Mr. Eliot Sorella reports

ECOLOMONDO FINALIZES THE AGREEMENT TO RESTRUCTURE ITS PROJECT FINANCING LOAN WITH EDC

Ecolomondo Corp. has signed an agreement to restructure 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., to process end-of-life tires to produce reusable resources.

The restructured loan will have a maturity date of May, 2029, and caps the interest rate at 8.5 per cent. Capital and interest payments will begin May 1, 2024, and be repaid in quarterly instalments of principal and interest based on a 25-year amortization. Accumulated interest on the loan until May 1, 2024, will be capitalized to the loan without additional interest if both the loan and the accumulated interest are paid back by the maturity date.

This restructured loan facility will allow the company to work through the final steps to bring the Hawkesbury TDP (thermal decomposition process) facility to full commercial operations, expected by May of 2024.

The Hawkesbury facility generated revenues during the year, mostly in the third quarter of 2023, from the sale of end-products. Customers that purchased Ecolomondo's end-products expressed satisfaction, while many placed repeat orders.

The company believes that once fully ramped-up and commercially operational, the Hawkesbury plant will be a testimonial to an efficient and commercial TDP turnkey facility.

"Ecolomondo is proud to conclude this restructured loan agreement for this great project. It confirms once again EDC's continued support of the Hawkesbury TDP turnkey plant and of Ecolomondo," said Eliot Sorella, president and chief executive officer, Ecolomondo.

About Ecolomondo Corp.

Ecolomondo is a Canadian cleantech company that prides itself after its proprietary thermal decomposition technology, 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 rCB (recovered carbon black), 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.

About the Hawkesbury plant -- a two-reactor TDP facility

The Hawkesbury facility building is 46,200 square feet and has an impressive indoor clearance of 28 feet. It is state of the art and houses four main production departments: tire shredding, thermal decomposition, recycled carbon black refining and oil fractionation. Once fully operational, this facility is expected to process 1.3 million scrap tires per year and produce 8.7 million pounds (Mlb) of recovered carbon black, 34,608 barrels of oil, 2.9 Mlb of steel and 2.6 Mlb of process gas.

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