Ecolomondo Provides Results of Its Annual General Meeting Held on June 22, 2020
Montreal - TheNewswire - June 25, 2020 Ecolomondo Corporation (TSXV:ECM) (the "Company" or "Ecolomondo") wishes to inform its shareholders that, during the Company's annual general meeting of shareholders (the "AGM") that was virtually held on June 22, 2020, the shareholders of the Company (the "Shareholders") unanimously adopted all resolutions presented to them outlined in the information circular that was sent to them and filed on SEDAR dated May 22nd, 2020 (the "Information Circular"). The Shareholders approved all resolutions put before them, namely: (i) the increase in the number of the board of directors from six to seven and the election of the directors of the Company for the ensuing year (for further information on the elected directors, please refer to the Information Circular), (ii) the re-appointment of Raymond Chabot Grant Thornton LLP as auditors for the ensuing year; and (iii) the Company's "rolling" stock option plan.
The AGM was duly constituted and a total of 147,374,659 common shares were represented at the AGM, representing 83.12% of the issued and outstanding common shares of the Company.
During the AGM, the CEO of the Company, Mr. Elio Sorella, explained that significant progress was achieved on the construction of the Hawkesbury plant. He mentioned: "the Hawkesbury Thermal Decomposition facility should demonstrate the potential of Ecolomondo's technology and, once operating, it will be a key component to the Company's long-term marketing strategy."
He described that the Company broke ground on August 21, 2019, that the construction of the building is still on budget and on schedule, and that the delivery of the plant equipment should begin in early August 2020.
He continued to explain that the COVID-19 crisis created some delays, which should not result in seriously impacting the start-up date, scheduled in the third quarter of 2020.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that is commercializing its waste-to-products technology. The Thermal Decomposition Process ("TDP") converts hydrocarbon waste into marketable commodity end-products, namely carbon black substitute, oil, gas and steel. Technologies such as Ecolomondo's are expected to play an important role in resource recovery needed in today's circular economy.
The Company's main revenues will come from the sale of TDP turnkey facilities and royalties from their operations. TDP facilities will generate revenues from the sale of end-products, tipping fees and carbon credits. Ecolomondo's first focus is to market TDP turnkey facilities that use scrap tires as a feedstock, because scrap tires yield end-products with a higher commercial value, especially the recycled carbon black.
Management believes that technological breakthroughs in areas of emissions, process optimization, automation, end-product processing and safety, position Ecolomondo to become an industry leader in the resource recovery of 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 assurances 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:
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
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