Mr. Aidan Mills reports
NORTHSTAR REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS
Northstar Clean Technologies Inc. has filed its third quarter 2022 unaudited financial statements and management's discussion and analysis on SEDAR for the nine-month period ended Sept. 30, 2022. These documents are also available on the company's website. The company has scheduled a virtual investor webcast to discuss these financial results and to provide a business update to the investment community later today, Nov. 23, 2022, at 2 p.m. PST/5 p.m. EST. Details are provided below.
Aidan Mills, president, chief executive officer and director of Northstar Clean, commented: "The third quarter of 2022 was one of our busiest quarters to date. We accomplished many milestones operationally, highlighted by the execution of a five-year binding term sheet for 100-per-cent offtake of our asphalt from the Empower Calgary facility with McAsphalt [Industries Ltd.], a wholly owned subsidiary of the major international Paris-based conglomerate Colas [Canada Inc.], and the execution of a letter of intent for an offtake agreement with a major industrial customer for our U.S. expansion. We believe these achievements, in combination with the 80-tonne purchase order from a major international asphalt roofing system manufacturer, demonstrate market demand for our product. Furthermore, we executed a binding term sheet for a strategic debt and equity financing transaction with Renewable U [Energy Inc.], in which commercial discussions between the company and Renewable U continue to progress. In addition, we were awarded a patent by the U.S. Patent and Trademark Office for the front-end process of our innovative technology, which significantly strengthens our intellectual property portfolio. We look forward to expanding our patent portfolio in 2023."
Q3 2022 highlights:
August, 2022: announced receipt of the brokering licence from metro Vancouver;
August, 2022: announced the completion of a non-brokered private placement with Renewable U for 1.25 million common shares at a price of 40 cents per share for gross proceeds of $500,000;
August, 2022: announced an update on operations at the Empower pilot facility and other corporate initiatives; the company continues to focus its efforts on ramping up from steady state production to commercial production at the Empower pilot facility;
September, 2022: announced the signing of a non-binding letter of intent for a potential long-term 15-year lease for an industrial zoned property of 3.98 acres located in greater Calgary in Alberta as the site for the company's planned scale-up facility;
September, 2022: announced the signing of a purchase order agreement with a major international manufacturer engaged in the production of asphalt roofing systems; the customer agreed to purchase 80 tonnes of liquid asphalt produced from reprocessed single-use asphalt shingles at the company's Empower pilot facility at an undisclosed rate based on current market pricing for liquid asphalt.
Significant events subsequent to the quarter ended Sept. 30, 2022:
October, 2022: announced the signing of a binding term sheet with Renewable U for a strategic financing of debt and securities of $43.5-million, including common shares and secured convertible debentures for Northstar Clean's proposed phase 1 plan of building and constructing three scale-up asphalt shingle reprocessing facilities in Calgary, and as currently intended, both the Greater Toronto Area and the Pacific Northwest, United States; the company issued 625,000 shares at 40 cents per share to Renewable U;
October, 2022: announced the signing of a binding term sheet for a five-year offtake agreement with McAsphalt, a wholly owned subsidiary of Colas, whereby Northstar Clean will sell and McAsphalt will buy, on an exclusive basis, 100 per cent of liquid asphalt production from the company's Empower Calgary facility;
November, 2022: announced the issuance of a patent for the company's front-end technology for reprocessing asphalt shingles by the U.S. Patent and Trademark Office; this patent is expected to remain in force until 2042; further, Northstar Clean has filed follow-on continuation patent applications with the USPTO, as well as an application for patent approval in Canada, and plans to file a Patent Co-operation Treaty international application.
November, 2022: announced the first collection of previously landfill-bound asphalt shingles at the company's Empower pilot facility;
November, 2022: announced a corporate and intellectual property update and the details of the Q3 2022 financial results webcast;
November, 2022: announced the signing of a non-binding letter of intent with a major industrial customer, where the U.S. customer has the exclusive right to purchase recycled asphalt from one or more of Northstar Clean's future facilities in the United States; Northstar Clean and the U.S. customer also agreed that the price of the asphalt will be market based, including a location and quality differential; further, the U.S. customer agreed that, so long as Northstar Clean's asphalt meets its specifications, it will purchase 100 per cent of the asphalt from Northstar Clean's first location in the United States, up to the produced volume.
Virtual investor webcast details
Topic: Northstar Clean third quarter financial results webcast
Date: Nov. 23, 2022
Time: 2 p.m. PST/5 p.m. EST
Approximately two hours after the question-and-answer session has ended, an archived version of the webcast will be available.
About Northstar Clean Technologies Inc.
Northstar Clean is a Canadian-based clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar Clean has developed a proprietary design process for taking discarded asphalt shingles, otherwise destined for already overcrowded landfills, and extracting the liquid asphalt for use in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fibre for use in construction products and other industrial applications. Focused on the circular economy, Northstar Clean plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale at both its Empower pilot facility in Delta, B.C., and its first commercial scale-up facility in Calgary, Alta. As an emerging innovator in sustainable processing, Northstar Clean's mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America, extracting the recovered components from asphalt shingles that would otherwise be sent to the landfill.
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