VANCOUVER, BC / ACCESSWIRE / March 24, 2020 / Cielo Waste Solutions Corp. (CSE:CMC)(OTCQB:CWSFF) ('CIELO'/'Company') announces that Renewable U Medicine Hat Inc. ('Renewable U Medicine Hat') has informed CIELO that it has secured an agreement in principle to purchase 80 acres of land in Cypress County, Alberta, which is near Dunmore, approximately 3 kilometers southeast of Medicine Hat. Renewable U Medicine Hat has also advised CIELO that it has the funding in place to close the contemplated Purchase and Sale Agreement, which will be subject to a number of closing conditions that are anticipated to be satisfied on or before July 1, 2020.
Renewable U Medicine Hat is the company with which CIELO has entered into a Memorandum of Understanding (the 'MOU')(see February 26, 2019 Press Release) to fund all aspects of building and placing on production a joint venture facility in, or within, 50 kilometers of Medicine Hat ('JV Facility'). The JV Facility is being designed and engineered to initially convert up to 8 tonnes per hour of multiple waste feedstocks (about 65,000 tonnes/year) into 4,000 liters an hour 32.7 Million liters/year of renewable fuels that can be blended into conventional highway transportation, marine and aviation/jet fuels. It is contemplated that the JV Facility will operate 341 days a year and cost approximately $50 million to build and commission. During construction, CIELO expects to employ approximately 50 - 70 people and, once on production, CIELO expects that the JV Facility will employ approximately 25 full-time employees.
The 80-acre parcel of land is located directly east of Canadian Pacific Railway's ('CP') Dunmore Rail Yard and is optimally located between the TransCanada #1 Highway and CP's main line. This location will provide Cielo with the flexibility to bring in various waste feedstocks and ship the renewable fuel end-products out by rail and or by ground transportation.
Don Allan, President and CEO of CIELO, stated 'Renewable U Medicine Hat, after scoping out multiple locations, presented us the land in Cypress County, which is perfectly located and ideal for future expansion opportunities. We are extremely excited to see our partners show their conviction and belief in CIELO by initiating this significant investment. This will allow CIELO to move forward with the applicable regulators and local residents to apprise them of our plans to build a green facility to convert waste into renewable fuels.'
Renewable U Medicine Hat's Director and Chief Operating Officer, Ryan Jackson, stated, 'We are extremely pleased to have found a location that is situated within Cypress County where local investors and partners reside that share our vision of creating a world class facility!'
On Friday, March 27, 2020 at 11 AM EST (9 AM MST), Cielo's President & CEO, Don Allan, will be providing an update on the Company's current operations and anticipated upcoming milestones. Management will be available to answer questions following the presentation on the webinar platform. To ask a question, you will need to be logged into the GoToWebinar platform or by emailing your question(s) beforehand to RBMilestone@cielows.com.
Date: Friday, March 27, 2020
Time: 11 AM EST / 9 AM MST
On behalf of the Board of Directors of the Company.
Cielo Waste Management Corp.
Don Allan, President / CEO / Director
RB Milestone Group, LLC
Trevor Brucato, Managing Director
New York, NY & Stamford, CT
About CIELO Waste Solutions Corp.
CIELO Waste Solutions Corp. is a publicly traded company with its shares listed to trade on the Canadian Securities Exchange ('CSE') under the symbol 'CMC', as well as OTC Markets Group, on the OTCQB, under the symbol 'CWSFF'. CIELO is a waste to renewable energy company with a game changing technology engineered to help solve the world's garbage crisis. CIELO's technology transforms landfill garbage into renewable high-grade diesel and aviation jet fuel. CIELO's proven and patent-pending technology is currently being deployed in the Company's Aldersyde, Alberta Renewable Diesel Facility, where wood waste is currently being converted into renewable fuels.
CIELO is headquartered in Alberta, Canada with plans to build and operate green facilities across North America as well as globally.
CIELO has already begun expanding its footprint by signing multiple Memorandums of Understanding pursuant to which third parties are in negotiation with CIELO to build, at no cost to CIELO, Joint Venture Renewable Diesel Facilities in Grande Prairie, Calgary, Medicine Hat and Lethbridge, Alberta as well as in Nova Scotia. Each JV Facility is projected to cost approximately $50 million to build, commission and place on production. CIELO will be the general contractor and operator of all the proposed JV Facilities. The feedstock that will be used in the Company's green facilities is the world's most available and inexpensive feedstock - garbage; including household, commercial/ construction/demolition garbage, used tires, railway ties and telephone poles as well as all types of plastic that currently cannot be recycled.
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 related to the joint venture with Renewable U Medicine Hat and with respect to the 80-acre parcel of land anticipated to be purchased by Renewable U Medicine Hat, as well as the anticipated effects and opportunities resulting from each. 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, neither the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. The CSE and the OTCQB have not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release.
SOURCE: Cielo Waste Solutions Corp.
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