Mr. Eliot Sorella reports

ECOLOMONDO REACHES AN AGREEMENT IN PRINCIPLE TO RESTRUCTURE ITS ORIGINAL PROJECT FINANCING LOAN WITH THE EDC

Ecolomondo Corp. has reached an agreement in principle to restructure its original loan agreement with Export Development Canada.

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.

To give the parties time to finalize documentation for the restructuring of the loan, EDC has agreed to postpone principal and interest payments to Dec. 29, 2023. Subject to the execution of final documentation, which is expected to be completed by mid-December, 2023, the loan is to be restructured with the interest rate capped at 8.5 per cent, and capital principal and interest payments postponed until May of 2024, with the original loan to then be repaid in quarterly instalments of principal and interest based on a 25-year amortization, and the final balance and all capitalized interest will be repayable when the loan matures in May of 2029. This restructured loan facility will allow the company to work through the final steps to bring the new Hawkesbury TDP facility to commercial operations.

About Ecolomondo Corp.

Ecolomondo is a Canadian cleantech company that prides itself after its proprietary thermal decomposition technology TDP, which is headquartered in Quebec, Canada. 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 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. Ecolomondo trades on the TSX Venture Exchange under the symbol ECM.

Its mission, vision and strategy

Ecolomondo's mission is to be a contributing participant in a dynamic circular economy and to increase shareholder value by producing and supplying large quantities of recovered resources to be reused in the manufacture of new products.

Ecolomondo's vision is to be a leading producer and reseller of recovered resources by building and operating TDP facilities, strategically located in industrialized countries, close to feedstock, labour and offtake clients.

Its strategy is to become a major global builder and operator of TDP turnkey facilities for specializing in the processing of ELTs. Its intent is to expand aggressively in North America and Europe. Its experience and modular technology should help it get there faster and better. It plans to keep performing continuing research and development to ensure that Ecolomondo remains technologically advanced.

ISO certification

The company has obtained ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certification of its Integrated management system, which acknowledges Ecolomondo's commitment for quality, environmental impact, and health and safety at work.

International sustainability and carbon certification

The company has obtained the international sustainability and carbon certification for its Hawkesbury TDP facility. ISCC is an independent global sustainability certification system, and offers chain-of-custody certification systems to ensure traceability and feedstock identity. It is an independent multistakeholder initiative and leading certification system, supporting sustainable, fully traceable, deforestation-free and climate-friendly supply chains. Certifications by ISCC cover sustainable agricultural biomass, biogenic waste and residues, non-biological renewable materials, and recycled carbon-based materials.

Environmental, social and governance

On the social aspect, the company plans to measure global health and safety, injury rate, and gender diversity, and finally in the corporate governance aspect, the company is measuring ethics and anti-corruption, ESG reporting, and board independence.

We seek Safe Harbor.