Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Canada
  4. Bourse de Toronto
  5. Zimtu Capital Corp.
  6. News
  7. Summary
    ZC   CA9895892052

ZIMTU CAPITAL CORP.

(ZC)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensus 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Zimtu Capital : Aduro completed work on its First Milestone and submitted a report for third-party evaluation, a critical step towards commercialization of their innovative chemical conversion technologies

12/03/2021 | 04:52am EST

Sarnia, ON, December 2, 2021 - Aduro Clean Technologies Inc. ("Aduro", or the "Company") (CSE: ACT) (OTCQB: ACTHF) (FSE: 9D50), is a Canadian developer of patented water-based technologies to chemically recycle plastics, and to transform heavy crude and renewable oils into new-era resources and higher-value fuels.

Aduro is pleased to announce that the Company's scientists have completed their work in support of the First Milestone as set out in the Share Exchange Agreement dated October 22, 2021, and as amended in the Share Exchange Agreement. The details of this work have been summarized in a report and submitted for third-party evaluation.

The independent third-party evaluator named in the Share Exchange Agreement is Dr. Paul Charpentier, who will shortly report on his findings. His role is to:

  • Examine the methodology used by the Aduro scientists and the results obtained in view of the objectives defined in the Share Exchange Agreement, and then
  • Certify if those objectives were met.

The results of the completed work of the First Milestone demonstrates that the patented Aduro Hydrochemolytic™ technology (HCT), developed and proven by Aduro in small batch R1 reactors, is viable for use in the types of continuous-flow reactors commonly used in commercial applications. In this case, HCT was applied to improve the properties of bitumen, but the technology has other important applications. For the demonstration, bitumen feedstock with an "API gravity" (density) of 14.6 ºAPI was upgraded to lighter petroleum with a density of 19.1 ºAPI. (Higher ºAPI values mean lower density and higher market value.)

"Results achieved with the continuous-flow R2 pre-pilot reactor exceeded expectations. Compared to batch mode, it delivered equivalent upgrading results more quickly and at lower temperatures, and with lower catalyst loading," says Marc Trygstad, CTO of Aduro. "We had already proven HCT in small-scale R1 batch reactors, but the efficiency of HCT in R2 increased by a factor far greater than 10. This significantly strengthens our projections regarding lower operating costs in commercial applications, along with improved scoring on environmental factors, such as reduced emissions and energy consumption," adds Trygstad.

These results form the foundation for HCT scaleup to pilot plants, precommercial deployments, and full-scale commercial systems. They also create the context required for Aduro to further optimize its processes, and to engage potential partners and customers through demonstration projects. For example, the R2-scale work on bitumen supports the next-phase design of the pilot-scale R3 reactor system to process barrels-per-day of bitumen, which was begun in June 2021. Furthermore, lessons learned from bitumen processing are also being applied to accelerate design of an R2-scale demonstration system optimized for upcycling of plastics, like polyethylene and polypropylene.

"My thanks to the Aduro technology team for supporting this critical milestone and exceeding our expectations. Having delivered on this key commitment to our investors, the knowledge gained allows us to now advance and accelerate our efforts on the next phase, which is the pilot-scale demonstration of HCT," says Ofer Vicus, CEO of Aduro.

About Dr. Charpentier

Dr. Paul Charpentier is a Professor of Chemical & Biochemical Engineering at Western University in London, Ontario, where he has served as a faculty member for over 20 years. He holds a Master of Science degree in Polymer Chemistry from the University of Waterloo, and a PhD degree in Chemical Engineering from McMaster University.

About Aduro Clean Technologies

Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company's Hydrochemolytic™ technology activates unique properties of water in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into 21st-century resources. With funding and support from Bioindustrial Innovation Canada, the company has developed a pre-pilot reactor system to upgrade heavy petroleum into lighter oil.

For further information, please contact:

Ofer Vicus, CEO
ovicus@adurocleantech.com

Craig MacPhail, Investor Relations
ir@adurocleantech.com

Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. The forward-looking statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Important factors that could cause actual results to differ materially from the Company's expectations include adverse market conditions and other factors beyond the control of the parties. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

The CSE has not reviewed, approved, or disapproved the content of this news release.

Disclaimer

Zimtu Capital Corp. published this content on 02 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 December 2021 09:51:01 UTC.


ę Publicnow 2021
All news about ZIMTU CAPITAL CORP.
01/18ZIMTU CAPITAL : Announces Increase to Private Placement
PU
01/18ZIMTU CAPITAL : Zinc8 Energy Solutions Inc. Announces Signing of Host Site Agreement with ..
PU
01/18Zimtu Capital Upsizes Private Placement of Share Units to C$2 Million
MT
01/11ZIMTU CAPITAL : Announces Private Placement
PU
01/10Zimtu Capital Raising C$0.75 Million in a Private Placement of Share Units
MT
01/10Zimtu Capital Corp. announced that it expects to receive CAD 0.75 million in funding
CI
01/06ZIMTU CAPITAL : Core Assets Announces $1.5 Million Private Placement Led By Crescat Capita..
PU
01/06ZIMTU CAPITAL : Pontus Protein Closes Debt Settlement
PU
2021ZIMTU CAPITAL : Arctic Star Announces Closing of Non-Brokered Private Placement of Units
PU
2021ZIMTU CAPITAL : Commerce Resources Intersects 2.19% REO over 302.0 m, including 2.94% REO ..
PU
More news
Financials
Sales 2020 1,39 M 1,10 M 1,10 M
Net income 2020 3,70 M 2,94 M 2,94 M
Net cash 2020 8,83 M 7,01 M 7,01 M
P/E ratio 2020 0,67x
Yield 2020 -
Capitalization 3,42 M 2,73 M 2,72 M
EV / Sales 2019 -1,53x
EV / Sales 2020 -4,56x
Nbr of Employees -
Free-Float 80,0%
Chart ZIMTU CAPITAL CORP.
Duration : Period :
Zimtu Capital Corp. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Mean consensus -
Number of Analysts 0
Last Close Price 0,21 
Average target price
Spread / Average Target -
Managers and Directors
David Ian Hodge President, Chief Executive Officer & Director
Jody Bellefleur Chief Financial Officer
Kevin James Bottomley Independent Director
John Christopher Grove Secretary & Independent Director
Sean Charland Director
Sector and Competitors
1st jan.Capi. (M$)
ZIMTU CAPITAL CORP.-6.67%3
BLACKROCK, INC.-12.52%121 487
BROOKFIELD ASSET MANAGEMENT INC.-12.03%84 249
BLACKSTONE INC.-15.16%78 044
UBS GROUP AG6.52%66 056
BANK OF NEW YORK MELLON CORPORATION (THE)-1.55%45 981