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MONTREAL, April 24, 2019 /CNW Telbec/ - Ecolomondo Corporation (TSXV: ECM) (the "Company" or "Ecolomondo") releases its audited consolidated financial statements and notes hereto and its related management discussion & analysis as of and for the year ended December 31, 2018 (the "Annual Financial Statements").
During the fiscal year ended December 31, 2018, the Company has made considerable progress in its technology, especially in the areas of process optimization and efficiency. During this period, technological advancements were achieved by our technical teams that allow reactor payloads to increase from 12,000 lbs to 14,000 lbs per batch, which should bring increased revenues of approximately 16.5% to the Company's operating TDP turnkey facilities.
The Company was able to make substantial progress towards securing offtake agreements and market acceptance for its end-products, especially for its recycled carbon black, the end-product with the highest commercial value. During this period, the Company was able to sell its recycled carbon black produced in its Contrecoeur plant (now marketed under the trade name "Mondo Black"), at pricing higher than projected.
During this period, the Company also made considerable progress in its negotiations with Export Development Canada ("EDC") to secure project financing to build its Hawkesbury TDP turnkey facility and as of December 31, 2018 was very close to reaching an agreement. It is to be noted that as a post year-end event, on April 3, 2019, the Company announced a loan agreement with EDC of $32.1 million for project financing for the construction of the Hawkesbury facility.
The partial commercialization of the Contrecoeur facility and the construction of the Hawkesbury TDP facility are important steps in the Company's growth strategy because they will be used to showcase the Company's TDP technology to potential customers.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that is commercializing its waste-to-products technology. The Thermal Decomposition Process ("TDP") converts hydrocarbon waste into marketable commodity end-products, namely carbon black substitute, oil, gas and steel. Technologies such as Ecolomondo's are expected to play an important role in resource recovery needed in today's circular economy.
Management believes that technological breakthroughs in areas of emissions, process optimization, automation, end-product processing and safety, position Ecolomondo to become an industry leader.
The Company's main revenues will come from the sale of TDP turnkey facilities and royalties from their operations. TDP facilities will generate revenues from the sale of end-products, tipping fees and carbon credits. Ecolomondo's first focus is to market TDP turnkey facilities that use scrap tires as a feedstock, because scrap tires yield end-products with a higher commercial value, especially the recycled carbon black.
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.