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MONTREAL, June 10, 2019 /CNW Telbec/ - Ecolomondo Corporation (TSX-V: ECM) (the "Company" or "Ecolomondo") announces that it has selected Maylan Group Inc. (the "Contractor" or "Maylan") of Hawkesbury, Ontario, to construct the building that will house its new Thermal Decomposition Process ("TDP") turnkey facility to be located on Tessier street in Hawkesbury, Ontario. The Company and the Contractor have recently signed a binding Design-Build contract with a not-to-exceed price of $6.6 million, with substantial completion expected by January 15, 2020.
Maylan is a privately owned construction company located in Hawkesbury, Ontario, that since 1998 has built numerous commercial, industrial, institutional and residential projects. Maylan prides itself on its reputation, delivering projects on time and on budget.
The Company also issued additional purchase orders totalling approximately $7.5 million for plant equipment, including reactors, ground flare, gas scrubbers, carbon black and oil processing lines.
As previously announced in a press release dated April 3, 2019, the funds for these equipment purchases will come from the proceeds of a project financing loan of $32.1 million from Export Development Canada ("EDC") and from an equity injection of approximately $5.2 million by the Company and the Joint Venture partner, Greg Matzel.
The Hawkesbury TDP turnkey facility will be a first of its kind and be used as a technological showpiece to promote TDP turnkey facilities. Once built, this state-of-the-art facility will consist of four different processing departments (shredding, thermal, carbon black processing, oil distillation) and, when fully operational, this facility is expected to process a minimum of 14,000 tons of tire waste per year and produce 5,300 tons of recovered carbon black, 42,700 barrels of oil, 1,800 tons of steel and 1,600 tons of process gas.
About Ecolomondo Corporation
The Company is a clean tech company that is marketing its proprietary Thermal Decomposition Process, that recovers resources from end-of-life tires, namely recovered carbon black, oil, gas and steel.
The Company expects that its main revenue drivers are the sale of TDP turnkey facilities based on its thermal decomposition technology and to collect royalties from their operation, including revenues from the operations of wholly-owned and joint venture turnkey facilities. TDP turnkey facilities generate their revenues by selling the recovered resources (end-products) that they produce, namely the recovered carbon black, oil, gas and steel.
Ecolomondo recovers a high percentage of carbon black (the end-product with the highest commercial value) and produces high quality end-products from tire waste and the process is energy self-sufficient.
Ecolomondo's TDP technology began development over 25 years ago. Today, it is a waste-to-resources company and will benefit from the proliferation of the circular economy.
Waste-to-resources technologies such as Ecolomondo's are expected to play a pivotal role in the circular economy. It is expected that a dynamic circular economy will encourage recycling, new opportunities and ready markets to recycled resources. Ecolomondo is well positioned to take advantage of this new global reality of recycling.
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
For further information: Elio Sorella, Chairman and Chief Executive Officer, Ecolomondo, Tel: (450) 587-5999, firstname.lastname@example.org