(TheNewswire)
Montreal, QC –
TheNewswire
–
July 12, 2022 —
Ecolomondo Corporation
(TSXV:ECM) (OTC:ECLMF) (the “
Company
” or
“
Ecolomondo
”), a cleantech company specializing in the development of
proprietary recycling technology, Thermal Decomposition Process
(“
TDP
”) and the commercialization of turnkey TDP facilities,
today announces that, its
Chief Executive
Officer, Chairman and controlling shareholder, Mr. Eliot Sorella, has
exercised $500,000 worth of stock options (the “
Options
”), in the
form of 500,000 Options exercised at a price of $0.30 per share and
1,000,000 Options exercised at a price of $0.35 per share.
Mr. Sorella exercised the Options for estate purposes,
all to the benefit of the Company’s working capital. Mr. Sorella
announced that he intends to further exercise additional stock options
in the coming weeks, for an additional value of $500,000, at which
time an early warning report containing the required information with
respect to the foregoing matters will be filed under the Company’s
SEDAR profile at
www.sedar.com
.
Prior to the completion of the exercise, Mr. Sorella
had ownership or control of 138,300,474 common shares in the capital
of the Company, representing approximately 75.32% of the issued and
outstanding share capital of the Company.
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.
The securities offered have not been, nor will they be,
registered
under the U.S. Securities Act of
1933, as amended (the “
1933
Act
”), or under any state securities
laws,
and may not be offered or sold, directly
or indirectly, or delivered within the United States
or to, or for the account or benefit of, U.S. persons (as
defined in Regulation S under the 1933 Act) absent registration or an
applicable exemption from the registration requirements. This news
release does not constitute an offer to sell or a solicitation to buy
such securities in the United States.
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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