VANCOUVER, BC / ACCESSWIRE / June 13, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) ("Cielo" or the "Company"), a waste-to-fuel environmental technology company, today announced the resignations of Mr. Gregg Gegunde as Chief Executive Officer and Operating Officer and Mr. Chris Sabat as Chief Legal Officer and Corporate Secretary. Ms. Anna Cheong, who was acting as interim Chief Financial Officer, has returned to her position as Controller. The Board has appointed Mr. Ryan Jackson as interim Chief Executive Officer and Ms. Jasdeep K. Dhaliwal, a Chartered Professional Accountant, as interim Chief Financial Officer.
On behalf of the Board of Directors (the "Board") of the Company, Mr. Larry Schafran, Board Chair, stated: "We thank Gregg and Chris for their dedication since Q3 of 2021 in strengthening Cielo's engineering and corporate governance foundations. Their leadership and contributions have been transformational for Cielo in working towards its vision of aspiring to lead the waste-to-fuels industry using environmentally friendly, economically sustainable technology. The Board also expresses its appreciation to Ms. Cheong for her ongoing commitment to the organization."
Ryan Jackson, a seasoned business executive with over 30 years of experience and a member of the Institute of Certified Management Consultants of Alberta, has been a director of Cielo since May of 2021. Mr. Jackson goes on to say: "The strong foundation that has been built by Gregg and Chris has positioned Cielo for success well into the future. I am excited to continue to lead the execution of the strategy with the extremely strong team that Gregg has built during his time with the Company."
Ms. Jasdeep K. Dhaliwal has extensive experience in risk management, financial reporting process and internal controls and has been a director of Cielo since April 2021 and formerly the Audit Committee Chair. Together both Ms. Dhaliwal and Mr. Jackson bring a deep knowledge of building businesses and capital markets experience as well as the strategic leadership skills required for the next stage of the Company's development. The Audit Committee has also appointed director Ms. Sheila Leggett to replace Ms. Dhaliwal as Audit Committee Chair.
Engagement of Echelon Wealth Partners
The Company has engaged Echelon Wealth Partners Inc. ("Echelon") as its Financial Advisor to assist the Interim Management Team and the Board of Directors with evaluating a number of potential financing alternatives to further advance various capital development projects, including at Aldersyde.
Aldersyde Production Update:
Process heat from Inline electric heater
As the Aldersyde Phase 1 facility has continued to operate, Cielo has continued to modify and improve the design. Aldersyde Engineering, Operations and Maintenance have been making such improvements, and as a result are repairing the inline heater. The heater is expected to be available by June 20, 2022, at which time low-rate steady state operation is expected.
Waste management system
A change in feedstock dimension was recently implemented to further improve the process, which resulted in improved distillate quality but impacted solid settling characteristics. Operations strategy and piping modification was required to manage the waste stream due to changed solids settling characteristics. Interim operations have been positive, resulting in improved used motor oil recovery from reactor bottoms and reduced waste production.
Aligned with the previous news releases dated May 12, 2022 and April 18, 2022, the primary focus of Aldersyde is to improve reliability, distillate quality, and better understand constraints so that learnings can be applied to the research facility design and future full-scale facilities. Moving forward, Management will no longer focus on or provide guidance on feed production numbers as the current Aldersyde facility is uneconomical and these numbers are not required to achieve the previously mentioned objectives.
Cielo's plan is to achieve steady state production over a 10-day period followed by a planned outage to inspect equipment. Following each steady state production cycle, operations and engineering will evaluate the run, and apply learnings for future trial runs with modified process parameters.
Introductory Conference Call
Cielo will host an introductory conference call followed by a question-and-answer session on Monday, June 13, 2022 at 7:00 AM Mountain Time (9:00 AM Eastern Time) with Interim CEO Ryan Jackson and Interim CFO Jasdeep Dhaliwal.
Conference Call Details
The call can be accessed over the phone by dialing North America Toll Free at 1-888-664-6392 (call ID#72346799). A replay will be available shortly after the call and can be accessed by dialing North America Toll Free at 1-888-390-0541. The passcode for the replay is 346799#. The replay will be available until June 20, 2022.
For further information please contact:
Cielo Investor Relations
Rose & Company
610 Fifth Avenue, Suite 308
New York, NY 10020
Telephone: (212) 517-0810
RB Milestone Group LLC (USA):
Trevor Brucato, Managing Director
New York, NY & Stamford, CT
Cielo Waste Solutions Corp. was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company with its shares listed to trade on the TSX Venture Exchange ("TSXV") under the symbol "CMC," on the Frankfurt Exchange ("DAX") under the symbol "C36", as well as on the OTC Venture Market ("OTCQB"), under the symbol "CWSFF." The Company's strategic intent is to become one of the leading waste-to-fuel environmental technology companies using its environmentally friendly, economically sustainable technology. Cielo has a patented process that can convert waste feedstocks, including plastics, rubber, organic material, and wood derivative waste to fuel. Cielo's business model is to source waste feedstocks from industrial producers and other suppliers and convert the feedstocks into fuels. Having demonstrated its ability to produce diesel and naphtha from waste, Cielo plans to further enhance its Aldersyde Facility and to construct additional facilities that will convert waste feedstocks to energy fuels, including diesel, naphtha, and kerosene. The diesel from Cielo's distillate could be used in diesel engines. Kerosene could be suitable for aviation or marine jet fuel, and naphtha could be used to assist in transporting heavy oil. Cielo's objective is to generate value from converting waste to fuel while ridding the world of unwanted and problematic waste.
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, with respect to, but not limited to: delivery of the inline heater Aldersyde Phase 1 facility, achieving steady state production over a 10-day period and the Company's engagement of Echelon for a potential future financing.
Investors should continue to review and consider information disseminated through news releases and filed by the Company on SEDAR. 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, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV), nor OTCQB nor WKN, have reviewed, and do not accept responsibility for the adequacy or accuracy of, the content of this news release.
SOURCE: Cielo Waste Solutions Corp.
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