Cielo To Host Investor Update Webinar On Friday, January 10th at 11 AM EST
VANCOUVER, BC / ACCESSWIRE / January 7, 2020 / Cielo Waste Solutions Corp. (CSE: CMC - OTCQB: CWSFF) ("Cielo" or the "Company") and Renewable U Grande Prairie Inc., Renewable U Medicine Hat Inc., Renewable U Brooks Inc., Renewable U Lethbridge Inc. and Seymour Capital Incorporated, (collectively "the JV Companies") have agreed to extend the deadline by which they will enter into the previously announced joint venture agreements to March 31, 2020. These agreements will govern the building and operation of the first five follow-on refineries to be placed on production in the agreed territories in Alberta and Ontario ("Follow-on JV Refineries"). Over the past six months, Cielo has been implementing enhancements to the Company's waste-to-energy refinery in Aldersyde, Alberta ("Aldersyde Refinery"), which has resulted in plans to scale up production of the Follow-On JV Refineries to produce 4,000 liters of renewable fuels per hour and operate 24 hours a day, 341 days per year, which is double the production originally contemplated. Each one of the Follow-On JV Refineries are projected to cost approximately CDN$50 Million to build, commission and place on production, to be funded by the respective JV Companies. Collectively, the Follow-On JV Refineries are projected to convert 327,360 tonnes of garbage into 163,680,000 liters of renewable fuels annually.
Raphael Bohlmann, President of Renewable U Energy Inc., which currently holds the controlling interest in four of the five Follow-on JV Refineries, stated "We are working closely with Cielo to advance the building of our follow-on refineries as quickly as possible. We are very impressed and appreciative of the tenacity and work ethic that Cielo's management and their contractors have exhibited while overcoming multiple challenges in bringing on stream the world's first waste to renewable fuels green refinery at Aldersyde, Alberta. We are in the final stages of securing the land to build our first follow-on refinery to process scrap railway ties into high grade renewable diesel pursuant to Cielo's Service Supply Agreement with CP Rail, which was press released on November 28, 2019. We are looking forward to announcing with Cielo its location in the near future."
Cielo and its contractors have worked diligently over the past 6 months to finish optimizing the design of the Aldersyde Refinery, which required extensive changes to the process as well as the installation of multiple new pieces of equipment that were required before being able to bring its waste to energy green refinery back into continuous-flow production. The Aldersyde Refinery is operating full-time on a continuous-flow basis producing renewable naphtha and diesel from wood biomass. This is a major achievement for Cielo and its shareholders. The Aldersyde Refinery is operating at approximately 100 lph currently but, as Cielo's newly hired, full-time operational staff completes training and becomes comfortable over the coming days and weeks, production will be increased to process significantly more waste into high grade renewable fuels, beginning immediately with 200 lph.
Cielo is continuing to work on further enhancements and improvements to its process, as well as working with the Alberta Government to secure amendments to the Company's operating permit to allow additional waste feedstocks to be utilized. Although the final decision to choose the optimal desulfurization process has not yet been made, Cielo's management continues to be confident that the companies with which Cielo is working will be in a position to deliver a cost-effective solution based on the lab results that are being obtained. Cielo has recently engaged a third-party engineering company to start reviewing its current design drawings so that Cielo can move forward expeditiously with the building of the Follow-On JV Refineries with the JV Companies once the definitive agreements are concluded.
Don Allan, President & CEO of Cielo, stated "We are extremely pleased to finally announce that we are flowing continuously and moving closer to revenues. While we still have more work to do and our refinery remains in the final stage of being commissioned, we are confident that once our Aldersyde Refinery is up and running at commercial production levels, the world will understand just how significant our company will be in making the planet a better place for generations to come. We so appreciate the unwavering support of Renewable U Energy and their subsidiary companies as well as Seymour Capital as we move forward with validating our technology, which has the potential to reduce the amount of garbage going into landfills."
Cielo to Host Investor Update Webinar
On Friday, January 10th, 2020 at 11 AM EST (9 AM MST), Cielo's President & CEO, Don Allan, will be providing an in-depth overview of its current operations and upcoming milestones. Management will be available to answer questions following the presentation on the webinar platform. To ask a question, you will need to be logged into the GoToWebinar platform or by emailing your question(s) beforehand to [email protected]
Date: Friday, January 10th, 2020
Time: 11 AM EST / 9 AM MST)
Join Cielo shareholders on 8020 Connect: http://connects.digital/cielo1
On behalf of the Board of Directors of the Company.
Cielo Waste Management Corp.
Don Allan, President / CEO / Director
Renewable U Energy Inc.
Raphael Bohlmann, President
RB Milestone Group, LLC
Trevor Brucato, Managing Director
New York, NY & Stamford, CT
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", as well as OTC Markets Group, on the OTCQB, under the symbol "CWSFF". Cielo is a waste to renewable energy company with a game changing technology engineered to help solve the world's garbage crisis. Cielo's technology transforms landfill garbage into renewable high-grade diesel, kerosene (aviation jet fuel) and naphtha fuels. Cielo's proven and patent-pending technology is currently being deployed in the Company's Aldersyde, Alberta green refinery where wood waste is currently being converted into renewable fuels.
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, Lethbridge and Edmonton Alberta. Each JV Refinery is projected to cost approximately $50M +/- 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 and telephone poles 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 its anticipated joint ventures and with respect to various aspects of the Aldersyde Refinery, including the increase of production to commercial levels, the completion of the desulfurization process and achieving revenues. 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 and the OTCQB have not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release.
SOURCE: Cielo Waste Solutions Corp.