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MONTREAL, June 3, 2019 /CNW Telbec/ - Ecolomondo Corporation (TSXV: ECM) (the "Company" or "Ecolomondo"), wishes to inform its shareholders that, during the Company's annual general meeting of shareholders (the "AGM") that was held on May 29, 2019, the shareholders adopted all resolutions presented to them outlined in the information circular that was sent to them and filed on SEDAR on May 1st, 2019 (the "Information Circular"). The shareholders approved namely: (i) the reduction in the number of the board of directors from seven to six and the election of the directors of the Company (for further information on the elected directors, please refer to the Information Circular), (ii) the appointment of auditors and (iii) the stock option plan.
The AGM was duly constituted and the quorum was confirmed as shareholders and proxy holders representing 78.40% of the issued and outstanding common shares of the Company were represented at the AGM.
During the AGM, the CEO of the Company, Mr. Elio Sorella, explained the technological advancements achieved during the fiscal year 2018 and how these advancements could place Ecolomondo as a leader in the waste-to-resources industry. He also explained that the Company is well on its way to build the Hawkesbury facility and that he expects the Company should break ground by late June 2019, with completion and commissioning to take place on schedule, by the end of the first quarter 2020.
About Ecolomondo Corporation
The Company is a clean tech company that is marketing its proprietary Thermal Decomposition platform ("TDP"), 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, [email protected], www.ecolomondo.com