor of
turnkey TDP facilities that convert hydrocarbon waste into saleable
end-products including recycled carbon black, oil, gas and
steel.
Revenue growth will come from the building and
operations of fully-automated and energy-efficient TDP facilities.
Ecolomondo’s initial focus is to aggressively market TDP facility
expansion throughout North America, as management has been speaking
with numerous public and private sector industry groups looking for
breakthrough solutions for processing 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 assurance 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.
For further information please
contact:
Eliot Sorella,
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
www.ecolomondo.com
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.
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DISSEMINATION IN THE UNITED STATES
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