CALGARY, AB / ACCESSWIRE / July 28, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) ("Cielo" or the "Company"), a waste-to-fuel environmental technology company, is pleased to provide an update on its property in Fort Saskatchewan, Alberta (the "FS Property"), in particular an agreement to lease a portion of the FS Property.
As previously disclosed, the Company's focus is on the development of a research and development facility (the "R&D Facility"), intended to serve as a scaled-down version of a commercial facility through which commercial viability of various feedstocks can be verified and refined. As the Company is currently planning to locate the R&D Facility at its location in Aldersyde, Alberta (pending approval from Alberta Environment and Parks), Cielo has taken steps intended to maximize the value of the FS Property while it's not in use. Cielo is considering various strategic alternatives for the FS Property. Currently, this includes the leasing of a portion of the FS Property to facilitate steady rental income.
The Company has entered into a commercial lease (the "Lease") with a private, third-party corporation (the "Tenant') for 15 of the approximately 60 acres owned by Cielo, which includes the building that is located on the FS Property (together the "Leased Premises"). The Lease is for a term of 5 years, beginning as of August 1, 2022, at a monthly base rent of $50,000 plus 90% of the occupancy costs for the Leased Premises (such as property taxes, insurance, and building maintenance). The Tenant may extend the Lease for an additional period of 5 years. The Tenant also has the right to terminate the Lease upon three (3) months' notice if prior to April 30, 2025.
Ryan Jackson, CEO of Cielo, commented: "We welcome the opportunity to have our Ft. Saskatchewan facility be put to use while also significantly reducing the carrying costs associated with the purchase of the property. Cielo will continue to assess various alternatives for the Ft. Saskatchewan facility as we continue to focus on fabrication of the R&D Facility."
For further information please contact:
Ryan Jackson, Interim CEO
Phone: (403) 348-2972
Cielo Investor Relations
Email: [email protected]
RB Milestone Group LLC (USA):
Trevor Brucato, Managing Director
Email: [email protected]
New York, NY & Stamford, CT
ABOUT CIELO
Cielo Waste Solutions Corp. was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company with its shares listed to trade on the TSX Venture Exchange ("TSXV") under the symbol "CMC," on the Frankfurt Exchange ("DAX") under the symbol "C36", as well as on the OTC Venture Market ("OTCQB"), under the symbol "CWSFF." The Company's strategic intent is to become one of the leading waste-to-fuel environmental technology companies using its environmentally friendly, economically sustainable technology. Cielo has a patented process that can convert waste feedstocks, including plastics, rubber, organic material, and wood derivative waste to fuel. Cielo's business model is to source waste feedstocks from industrial producers and other suppliers and convert the feedstocks into fuels. Having demonstrated its ability to produce diesel and naphtha from waste, Cielo plans to further enhance its Aldersyde Facility and to construct additional facilities that will convert waste feedstocks to energy fuels, including diesel, naphtha, and kerosene. The diesel from Cielo's distillate could be used in diesel engines. Kerosene could be suitable for aviation or marine jet fuel, and naphtha could be used to assist in transporting heavy oil. Cielo's objective is to generate value from converting waste to fuel while ridding the world of unwanted and problematic waste.
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, with respect to, but not limited to: the Company's intention and plan to focus on the fabrication of the R&D Facility and the intended location for the FS Facility; the Company's plan to continue to assess various alternatives for the FS Facility; the Lease, including the terms thereof, such as the commencement date and the anticipated rent and occupancy costs to be received by Cielo; and the impact of the foregoing on the cash flow and/or financial condition of the Company, including the Company's ability to maximize the value of the FS Property to the Company while it's not in use.
Investors should continue to review and consider information disseminated through news 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 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, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV), nor OTCQB nor WKN, have reviewed, and do not accept responsibility for the adequacy or accuracy of, the content of this news release.
SOURCE: Cielo Waste Solutions Corp.