Mr. Eliot Sorella reports

ECOLOMONDO RELEASES ITS INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST QUARTER OF 2023

Ecolomondo Corp. has released its unaudited consolidated financial statements and notes thereto, and its related management discussion and analysis, for the interim period ended March 31, 2023. The documents are available on SEDAR.

During the quarter ended March 31, 2023, the company continued to market its TDP (thermal decomposition process) turnkey facilities and to commission its Hawkesbury TDP facility. The Hawkesbury TDP facility is being commissioned and the beginning of production ramp-up is currently under way. The company is also currently working on its unprecedented Shamrock, Tex., TDP turnkey facility, while evaluating other potential sites to build more TDP turnkey facilities as it strategizes its North American expansion.

Highlights of the unaudited consolidated financial statements for the interim period ended March 31, 2023, are:

• The company closed, on Jan. 16, 2023, a non-brokered private placement for aggregate gross proceeds of $1,000,051.60.
• Loss for the quarter ended March 31, 2023, increased to $261,459 during the period, from $169,585 during the same period in 2022.
• Total assets increased by $941,052 between March 31, 2023, and Dec. 31, 2022, mostly due to increases in the Hawkesbury plant construction that were capitalized. As of March 31, 2023, capital expenditures for the Hawkesbury facility totalled $43,434,406.
• Total liabilities increased by $230,739 between the two periods, mostly due to an increase in long-term debt related to the Hawkesbury project.
• The company projects to use a further $2-million for the balance of the fiscal year 2023. It projects to have positive cash flows from the operations of the Hawkesbury TDP facility of approximately $700,000. Management assesses that to achieve the company's strategic goals, it is considering a capital raise in the near future.

During the first quarter of 2023, the company continued on its aggressive pace to begin commercial operations at its Hawkesbury TDP turnkey facility as early as possible. The company started performing tests in the thermal decomposition department in January, 2023. Initial tests were very positive and they allowed the technical teams to identify and take immediate corrective actions, successfully leading to improved efficiency and larger payloads. Tests were performed in both reactors 1 and 2, with payloads beginning initially at 1,600 pounds (lb), gradually increasing to 10,000 lb per batch. Results from those tests confirm the flexibility and robustness of the TDP reactors and process. The company expects to operate both reactors simultaneously in the coming weeks, gradually increasing reactor payloads to 15,000 lb per batch. Once this threshold is achieved, the company plans to process three batches per reactor every 24 hours.

The company is actively planning its global expansion. The company believes that the Hawkesbury TDP showpiece, which is expected to soon be operating commercially, should identify TDP as a leading technology in thermal processing of end-of-life tires.

In line with its expansion strategy, the company is also focused on its next TDP project, a six-reactor TDP facility to be located in Shamrock, Tex. During the quarter ended March 31, 2023, the company continued its efforts on this project, especially in the areas of financing, feedstock supply, offtake agreements and a JV (joint venture) partner. Processing capabilities for the Shamrock facility are projected at roughly three times the size of the company's Hawkesbury TDP facility.

About Ecolomondo Corp.

Ecolomondo is a Canadian cleantech company that prides itself after its proprietary thermal decomposition technology (TDP); the company is headquartered in Quebec, Canada. It has a 25-year history and, during this time, has been focused on the development of its technology and the deployment of TDP turnkey facilities. TDP recovers high value reusable commodities from scrap tire waste, notably rCB, oil, syngas, fibre and steel. Ecolomondo expects to be a leading player in the cleantech space and be an active contributor to the global circular economy.

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