Subjects: ECO, RCY
Ecolomondo has completed the acquisition of the site for its latest TDP turnkey facility
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MONTREAL, July 16, 2018 /CNW Telbec/ - Ecolomondo Corporation (TSXV: ECM) (the "Company" or "Ecolomondo") is pleased to announce that it has completed the purchase of the site to build its latest Thermal Decomposition ("TDP") turnkey facility to be built on Tessier street in the Town of Hawkesbury, Ontario, Canada.
Further to an Agreement of Purchase and Sale ("APS") completed with the Town of Hawkesbury on April 19, 2018, and further to the satisfactory completion of all due diligence conditions, the parties successfully closed the transaction on July 11, 2018. The purchase price was $400,000, including a contribution of $315,000 by Ecolomondo to build an extension of Tessier street.
Site work is to begin immediately, including deforestation and geotechnical reports required for municipal and environmental permit applications.
This new TDP facility is expected to be built on approximately 13.4 acres and to be housed in a building of approximately 50,000 sq.ft. This facility will be equipped with the latest generation technology and is expected to have the capacity to process approximately 13,000 tons of end-of-life tires per year. It is expected to recover 5,000 tons of carbon black, 6,5 million liters of oil, 1,200 tons of process gas and over 1,600 tons of steel per year.
Once commissioned, this facility will be used as a showpiece to bring visibility and to garner global attention to the Company's technology.
To spearhead construction of this facility, Ecolomondo has concluded an EPCM (Engineering, Procurement, Construction, Management) service agreement with Ultragen, a prominent engineering company highly experienced in the areas of waste processing and petrochemicals. Ecolomondo expects to begin construction by the Fall of 2018 and to achieve final completion between the second and third quarters of 2019.
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.
Management believes that technological breakthroughs in areas of emissions, process optimization, automation, end-product processing and safety, position Ecolomondo to become an industry leader.
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.
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.
SOURCE Ecolomondo Corp
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