Mr. Eliot Sorella reports

ECOLOMONDO CONCLUDES AN AMENDING AGREEMENT WITH EXPORT DEVELOPMENT CANADA (EDC)

Ecolomondo Corp. has concluded an amending agreement to its original loan agreement with Export Development Canada (EDC).

The original loan was for an amount of $32.1-million in project financing with EDC, executed on April 3, 2019, to finance the construction of the company's first of its kind new turnkey thermal decomposition facility in the town of Hawkesbury, Ont., that will process end-of-life tires to produce reusable resources.

The amending agreement allows for the postponement of principal and interest payments to Oct. 31, 2023, as the company continues to work through the final steps to bring the new Hawkesbury TDP facility to commercial operations.

The Hawkesbury TDP facility initially started testing of its thermal equipment in January, 2023, with an initial payload of 1,600 pounds and gradually increased to reach the optimal payload goal of 15,000 pounds per production cycle of each reactor. During this time, the company's technical teams continued their work to improve efficiency and ensure the safety of the TDP process and the plant.

The Hawkesbury TDP facility is now capable of processing industrial quantities of end-of-life tires and from them produce industrial quantities of sustainable oil, gas and recovered carbon black.

"This amending agreement confirms again EDC's continued support of the Hawkesbury TDP turnkey plant and of Ecolomondo, an innovative Canadian cleantech," says Eliot Sorella, Ecolomondo's chairman and chief executive officer.

About Ecolomondo Corp.

Ecolomondo is a Canadian cleantech company that prides itself after its proprietary thermal decomposition technology TDP which is headquartered in Quebec. It has a 25-year history and during this time has been focused on its 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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