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3 weeks ago

Ecolomondo Releases 2021 Second Quarter Interim Financials

Montreal – TheNewswire – August 30, 2021 – Ecolomondo Corporation (TSXV:ECM) (OTC:ECLMF) (the “Company” or  “Ecolomondo”), a cleantech company specializing in the development of proprietary Thermal  Decomposition Process (“TDP”) recycling technology and the commercialization of turnkey  TDP facilities used to transform tires, plastics and other hydrocarbon waste into salable  renewable commodities, today releases the Company’s unaudited interim consolidated financial statements and related management discussion & analysis (“MD&A”) for the interim period ended June 30, 2021 (the “Interim Financial Statements”).

During the second quarter of 2021, the Company continued to aggressively market its TDP turnkey facilities while working towards completion of its new $40 million Hawkesbury TDP turnkey facility (the “Project”).

Business and Operating Updates:

  • As of June 30, 2021, capital expenditures totaled $30,903,428, predominantly for the Hawkesbury facility. The Export Development Canada (“EDC”) term loan reached $31,672,191.
  • Management reports that mechanical assembly and installation are on track and scheduled to be completed by September 2021. Commercial operations expected to begin and scale during the fourth quarter of 2021.
  • The Hawkesbury facility is projected to generate annual revenues of over $10 million with an EBITDA of over $5 million in its first full year of continued operation.
  • The Company continued efforts to secure feedstock supplies and markets for its recovered carbon black, also known as “Mondo Black”, both domestically and internationally.

The Hawkesbury TDP facility will redefine scrap tire processing, creating renewable products at a much cleaner and safer environment, all at a cheaper cost. Comprised of four different processing departments (shredding, thermal processing, recovered carbon black processing and oil fractionation) the facility is expected to process a minimum of 14,000 tons of tire waste per year when fully operational, producing 5,300 tons of recovered carbon black, 42,700 barrels of oil, 1,800 tons of steel, 1,600 tons of process gas and 850 tons of fiber at full capacity.

Management cites the successful commercial operation of the Hawkesbury facility as an important first milestone toward achieving the Company’s global growth strategy. The Company is currently in talks to formalize the sale of several TDP turnkey facilities in North America.

Eliot Sorella, Chairman and Chief Executive Officer, said: “The Hawkesbury TDP facility will redefine scrap tire processing, creating renewable products at a much cleaner and safer environment, all at a cheaper cost. Management believes that strengthening demand, particularly in the Western Hemisphere, along with a tightening supply for virgin carbon black should set the stage for higher demand and prices in the future for recovered carbon black. insuring a sustainable supply. We are on a path to become a major global manufacturer, vendor and operator of TDP turnkey facilities that not only process tires, but also other types of hydrocarbon waste such as plastics and roof shingles. This is only the beginning.”

Related discussion and analysis have been filed and are available for review on the SEDAR website at www.sedar.com. Please visit the Company’s website at www.ecolomondo.com for updates on the Company’s Hawkesbury facility and other business developments.

 

Tire and Rubber Association of Canada

A19–260 Holiday Inn Drive
Cambridge, ON N3C 4E8