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/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/
CALGARY, AB, May 17, 2022 /CNW/ - EarthRenew Inc. (CSE: ERTH) (OTCQB: VVIVF) (" EarthRenew "), along with its wholly-owned subsidiary, Replenish Nutrients Ltd. ("Replenish" or "the Company") is pleased to provide an update on its projects in DeBolt, Alberta and Bethune, Saskatchewan.
Replenish Nutrient's low-salt, regenerative biofertilizers have driven sales over $15.0 million as reported in the Company's annual financial statements for 2021. This success has prompted Replenish to establish new sites in proven, high-demand locations. The Company forecasts revenue from regenerative fertilizer sales of approximately $24 million for 2022.
Engineering and development activities are underway for a 50,000 metric tonne granulation facility on-site at our current DeBolt, Alberta fertilizer blending facility. The zero-waste facility will service the large agriculture region in the Peace Country of Northern Alberta. The area is home to over 10 million acres of arable land, an area about the size of New York state, and represents an untapped market for sustainable agricultural products. Replenish has established a toe-hold in the area with sales of approximately $7.5 million to date. The Company's expansion extends market reach due to the inherent ease of transport, application, and storage of this type of product. Modeled after the recently commissioned Beiseker facility, the Company intends for the DeBolt facility to be operational in 2023. The project has received development permit approval from the Municipal District of Greenview.
The Company is also advancing its efforts to establish a larger facility at the K+S Potash mine in Bethune, Saskatchewan. This strategic site provides access to the 36.5 million acres of farmland in Saskatchewan and an additional 20 million acres in Manitoba serviced by independent retailers and wholesale providers. The facility would allow Replenish to produce up to 200,000 metric tonnes of made-in-Canada product. Replenish benefits with a stable source of potash while assisting K+S in debottlenecking their production process. Project development activities such as environmental, permitting, regulatory and preliminary engineering have commenced.
Said CEO Keith Driver, "Our growth as a leader in sustainable and regenerative crop inputs is limited only by our ability to increase production capacity. With the announcement of these two projects, we can boost volume by up to 250,000 metric tonnes over the coming two years, translating into additional revenue of up to $125 million dollars per year. The decision to build a smaller facility on our DeBolt location allows us to quickly capitalize on a Replenish-owned site with an established retail presence. The Bethune project will solidify our position as a leader in the production of regenerative fertilizers in Western Canada. These two key projects offer growers a unique, made-in-Canada, low GHG footprint fertilizer product."
EarthRenew will host a live zoom webinar on May 19 at 2:00 pm MST / 4:00 pm EST through this link: https://us06web.zoom.us/j/88985395582.
About Replenish Nutrients
Replenish Nutrients delivers leading regenerative fertilizer solutions to support a farm system that puts healthy soils and grower profitability back on the table. By combining Canadian-sourced nutrients with our proprietary delivery system, we've developed a sustainable alternative to synthetic fertilizers that enhances overall soil function and biology while providing valuable plant-available nutrients farmers rely upon for healthy crops. To learn more about Replenish Nutrients products, visit our website at www.replenishnutrients.com.
About EarthRenew Inc.
EarthRenew (CSE: ERTH) is the parent company of Replenish Nutrients. For more information, please visit www.EarthRenew.ca.
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering, such as the expected use of the net proceeds of the First Tranche. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors 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 information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; and other risks of the energy and fertilizer industries. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE EarthRenew Inc.
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