Cielo Waste Solutions Corp.
Cielo Achieves Milestone with First Sale of Renewable Diesel
Thursday, April 18, 2019 9:00 AM
VANCOUVER, BC / ACCESSWIRE / April 18, 2019 / CSE: CMC: Cielo Waste Solutions Corp. ('Cielo' or the 'Company') is pleased to announce that, prior to adding the desulphurization unit, on which Cielo is currently working, the Company has achieved an important milestone by selling the first 5,000 liters of high grade renewable diesel to its first customer at $1.00 per litre. This sale confirms that, even before desulphurization occurs, there is a potential market for Cielo's renewable fuels, which are being produced by converting wood waste into a saleable renewable diesel product using Cielo's proprietary process. Once the desulphurization equipment is installed, Cielo anticipates being able to sell the Company's high-grade renewable fuel for much higher prices per liter into the mandated renewable fuel market in Canada. Cielo's first client is a servicing company that will be utilizing the renewable diesel as "off highway diesel" (i.e. for use in generators, gravel crushers, etc.) Cielo has been advised by the customer that the initial purchase is for a small batch to test on the customer's equipment, after which it intends to purchase significantly higher volumes in the future if the diesel performs as expected.
Cielo is now well into completing the modifications for the additional electrical heater system that is required to allow the Company's refinery in Aldersyde, Alberta (the "Refinery") to operate on a continuous flow basis, as previously announced, as well as some other improvements to the process at the Refinery. Most of the material is at fabrication shops or has been ordered and awaiting delivery. Currently, Cielo continues to produce fuel from distillate, but management anticipates shutting down the Refinery around the start of May in order to implement the new equipment. Additional updates will be provided as progress continues.
Don Allan, President & CEO of Cielo, stated "We are very pleased to have made our first sale of renewable diesel. This further validates that there is a demand for our technology. Although our business strategy is to sell a low sulfur, renewable diesel into the mandated marketplace, almost all of which currently has to be imported into Canada, we are more than pleased that we have achieved our first sale even though it contains sulfur. We are excited to work with our first client as they are seeking ways for their company to be greener."
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For more information please contact:
Cielo Waste Solutions Corp.
Don Allan, President & CEO
(403) 348-2972 Ext. 101
Michael Yeung, CFA, VP, Business Development & Capital Markets
(403) 348-2972 Ext. 103
About Cielo Waste Solutions Corp.
Cielo Waste Solutions Corp. is a publicly traded company with its shares listed to trade on the Canadian Securities Exchange ("CSE") under the symbol "CMC". Cielo holds the exclusive license for the global rights to a transformational, patent-pending, technology engineered to convert garbage-derived feedstocks to high grade renewable diesel, at a significantly lower cost than biofuel companies. With landfills being one of the world's leading contributors to Green House Gas emissions and being projected to double in size over the next 7 years, Cielo can potentially resolve this crisis, on a cost-effective basis, by converting multiple different garbage-derived feedstocks, including sorted municipal solid waste (garbage), wood and agriculture waste, tires, blue-box waste, all plastics and virtually any other cellulous waste product into high grade renewable diesel.
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 related to the completion and commercialization of its technology, in particular its first commercial refinery in Aldersyde, Alberta, and with regard to the future sales of its renewable diesel. 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, neither the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
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SOURCE: Cielo Waste Solutions Corp.