Ecolomondo Corporation announced that it has concluded an Amending Agreement (the "Amending Agreement") to its original loan agreement ("Loan") with Export Development Canada ("EDC"). The original Loan was for an amount of $32.1 million in project financing with EDC, executed on April 3, 2019, to finance the construction of the Company's first of its kind new turnkey thermal decomposition facility in the Town of Hawkesbury, Ontario (the "Hawkesbury facility") that will process end-of-life tires to produce re-usable resources. The Amending Agreement allows for the postponement of principal and interest payments to September 29, 2023 as the Company continues to work through the final steps to bring the new Hawkesbury TDP facility to commercial operations.

The Hawkesbury TDP facility initially started testing of its thermal equipment in January 2023 with an initial payload of 1,600 lbs and gradually increased to reach the optimal payload goal of 15,000 lbs per production cycle of each reactor. During this time, the Company's technical teams continued their work to improve efficiency and ensure the safety of the TDP process and the plant. The Hawkebury TDP facility is now capable of processing industrial quantities of end-of-life tires and from them produce industrial quantities of sustainable oil, gas and recovered carbon black.