Corporate Controller, Anna Cheong, to serve as interim CFO
Aldersyde Facility Phase-I modifications indicate significant process improvements
VANCOUVER, BC / ACCESSWIRE / April 18, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (“Cielo” or the “Company”), a waste-to-fuel environmental technology company, today announced that Chief Financial Officer (“CFO”), Ms. Stephanie Li, has advised the Company of her decision to resign from Cielo to pursue other interests. Further, the Company is pleased to share an operational update on progress at its Aldersyde Facility in Alberta, Canada.
Cielo has launched a formal search process to identify a permanent CFO appointment. Until then, the Company’s Board of Directors has unanimously approved the appointment of Ms. Anna Cheong, Corporate Controller at Cielo, as interim CFO, effective immediately. Ms. Li will remain at the Company to provide transition support.
Ms. Cheong’s leadership and capability has been instrumental in providing dramatic enhancements to Cielo’s financial management systems, and in securing financial milestones as the Company improved its base operations and governance systems. A Chartered Professional Accountant with over 15 years of financial experience and leadership in the energy industry, Ms. Cheong has been with Cielo since August 2021 and holds extensive knowledge of all financial aspects of the business. Prior to joining Cielo, Ms. Cheong held a number of senior financial and accounting positions at junior and intermediate energy companies.
Mr. Chris Sabat, Chief Legal Officer and Corporate Secretary, stated: “On behalf of the Board of Directors and Cielo’s management team, we thank Ms. Li for her contributions to the Company. We are very confident of Ms. Cheong’s ability and leadership in the position of interim CFO.”
Ms. Anna Cheong commented: “I look forward to expanding my contributions as a crucial member of Cielo’s management team as we deliver on our strategic growth and commercialization plans.”
Aldersyde Facility Operational Update
Cielo continues on its previously stated plan for the development projects at the Aldersyde Facility and the Fort Saskatchewan Research & Development (“R&D”) Facility. The R&D Facility is expected to be commissioned in August 2022 and the Aldersyde Facility Phase-II project remains on target for commissioning in September 2022.
In a March 2022 press release, Cielo described Phase-I modifications made at the Aldersyde Facility to solve the root cause of plugging and coking in the system that prevented meaningful run-times. The initial results from this work demonstrate that the modifications have resulted in significant improvements in product quality and process. The calculations and assumptions inherent in these changes confirm the design basis for fabrication of the new infeed system, reactor, and associated equipment that will produce fuel from wood biomass at the engineered design capacity of 1,000 litres per hour.
Since completion of Phase-I modifications, the plant has operated in a ‘short-run’ test mode to verify expectations. The Company is pleased to announce that results observed to date are in-line with expected outcomes, with the following key parameters observed:
Distillate Quality – Produced distillate liquid quality and coloring has improved dramatically. This is an indication of a more efficient reaction that contributes to a significant reduction in coking.
Particulate Matter – Visible particulate matter does not appear in the liquid distillate production stream. This enhanced quality has never been observed at the Aldersyde Facility. It was this particulate that contributed to process fouling.
Vapor Production Line – The distillate vapor production line, which transfers distillate from the reactor to the condenser, remains clean and clear after multiple runs. No plugging or coking has been observed within the line. It was the plugging and coking of this vapor line that was one of the greatest impediments to achieving continuous run-time and the source of costly maintenance to clear and clean equipment.
Reactor Waste System – The newly designed and fabricated reactor waste separation system is a dramatic upgrade in the overall process. Initial results indicate improved operating costs, less waste, and greater carrier fluid recirculation.
Mr. Gregg Gegunde, Chief Executive Officer and Chief Operating Officer, commented: “We are excited about the significant positive changes to the process observed to-date, particularly the measurable advancement towards stable and consistent production. As we continue to fine-tune the process, these outcomes reinforce the new design characteristics that will be implemented in the Aldersyde Phase-II project this summer. As we operate the Aldersyde Facility with increasing run times, we will continue to provide updates as significant milestones are achieved.”
Cielo is a publicly traded company with its shares listed to trade on the TSX Venture Exchange (“TSXV”) under the symbol “CMC”, 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 valuable fuels 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: the changes to its executive team, including the appointment of an interim CFO, the Company’s ability to recruit a subsequent CFO, production forecast and targets including project timelines, corporate goals and objectives associated with both the Aldersyde Facility and the R&D Facility and the commissioning and timing for commissioning of both the Aldersyde Facility and R&D Facility; anticipated projects and the results therefrom, including production of distillate and waste derived fuel at both the Aldersyde Facility and for the R&D Facility; the timeline for certain milestones for the Aldersyde Facility, including the timing of commissioning and start-up and results therefrom; and the anticipated results at the Aldersyde Facility following the completion of the associated milestones.
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 TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), 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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