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Montreal, QC, October 29, 2024 – TheNewswire – Ecolomondo Corporation (TSXV: ECM) (OTCQB: ECLMF) (the “Company” or “Ecolomondo”), a leading innovator in sustainable tire recycling technology, announces that it has filed a Notice of Change of Auditor.
Raymond Chabot Grant Thornton LLP (“RCGT”) recently advised the Company that it was reluctantly resigning from the file, citing “the challenges related to the labor shortage and the increase in operating costs overall and this forces us to rethink our ways of doing business.”
The Company’s Audit Committee has accepted the resignation letter and the appointment of a new auditor is currently under review. Discussions have begun for a potential replacement auditor to fill the vacancy as required under National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”).
The Board thanks RCGT for their work as the Company’s auditors over the past many years.
The Former Auditor’s reports on the consolidated financial statements of the Company for the years ended December 31, 2023 did not express a modified opinion and the Former Auditor has confirmed there have been no “reportable events” as defined in NI 52-102. Ecolomondo is complying with the requirements of NI 51-102 in respect of the Former Auditor’s resignation and the change of auditor notice (the “Notice”) and the Former Auditor’s response are available on SEDAR+ .
The Company is currently in discussions with several other potential replacements to RCGT and once a successor auditor has been appointed, the Company will issue a further press release confirming such appointment and file the required documents on SEDAR+ shortly thereafter.
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company that prides itself after its proprietary Thermal Decomposition technology TDP which is headquartered in Québec, Canada. It has a 25-year history and during this time has been focused on its development of its technology and the deployment of TDP turnkey facilities. TDP recovers high value re-usable commodities from scrap tire waste, notably rCB, oil, syngas, fiber and steel. Ecolomondo expects to be a leading player in the cleantech space and be an active contributor to the global circular economy. Ecolomondo trades in Canada on the TSX Venture Exchange under the symbol (TSXV:ECM) and in the United States under the symbol (OTCQB:ECLMF). To learn more, visit www.ecolomondo.com
About the Hawkesbury Plant – A 2-Reactor TDP Facility
The Hawkesbury facility building is 46,200 sq.ft and has an impressive indoor clearance of 28 feet. It is state-of-the-art and houses 4 main production departments, tire shredding, thermal decomposition, recycled carbon black refining and oil fractionation. Once fully operational, this facility is expected to process over 1.1M of scrap tires per year and produce 7.6M lbs of recovered carbon black, 30,528 barrels of oil, 2.6M lbs of steel, and 2.3M lbs of process gas.
About the Shamrock Project – A 6-Reactor TDP Facility
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 Hawkesbury (Ontario) plant output. Facility construction is expected to begin by the third quarter of 2024 with completion expected by the end of the fourth quarter of 2025. Projected cost to build is approximately US $93 million.
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 North America and Europe. Our experience and modular technology should help us get there faster and better. We plan to keep performing ongoing research and development to ensure that Ecolomondo remains technologically advanced.
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 TDP process is technically proven and more advanced than most other 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, processing of rCB, (hydrocarbon removal), mass monitoring, heat curve development, humidity and water removal, safety testing, system automation, emissions control and monitoring.
TDP is Environmentally Friendly – CO2 Reduction
By producing rCB, TDP reduces GHG emissions by 90% versus the production of virgin carbon black. The production of rCB at the Hawkesbury and Shamrock facilities are expected to reduce CO2 emissions by 15,000 and 45,000 tons per year, respectively.
Please follow Ecolomondo on Twitter, Facebook, LinkedIn, Instagram and YouTube.
Twitter: https://twitter.com/EcolomondoECM
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
Eliot Sorella
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
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 Ecolomondo believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Ecolomondo disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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