Mr. Don Allan reports
CIELO ANNOUNCES APPOINTMENT OF ANDREA WHYTE TO BOARD OF DIRECTORS AND PROVIDES MCTO UPDATE
Cielo Waste Solutions Corp. has appointed Andrea Whyte to the board of directors, effective as of Sept. 9, 2021, and will file its annual documents (as defined below).
Appointment of Ms. Whyte
Ms. Whyte is a partner with Osler, Hoskin & Harcourt LLP. Ms. Whyte's practice focuses on corporate finance, mergers and acquisitions, corporate governance, executive compensation, and general corporate matters.
Her leading expertise has been recognized by Chambers, Lexpert, International Financial Law Review (IFLR) and Best Lawyers. She is also a director of several non-profit and private companies.
Ms. Whyte stated: "I am delighted to join the Cielo board and be part of a company focused on providing clean, innovative, renewable energy solutions to address excess waste. I look forward to working with Don Allan and the entire Cielo team."
Don Allan, chief executive officer of Cielo, stated: "I am pleased and honoured to have Andrea Whyte join our board. Ms. Whyte will be an active member taking the lead director role. I look forward to working with Ms. Whyte and welcome her to the Cielo team."
Update on management cease trade order
The company is also providing an update with respect to the previously announced management cease trade order issued by the B.C. Securities Commission pursuant to National Policy 12-203 (Management Cease Trade Orders), as announced on Aug. 27, 2021, and subsequently Sept. 7, 2021. The MCTO was issued in connection with the delayed filing of its annual audited financial statements for the year ended April 30, 2021, related management's discussion and analysis, and officer certificates on SEDAR as required pursuant to applicable securities laws.
The company has been advised by its auditor that a short additional period of time is required to complete its final review of the annual documents. The company expects to file the annual documents no later than Sept. 20, 2021.
The company currently does not anticipate any delay in filing its interim financial statements, management's discussion and analysis, and the related officer certifications for the three-month period ended July 31, 2021, before its filing deadline pursuant to National Instrument 51-102 (Continuous Disclosure Obligations).
The company is providing this status update in accordance with NP 12-203. The company reports that: (i) there are no changes to the information contained in the previous news releases that would reasonably be expected to be material to an investor; (ii) the company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines set out under NP 12-203 by the issuance of biweekly default status reports, in the form of a news release, for so long as the delay in filing the annual documents is continuing; (iii) there has not been any other specified default by the company under NP 12-203, and no such other default is anticipated; and (iv) there is no material information concerning the affairs of the company that has not been generally disclosed, other than as disclosed in this news release.
The MCTO does not affect the ability of shareholders who are not insiders of the company to trade their common shares of the company. The chief executive officer and the chief financial officer pursuant to the MCTO, and the insiders of the company as imposed by the company, continue to be under a trading blackout as previously disclosed.
About Cielo Waste Solutions Corp.
Cielo is a publicly traded company with a proprietary technology that transforms certain types of landfill garbage into high-grade diesel, kerosene (aviation jet and marine fuel) and naphtha. Cielo's proven and patented technology is currently being deployed in the company's Aldersyde, Alta., facility, where wood waste is currently being converted into renewable fuels. Cielo's experienced management team is well positioned with strategic partners in place to expand aggressively across Canada, into the United States and then globally. The waste/feedstock that will be used in the company's green facilities is the world's widely available and inexpensive feedstock, including household, commercial, construction garbage, used tires, railway ties and telephone poles, as well as all types of plastic, some of which currently cannot be recycled or deposited into landfills. Cielo's goal is to manufacture waste to fuel while ridding the world of unwanted and problematic garbage.
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