VANCOUVER, BC / ACCESSWIRE / August 30, 2019 / Cielo Waste Solutions Corp. (CSE:CMC)(OTC:CEIWF) ("Cielo" or the "Company") is pleased to announce that it has received the balance of the $250,000 joint venture fee (“JV Fee”) from Renewable U Lethbridge Inc. (“Renewable U LA”) pursuant to a Memorandum of Understanding between Cielo and Renewable U LA (the “MOU”) as announced on July 30, 2019.
Renewable U LA advanced $100,000 to Cielo upon the signing of the MOU and has now delivered the balance of the fee to secure the territory of Lethbridge, AB and the area encompassing a 100-km radius around Lethbridge. Cielo and Renewable U LA will proceed with the negotiation of a joint venture agreement with terms that are substantially the same as those previously announced for the four joint-venture refineries in Alberta.
The MOU for Lethbridge marks Cielo’s fifth renewable diesel JV refinery that are intended to each be engineered to convert approximately three tonnes of garbage per hour, including plastics, into high-grade renewable fuels, using Cielo’s proprietary technology. Renewable U Energy Inc. and its affiliated companies, including Renewable U LA, will be financing Cielo JV refineries to be built in Lethbridge, Grande Prairie, Medicine Hat and Brooks. The original refinery is now being commissioned in Aldersyde, just outside of Calgary.
Lionel Robins, CEO of Renewable U LA, commented “We are pleased with the favorable response we are receiving from key stakeholders in Alberta. This further demonstrates to us that we are not the only ones that believe in the unique and proprietary technology that Cielo is commercializing. Not only do we feel positive about having advanced $1 Million in JV Fees to Cielo and the way things are progressing at Cielo’s Aldersyde refinery, but we are also proud and honored to be contributing to Cielo achieving their goal to have Canada be recognized as a world-leader in solving the planet's garbage crisis through green renewable fuel technologies."
An operational update will soon follow.
Cielo would also like to announce that Michael Yeung, VP of Capital Markets and Business Development, will be leaving Cielo to pursue other opportunities. “We were very fortunate to have had Michael on the team,” said Don Allan, President and CEO of Cielo. “We wish him good fortune in his new ventures and thank him for his time with us.”
Join Cielo shareholders on 8020 Connect: http://connects.digital/cielo1
On behalf of the Board of Directors of the Company.
Cielo Waste Management
Don Allan, President and CEO and Director
For more information: media contact Paula Arab, 403-889-9128 [email protected]
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 is a high-tech start-up company with a game changing technology engineered to help solve the world’s garbage crises. Cielo’s technology transforms landfill garbage into renewable diesel, kerosene and naphtha fuels. Our proven and patent-pending technology is currently being utilized in the Company’s Aldersyde, Alberta refinery where wood waste is being converted into renewable fuels.
Cielo’s shares are listed to trade on the Canadian Securities Exchange (CSE) under the trading symbol “CMC”. Cielo is headquartered in Alberta, Canada with plans to build and operate green refineries across North America and globally.
Cielo has already begun expanding its footprint by signing multiple Memorandums of Understanding pursuant to which third parties are in negotiation with Cielo to build, at no cost to Cielo, Joint Venture Refineries in Grande Prairie, Calgary, Medicine Hat, Brooks and Lethbridge, Alberta. Each refinery is projected to cost approximately $25M +/- to build, commission and place on production. Cielo will be the general contractor and operator of all of the proposed JV Refineries. The feedstock that will be used in the Company’s green refineries is the world’s most available and inexpensive feedstock - garbage; including household, commercial/construction/demolition garbage, used tires, railway ties, as well as all types of plastic that currently cannot be recycled.
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 of the construction of the Refinery and matters related to its intended joint ventures. 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.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
SOURCE: Cielo Waste Solutions Corp.