VANCOUVER, BC /ACCESSWIRE/June 13, 2022/ Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (“Heaven” or the “Company”), a waste-to-fuel environmental technology company, today announced the resignations of Mr. Gregg Gegunde as Chief Executive Officer and Chief Operating Officer and Mr. Chris Sabat as Chief Legal Officer and general secretary. Ms. Anna Cheong, who was acting as interim Chief Financial Officer, resumed her position as Controller. The Board has appointed Mr. Ryan Jackson as Interim Chief Executive Officer and Ms. Jasdeep K. Dhaliwal, Chartered Professional Accountant, as Interim Chief Financial Officer.
On behalf of the Board of Directors (the “Plank“) of the Company, Mr. Larry Schafran, Chairman of the Board, said, “We thank Gregg and Chris for their dedication since the third quarter of 2021 to strengthening Cielo’s engineering and corporate governance foundations. Their leadership and contributions transformed Cielo in its vision to aspire to lead the waste-to-energy industry using environmentally friendly and economically sustainable technology. The Board also expresses its gratitude to Ms. Cheong for her continued commitment to the organization. »
Ryan Jackson, a seasoned business executive with over 30 years of experience and a member of the Institute of Certified Management Consultants of Alberta, has served as a Cielo director since May 2021. Mr. Jackson goes on to say, “The strong foundation that was built by Gregg and Chris has positioned Cielo for success in the future. I am excited to continue to lead strategy execution with the extremely strong team that Gregg has built during his time with the company.
Ms. Jasdeep K. Dhaliwal has extensive experience in risk management, financial reporting processes and internal controls and has been a director of Cielo since April 2021 and former Chair of the Audit Committee. Together, Ms. Dhaliwal and Mr. Jackson bring in-depth construction business knowledge and capital markets experience as well as the strategic leadership skills required for the company’s next stage of development. The Audit Committee has also appointed Director Ms. Sheila Leggett to replace Ms. Dhaliwal as Chair of the Audit Committee.
Echelon Wealth Partners Commitment
The Company has engaged Echelon Wealth Partners Inc. (“Echelon“) as a financial adviser to assist the interim management team and the board in assessing a number of potential financing alternatives to advance various capital development projects, including at Aldersyde.
Aldersyde Production Update:
Treat Heat From Electric Heater Online
As the Aldersyde Phase 1 facility continued to operate, Cielo continued to modify and improve the design. Aldersyde Engineering, Operations and Maintenance has made such improvements and therefore repairs the heater online. The heater is expected to be available by June 20, 2022, at which time steady-state, low-flow operation is expected.
Waste management system
A change in feedstock dimension was recently implemented to further improve the process, which resulted in improved distillate quality but impacted solid settling characteristics. The operating strategy and modification of the piping was necessary to manage the waste stream due to the change in the sedimentation characteristics of the solids. Intermediate operations have been positive, improving the recovery of used engine oil from the bottom of the reactors and reducing the production of waste.
In line with previous press releases dated May 12, 2022 and April 18, 2022, Aldersyde’s primary focus is to improve reliability, distillate quality and better understand constraints so that learnings can be applied to the design of the research facility and in the future on a large scale. facilities. Going forward, management will no longer be focusing on feed production figures or providing advice on these figures as the current Aldersyde facility is not profitable and these figures are not required to achieve the aforementioned objectives.
Cielo’s plan is to achieve a stable production state over a 10-day period followed by a planned shutdown to inspect the equipment. After each steady-state production cycle, operations and engineering will evaluate the cycle and apply learnings for future trials with modified process parameters.
Introductory conference call
Cielo will host an introductory conference call followed by a Q&A on Monday, June 13, 2022 at 7:00 a.m. Mountain Time (9:00 a.m. EST) with Interim CEO Ryan Jackson and Acting Chief Financial Officer Jasdeep Dhaliwal.
Conference call details
The call can be accessed by telephone by dialing the North American toll-free number at 1-888-664-6392 (call number 72346799). A replay will be available shortly after the call and can be viewed by dialing the North American toll-free number at 1-888-390-0541. The replay password is 346799#. The replay will be available until June 20, 2022.
For more information, please contact:
Cielo Investor Relations
Email: [email protected]
Rose & Company
610 Fifth Avenue, Suite 308
New York, NY 10020
Telephone: (212) 517-0810
Email: [email protected]
RB Milestone Group LLC (USA):
Trevor Brucato, General Manager
Email: [email protected]
New York, NY and Stamford, CT
Cielo Waste Solutions Corp. was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company whose shares are listed on the TSX Venture Exchange (“TSXV“) under the symbol “CMC”, on the Frankfurt Stock Exchange (“DAX“) under the symbol “C36”, as well as on the OTC Venture Market (“OTCQB“), under the symbol “CWSFF.” The Company’s strategic intention is to become one of the leading environmental technology companies in waste recovery by using its environmentally friendly and economically sustainable technology. Cielo has a patented process that can convert waste feedstocks including plastics, rubber, organics and wood-derived waste into fuel.Cielo’s business model is to source waste from industrial producers and other suppliers and converting these feedstocks into fuels.Having demonstrated its ability to produce diesel and naphtha from waste, Cielo plans to further upgrade its Aldersyde facility and build additional facilities that will convert waste into energy fuels, including the diesel, naphtha and kerosene Diesel from Cielo distillate could be used in the s diesel engines. Kerosene could be suitable for aviation or marine jet fuel, and naphtha could be used to facilitate the transport of heavy oil. Cielo’s goal is to generate value from converting waste into fuel while ridding the world of unwanted and problematic waste.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements and information (hereinafter collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of current or historical facts are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “may”, “believe”, “plan”, “intend”, “target”, “continuing”, “in progress”, “estimate”, “prospect”, “expect”, “may”, “will”, “plan”, “should” or similar words, including their negative forms, suggesting future results.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which may cause actual results, level of activity, performance or the Company’s achievements are materially different. of those expressed or implied by such forward-looking statements. Cielo makes forward-looking statements regarding, but not limited to,: the delivery of the Aldersyde Phase 1 in-line heating plant, the achievement of a steady state of production over a period of 10 days and the Company’s commitment to Echelon for possible future financing.
Investors should continue to review and consider information disseminated through press releases and filed by the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be those anticipated, estimated or expected.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some of which are described here. These forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the actual performance and results of the Company to differ materially from the projections of future performance or results expressed or implied by these forward-looking statements. All forward-looking statements are made as of the date hereof and, except as required by law, the Company undertakes no obligation to publicly update or revise such statements to reflect new information, whether subsequent or not. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV), nor the OTCQB nor WKN has reviewed the contents of this press release and accepts no responsibility for its relevance or accuracy.
THE SOURCE: Cielo Waste Solutions Corp.
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