ECOLOMONDO Concludes an Amending Agreement with Export Development Canada (EDC)

Vancouver, British Columbia --News Direct-- Ecolomondo Corporation

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Montreal – TheNewswire - August 29, 2021 - Ecolomondo Environmental (Hawkesbury) Inc., a subsidiary of Ecolomondo Corporation (TSXV:ECM) (OTC:ECLMF) (“the Company” or “Ecolomondo”) is pleased to announce that it has concluded on August 25, 2022 a Third Amending Agreement (the “Amending Agreement”) to its original loan agreement (“Loan”) with from 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 updates the original Loan and addresses mostly the consequential challenges and negative impact brought on by a chronic global COVID-19 pandemic to the construction and commissioning of the Company’s Hawkesbury TDP facility.

 

As the Hawkesbury facility is almost ready to begin commercial production, the Amending Agreement allows the deferral of interest and capital payments that were to become due August 31 and November 30, 2022, on the condition that the Company injects $500,000 in capital in its subsidiary Ecolomondo Environmental (Hawkesbury) Inc. by August 31, 2022. It is to note that this condition was satisfied on August 29, 2022. The Amending Agreement also encompasses for the deferral of interest and capital payments that were to become due on February 28, 2023 and a further capital payment to become due May 31, 2023, on the condition that the Company agrees to inject $2,000,000 in capital before December 31, 2022 into its Hawkesbury subsidiary. Deferred amounts will be added to the balloon payment due at the maturity of the Loan. The Amending Agreement also details the funding of the Debt Service Reserve Account and the disbursement priority waterfall.

 

“This Agreement further confirms my long-standing belief that EDC is an exceptional financial partner. The signing of this Third Amending Agreement confirms their support towards the success of Ecolomondo’s Hawkesbury TDP turnkey plant”, says Eliot Sorella, Ecolomondo’s Chairman & CEO.

  

 

About TDP Technology

Thermal Decomposition Process technology is a proprietary waste-to-resources technology that the Company expects will play a critical role in the development and proliferation of the circular economy. TDP is a closed loop, slow pyrolysis technology that operates in an oxygen-free environment using positive pressure and a batch rotary reactor. The process is largely energy self-sufficient. Ecolomondo’s exclusive automation system allows for strict control of cycle times, processing parameters and consistent batch production, resulting in quality, commercial-grade recycled commodities and end-products.

 

About Ecolomondo Corporation

Ecolomondo is a Canadian cleantech company specializing in the commercialization of its waste-to-products operations and proprietary TDP technology. With 25+ years of industry experience and a track record of establishing strong circular economy partnerships, the Company is strategically positioned to become a major global vendor of turnkey TDP facilities that convert hydrocarbon waste into saleable end-products including recycled carbon black, oil, gas and steel.

 

Revenue growth will come from the building and operations of fully-automated and energy-efficient TDP facilities. Ecolomondo’s initial focus is to aggressively market TDP facility expansion throughout North America, as management has been speaking with numerous public and private sector industry groups looking for breakthrough solutions for processing hydrocarbon waste.

 

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.

  

For further information please contact:

 

Eliot Sorella,

Chairman and Chief Executive Officer, Ecolomondo

Tel: (450) 587-5999

esorella@ecolomondocorp.com

www.ecolomondo.com

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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