Earthworks Industries Inc. (the "Company") wishes to provide this update on the status of the development of its integrated waste handling project at the Cortina Rancheria in Colusa County, California. The project is being developed by the Company's wholly owned U.S. subsidiary, Cortina Integrated Waste Management Inc. (CIWM).
Earthworks Industries Inc. (the "Company") in a News Release dated April 10, 2024, disclosed that it had exercised its option to extend from April 15, 2024, to November 15, 2024, the deadline for the payment to North Bay ("North Bay") of $US 2,150,000 (the "Buy-Out Amount"), plus approximately $US 300,000 in accrued interest – inadvertently erroneously stated to be $US 100,000.
Earthworks Industries Inc. (the "Company") has, in earlier emails, detailed the Agreement with North Bay Corporation ("North Bay") to settle the Company's previously existing debt to North Bay by the payment of $US 2,150,000, together with approximately $US 100,000 interest, on or before April 15, 2024. The North Bay Agreement granted to the Company an option to extend the deadline date for the payments until November 15, 2024.