VANCOUVER, BC / ACCESSWIRE / December 9, 2019 / Cielo Waste Solutions Corp. (CSE:CMC)(OTCQB:CEIWF) (“Cielo” or the “Company”) is pleased to announce that the Company has been approved to trade on the OTCQB Venture Market (“OTCQB”), a United States trading platform that is operated by the OTC Markets Group in New York. The Company will trade on the OTCQB under symbol “CEIWF” and the Company’s common shares will continue to trade on the Canadian Securities Exchange under the symbol “CMC“.
“We anticipate that in addition to our CSE listing, trading on the OTCQB will raise our visibility within the U.S. investment community and will help us to broaden our shareholder base by facilitating easier access for U.S. investors to acquire shares in Cielo,” said Mr. Don Allan, President and CEO. The Company is in the process of changing its trading symbol and obtaining DTC eligibility, which is expected to occur in the near future.
The OTCQB is recognized as an Established Public Market by the U.S. Securities and Exchange Commission and is a leading market for U.S. and international companies in the entrepreneurial and development stage. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process. The OTCQB quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors. As a verified market with efficient access for U.S. investors, OTCQB helps companies build shareholder value with a goal of enhancing liquidity and achieving a fair valuation.
OTC Markets Group is an American financial market providing price and liquidity information for roughly 10,000 over-the-counter securities. The group has its headquarters in New York City. OTC-traded securities are organized into three markets to inform investors of opportunities and risks: OTCQX, OTCQB and Pink. Cielo has now been approved to initially trade on the OTCQB. This is a significant milestone for the Company, which we believe should provide current shareholders and prospective investors with greater access and liquidity.
On November 28th, Cielo announced that it had entered into a Supply of Services Agreement with Canadian Pacific (TSX: CP) (NYSE: CP) (“Agreement”). The Agreement entitles Cielo to receive scrap railway ties from CP to use as feedstock in the production of high-grade renewable fuels, in one of its future follow-on waste to energy green refineries. Over the past approximately 18 months, Cielo has worked with CP to obtain a number of scrap railway ties for due diligence testing and has consistently achieved positive preliminary results.
Since the Grand Opening of Cielo’s refinery in Aldersyde, Alberta (“Aldersyde Refinery”), the Company has made multiple design changes to enhance its operations.
- The instrumentation and software were upgraded to allow for the increased volumes of fuels resulting from these process improvements.
- When the Aldersyde Refinery was brought back on-line, the newly added grinding equipment installed, produced a smaller, particle-sized wood waste, the production of distillate increased over two-fold, which created a bottleneck in the waste recovery process.
- The electric heat currently in place on the reactor has proven to provide much more control over the chemical reactions and Cielo is now able to produce a much higher quality distillate.
- By making several modifications to Cielo’s process, the Company believes we are able to capture more hydrocarbons and recover more of its proprietary catalyst than previously, which significantly improves feedstock to renewable fuel conversion ratios.
- With an increase in production volumes, Cielo’s team has had to find a resolution to a bottleneck in our refining process that occurred, which it has done with the assistance of outside third parties, revising the throughput process design and engaging contractors to fabricate the required new pieces of equipment.
- One of the significant improvements that was also made during this time was the sterilization of the used motor oil that is used as a carrier fluid for blending with the feedstock and catalyst. This improvement has significantly lowered Cielo’s carbon intensity number, which makes Cielo’s renewable fuels greener and in turn is expected to provide Cielo with even more GHG carbon credits.
- Cielo has been working very hard on the desulfurization process and believes it has made significant advancements. While having hoped to have this completed by now, management believes that it is critical to achieve this aspect of the process precisely and correctly. Allowing the external third parties Cielo has engaged the time to fine-tune their process to meet Cielo’s projected production numbers, while keeping the capex and operational costs in-line, it is anticipated to be worth the delay. Cielo has been working on a daily basis with the providers and anticipates being in a position to announce definitive results in the near future.
- Cielo announced on November 18th 2019 thatit had received notice from Alberta Environment and Parks (“AEP”) that the requested improvements to the Aldersyde Refinery were approved. The Company is still waiting for permission from AEP to process Polyethylene Terephthalate (“PET”) plastics and clam shell plastics as a feedstock in our waste to high grade renewable fuel refinery, which we are hoping will come shortly.
- Don Allan, President and CEO of Cielo participated as a speaker at the Energy Disrupters Conference in Calgary, Alberta and the Zero Waste Conference in Newark, New Jersey. Mr. Allan discussed how Cielo has a game changing technology in the fastest growing industry in the world and how the Company can improve the worlds waste and greenhouse gas issues.
Don Allan stated, “We understand that the delays in getting the Aldersyde Refinery operating on a continuous flow basis has been frustrating for our stakeholders however, during this time, we have made significant design changes that we are confident will result in even greater results than we’d originally believed were achievable. In addition, we are in the process of finalizing the site selection for our joint venture refineries with Renewable U Energy and Seymour Capital. Having the six-year Services Supply Agreement now in place with CP has spurred on other feedstock suppliers into accelerating their discussions with Cielo. We are also focused on increasing our shareholder base and providing additional liquidity for current and prospective investors. We believe Cielo’s dual listing in the U.S. should assist in this regard. These are very exciting times for Cielo as we move ever closer to revenue and advancing the building of our first five joint venture refineries moving forward.”
Join Cielo shareholders on 8020 Connect: http://connects.digital/cielo1
On behalf of the Board of Directors of the Company.
Cielo Waste Management Corp.
Don Allan, President / CEO / Director
Renewable U Energy Inc.
Lionel Robins, CEO
RB Milestone Group, LLC
Trevor Brucato, Managing Director
New York, NY & Stamford, CT
About Cielo Waste Solutions Corp.
Cielo Waste Solutions Corp. is a publicly traded company with its shares listed to trade on the Canadian Securities Exchange (“CSE”) under the symbol “CMC”. Cielo is a waste to renewable energy company with a game changing technology engineered to help solve the world’s garbage crisis. Cielo’s technology transforms landfill garbage into renewable high-grade diesel, kerosene (aviation jet fuel) and naphtha fuels. Cielo’s proven and patent-pending technology is currently being deployed in the Company’s Aldersyde, Alberta green refinery where wood waste is currently being converted into renewable fuels.
Cielo is headquartered in Alberta, Canada with plans to build and operate green refineries across North America and globally.
Cielo has already begun expanding its footprint by signing multiple Memorandums of Understanding pursuant to which third parties are in negotiation with Cielo to build, at no cost to Cielo, Joint Venture Refineries in Grande Prairie, Calgary, Medicine Hat, Brooks and Lethbridge, Alberta. Each JV Refinery is projected to cost approximately $25M +/- to build, commission and place on production. Cielo will be the general contractor and operator of all of the proposed JV Refineries. The feedstock that will be used in the Company’s green refineries is the world’s most available and inexpensive feedstock – garbage; including household, commercial/construction/demolition garbage, used tires, railway ties and telephone poles as well as all types of plastic that currently cannot be recycled.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Cielo is making forward looking statements related to the listing of its common shares on the OTCQB and with respect to various aspects of the Aldersyde Refinery, including the completion of the desulfurization process and achieving revenues. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release.
SOURCE: Cielo Waste Solutions Corp.
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