Ecolomondo Announces Delay in Filing of Its Q1 Interim Financial Statements
Montreal - TheNewswire - May 27, 2020 - Ecolomondo Corporation (TSXV:ECM) (the "Company" or "Ecolomondo") announces a delay in the filing of its interim financial statements for the financial period ended on March 31, 2020 required pursuant to Section 4.4 of Regulation 51-102 respecting Continuous Disclosure Obligations, due to delays and logistical reasons caused by the COVID-19 pandemic (the "Interim Financial Statements").
Ecolomondo is relying on the blanket order 2020-PDG-0023 dated March 23, 2020 issued by the Autorite des Marches Financiers in connection with the extension of the deadline for periodic filings and prospectus requirements regarding issuers and designated rating organization.
Ecolomondo expects to publish such Interim Financial Statements between the 1st and the 15th of July 2020.
Furthermore, Ecolomondo hereby confirms that no material events occurred since the filing of its annual financial statements for the financial year ended December 31, 2019, and that its management and other insiders are subject to trading restriction policies reflecting the principles of Section 9 of Policy Statement 11-207 respecting Failure-to-File Cease Trade Orders and Revocation in Multiple Jurisdictions.
Impact of the COVID-19 Pandemic
The Company has taken and will continue to take all necessary actions needed to reduce the impact of the crisis created by the coronavirus pandemic. The Company expects that the milestone to complete the plant under construction in Hawkesbury, Ontario, will not be materially impacted by the current situation. It is to note, it is impossible to determine with certitude the long-term consequences and financial implications if the current situation persists.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that is commercializing its waste-to-products technology. The Thermal Decomposition Process ("TDP") converts hydrocarbon waste into marketable commodity end-products, namely carbon black substitute, oil, gas and steel. Technologies such as Ecolomondo's are expected to play an important role in resource recovery needed in today's circular economy.
The Company's main revenues will come from the sale of TDP turnkey facilities and royalties from their operations. TDP facilities will generate revenues from the sale of end-products, tipping fees and carbon credits. Ecolomondo's first focus is to market TDP turnkey facilities that use scrap tires as a feedstock, because scrap tires yield end-products with a higher commercial value, especially the recycled carbon black.
Management believes that technological breakthroughs in areas of emissions, process optimization, automation, end-product processing and safety, position Ecolomondo to become an industry leader in the resource recovery of hydrocarbon waste.
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Ecolomondo believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Ecolomondo disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
For further information please contact:
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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