Corporate Controller, Anna Cheong, to Serve as Acting Chief Financial Officer
Aldersyde Facility Phase I Changes Indicate Significant Process Improvements
VANCOUVER, BC /ACCESSWIRE/April 18, 2022/ Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (“Heaven” or the “Company”), a waste-to-fuel environmental technology company, today announced that Chief Financial Officer (“CFO”) Ms. Stephanie Li has informed the company of her decision to resign from Cielo to pursue other interests. . Additionally, the company is pleased to share an operational update on the progress of its Aldersyde plant in Alberta, Canada.
Cielo has launched a formal search process to identify a permanent CFO position. Until then, the company’s board of directors has unanimously approved the appointment of Ms. Anna Cheong, corporate controller at Cielo, as interim chief financial officer, effective immediately. Ms. Li will remain with the company to provide transition support.
Ms. Cheong’s leadership and abilities were instrumental in bringing dramatic improvements to Cielo’s financial management systems and securing financial milestones as the company improved its core operations and governance systems. . A Chartered Professional Accountant with over 15 years of financial and leadership experience in the energy industry, Ms. Cheong has been with Cielo since August 2021 and has in-depth knowledge of all financial aspects of the business. Prior to joining Cielo, Ms. Cheong held a number of senior finance and accounting positions in junior and mid-tier energy companies.
Mr. Chris Sabat, General Counsel and Corporate Secretary, said: “On behalf of Cielo’s Board of Directors and management team, we thank Ms. Li for her contributions to the company. We are very confident in Ms. Cheong’s ability and leadership in the position of Acting Chief Financial Officer.
Ms. Anna Cheong commented, “I look forward to expanding my contributions as a critical member of Cielo’s leadership team as we execute our strategic plans for growth and commercialization. »
Aldersyde facility operational update
Cielo is continuing with its previously announced plan for development projects at the Aldersyde facility and the Fort Saskatchewan research and development (“R&D”) facility. The R&D facility is expected to be commissioned in August 2022 and the Aldersyde facility Phase II project remains on target for commissioning in September 2022.
In a March 2022 press release, Cielo described Phase I modifications to the Aldersyde facility to address the root cause of clogging and coking in the system that was preventing meaningful run times. Early results from this work demonstrate that the modifications have resulted in significant improvements in product and process quality. The calculations and assumptions inherent in these changes confirm the design basis for the fabrication of the new fuel system, reactor and associated equipment that will produce fuel from woody biomass at the design capacity of 1,000 liters per hour.
Since the completion of the Phase I modifications, the plant has operated in “short-term” test mode to verify expectations. The Company is pleased to report that the results observed to date are in line with expected results, with the following key parameters observed:
Distillate quality – The quality and coloring of the distillate liquid produced has improved significantly. This is an indication of a more efficient reaction which contributes to a significant reduction in coking.
Special case – No visible particulate matter appears in the liquid distillate production stream. This improved quality was never seen at the Aldersyde facility. It is this particle which has contributed to the fouling of the process.
Steam production line – The distillate vapor production line, which transfers distillate from the reactor to the condenser, remains clean and clear after several passes. No clogging or coking was observed in the line. It was the clogging and coking of this vapor line that was one of the biggest obstacles to achieving continuous uptime and the source of costly maintenance to clear and clean equipment.
Reactor waste system – The newly designed and fabricated reactor waste separation system is a dramatic improvement to the overall process. Early results indicate improved operating costs, less waste and greater carrier fluid recirculation.
Mr. Gregg Gegunde, Chief Executive Officer and Chief Operating Officer, said: “We are excited about the significant positive changes to the process seen to date, particularly the measurable progress towards stable and consistent production. As we continue to refine the process, these results reinforce the new design features that will be implemented. implementation in the Aldersyde Phase II Project this summer As we operate the Aldersyde facility with increasing operating times, we will continue to provide updates as important milestones are met . »
Cielo is a publicly traded company whose shares are listed on the TSX Venture Exchange (“TSXV”) under the symbol “CMC”, as well as on the OTC Venture Market (“OTCQB”), under the symbol “CWSFF”. The Company’s strategic intent is to become one of the leading environmental waste-to-energy technology companies by utilizing its environmentally friendly and economically sustainable technology. Cielo has a patented process that can convert waste feedstocks including plastics, rubber, organics and wood-derived waste into fuel. Cielo’s business model is to source waste feedstocks from industrial producers and other suppliers and convert feedstocks into valuable fuels while ridding the world of unwanted and problematic waste.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of current or historical facts are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “may”, “believe”, “plan”, “intend”, “objective”, “continuing”, “in progress”, “estimate”, “prospect”, “expect”, “may”, “will”, “plan”, “should” or similar words, including their negative forms, suggesting future results.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which may cause actual results, level of activity, performance or the Company’s achievements are materially different. of those expressed or implied by such forward-looking statements. Cielo makes forward-looking statements regarding, but not limited to: changes to its management team, including the appointment of an interim chief financial officer, the company’s ability to hire a subsequent chief financial officer, expectations of production and objectives, including project timelines, the goals and objectives associated with both the Aldersyde facility and the R&D facility and the commissioning and commissioning schedule of the Aldersyde facility and R&D facility; planned projects and their results, including the production of distillate and waste-derived fuel both at the Aldersyde facility and for the R&D facility; the timing of certain stages of the Aldersyde plant, including the timing of commissioning and start-up and the results thereof; and expected results at the Aldersyde facility following the completion of related milestones.
Investors should continue to review and consider information disseminated through press releases and filed by the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be those anticipated, estimated or expected.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some of which are described here. These forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the actual performance and results of the Company to differ materially from the projections of future performance or results expressed or implied by these forward-looking statements. All forward-looking statements are made as of the date hereof and, except as required by law, the Company undertakes no obligation to publicly update or revise such statements to reflect new information, whether subsequent or not. Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB, nor WKN has reviewed and accepts no responsibility for the adequacy or accuracy of the content of this press release.
THE SOURCE: Cielo Waste Solutions Corp.
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