(via TheNewswire)
During the fiscal year ended
During the fiscal year ended
It performed the simultaneous production cycles at optimal payloads using both of reactors at its Hawkesbury TDP facility;
It improved efficiency of the shredding line and thermal processing TDP.
In late 2023, as the Company began to ramp-up its production, it became aware that its recovered carbon black milling machine did not have the capacity of producing the required throughput of 1,600 lbs per hour of recovered carbon black and to produce the required particle size of 15 microns. The Company immediately identified the root cause of the problems and decided on the necessary corrective measures. While these corrective measures will cause some delay to Hawkesbury’s full commercialization, management believes that all should be completed by the third quarter of 2024. During this period, the Company plans to keep shredding scrap tires, performing TDP batches and selling the steel and the pyrolysis oil. The Company plans to ship the recovered carbon black produced to a tolling company for final processing. Once returned, the Company expects to ship the processed recovered carbon black to its customers.
Highlights of the Annual Financial Statements are:
The company had revenues of
$149,281 compared to$81,632 for the fiscal year endedDecember 31, 2022 . During the period, the Company sold$196,727 of end-products produced at the Company’s Hawkesbury TDP facility, compared to nil for the fiscal year endedDecember 31, 2022 ;As of
December 31, 2023 , capital expenditures for theHawkesbury facility totaled$44,554,339 and the term loan with EDC reached$37,903,920 . The Company contributed equity of$11,828,295 to fulfill the covenants of its loan and amending agreements;A write-down of
$3,392,636 of theHawkesbury assets is reflected in the consolidated financial statements of the Company for the year endedDecember 31, 2023 , to reflect the removal of equipment and related costs that have been replaced or discarded;
The Restructured Loan signed with EDC on
December 22, 2023 , allowed for the postponement of principal and interest payments toMay 2024 with interest capped at 8.5% per year. The agreement calls for the Restructured Loan to be repaid in quarterly settlements of principal and interests starting inMay 2024 based on a 25-year amortization, and the final balance and all capitalized interest to be repaid when the Loan matures inMay 2029 ;As at
December 31, 2023 , the Company had an accumulated deficit of$26,743,082 ($22,018,374 as atDecember 31, 2022 ) as well as a working capital deficit of$9,746,977 and an adjusted working capital deficit of$4,107,925 (after taking into consideration the Share-For-Debt Agreement of$3,498,853 and the cash injection of$1.5 million indicated in the Subsequent Events section of the Company’s audited consolidated financial statements for the year endedDecember 31, 2023 .
The Company projects to use a further
For more details on these Annual Financial Statements of
About
About the Hawkesbury Plant – A 2-Reactor TDP Facility
The
About the
Processing capabilities for the Shamrock facility is projected at 5.5M per year of end-of-life tires, yielding approximately 35.1M lbs of recovered carbon black, 128,100 barrels of oil, 11.9M lbs of steel, and 10.6M lbs of syngas; roughly three times the size of the Company’s
Our Mission, Vision & Strategy
Ecolomondo’s mission is to be a contributing participant in a dynamic Circular Economy and to increase shareholder value by producing and supplying large quantities of recovered resources to be re-used in the manufacture of new products.
Ecolomondo’s vision is to be a leading producer and reseller of recovered resources by building and operating TDP facilities, strategically located in industrialized countries, close to feedstock, labor and offtake clients.
Our strategy is to become a major global builder and operator of TDP turnkey facilities, for now specializing in the processing of ELTs. Our intent is to expand aggressively in
ISCC Certification
A confirmation of the Company’s successful process lies in the recent International Sustainability and Carbon Certification (“ISCC”) for its Hawkesbury TDP facility, another step forward that should help improve demand for TDP. ISCC is a Global Sustainability Certification System and offers chain-of-custody certification systems to ensure traceability and feedstock identity, which can add commercial value to the Company’s end-products as they remain traceable in the supply chain.ISO Certification
The Company has obtained ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certification of its Integrated Management System (IMS), which acknowledges Ecolomondo’s commitment for quality, environmental impact and health and safety at work.
Environmental, Social & Governance (ESG)
On the social aspect the Company plans to measure global health and safety, injury rate and gender diversity, and finally in the corporate governance aspect, the Company is measuring ethics and anticorruption, ESG reporting and board independence.
About TDP
The TDPprocessis technically proven andmore advanced than mostother pyrolysis technologies. Over the years, our Technological teams were able to overcome all uncertainties that plagued most competitors especially in these areas: pre-filtration, reactor cooling, reactor rotation, water recycling,processingof rCB, (hydrocarbon removal), mass monitoring, heat curve development, humidity and water removal, safety testing, system automation, emissions control and monitoring.
TDP is Environmentally Friendly – CO2Reduction
By producing rCB, TDP reduces GHG emissions by 90% versus the productionof virgin carbon black. The production of rCB at the
Please follow
Facebook: https://www.facebook.com/EcolomondoECM
LinkedIn: https://www.linkedin.com/company/ecolomondo/
Instagram: https://www.instagram.com/ecolomondoecm/
YouTube: https://www.youtube.com/@Ecolomondo
Ecolomondo Corporation Contact
Chairman and Chief Executive Officer,
Tel: (450) 587-5999
esorella@ecolomondocorp.com
www.ecolomondo.com
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although
Neither
Copyright (c) 2024 TheNewswire - All rights reserved.
Copyright (c) 2024 TheNewswire - All rights reserved., source