Cielo Announces Issuance of Canadian Patent to Licensor and Provides Update on Proposed Joint Ventures
(TheNewswire)
Vancouver, British Columbia, Canada – TheNewswire - September 21, 2020 – (CSE:CMC), (CNSX:CMC.CN), (OTC:CWSFF) Cielo Waste Solutions Corp. ("CIELO" or the "Company") is pleased to announce that the Canadian Patent and Trademark Office has issued a Canadian Patent to 1888711 Alberta Inc. (“1888”), a private Alberta corporation from whom Cielo holds its worldwide exclusive licence (the “Licence”) to its waste to renewable fuels technology (“Technology”).
On July 30, 2020, Cielo had announced the issuance of a U.S. patent by the United States Patent and Trademark Office for the Technology.
Background:
Cielo executed an exclusive worldwide license agreement dated June 14, 2016 (“License Agreement”) with 1888 for the further development of the Technology. Under the Licence Agreement, Cielo holds an exclusive and perpetual licence to commercialize the Technology, intended to be done through the building of renewable fuel facilities (“Facilities”) for the production of renewable diesel as well as through sublicensing the Technology to third parties to build Facilities. The terms of the Licence Agreement provide for the payment of royalties and commissions to 1888 from the commercialization of the Technology as well as a right of first refusal for Cielo to purchase the Technology, including all intellectual property and patents relating to the Technology. On or about November 1, 2017, Cielo and 1888 agreed to a restated and amended version of the License Agreement, providing for clear terms on which Cielo is able to purchase the rights granted to 1888 at any time following the 14th day of operations of any Facilities based on production. Certain directors and officers of Cielo are also directors or officers of 1888.
Update on Joint Venture Agreements:
On June 30, 2020, Cielo had announced that Cielo and Renewable U Grande Prairie Inc., Renewable U Medicine Hat Inc., Renewable U Halifax Inc., Renewable U Lethbridge Inc. and Seymour Capital Incorporated, (collectively the “JV Companies”) had agreed to extend the deadline by which they will enter into previously announced joint venture agreements to 90 days after Cielo has reached 500 liters per hour of continuous production. These agreements (the “JV Agreements”) will govern the building and operation of the first five facilities to be placed on production in the agreed territories in Alberta, Nova Scotia and Ontario (“JV Facilities”).
With the Facility in Aldersyde back in continuous flow production, the JV Companies have informed Cielo that they wish to proceed with the JV Agreements as well as advancing funds to complete the engineering drawings to build five JV Facilities.
Don Allan, President and CEO of Cielo, stated “Having the Canadian and the US patents in-hand, Cielo is extremely well positioned to deploy its technology across North America. Our first commercial facility in Aldersyde, Alberta is continuing to run 24 hours per day making distillate from wood waste. Cielo is gradually increasing the production until we reach the targeted 1,000 lph. With the enhancements now in place at our Aldersyde facility, we are very please that our proposed JV partners wish to move forward with the formation of our joint ventures.”
Cielo will provide additional updates on the JV Agreements as they become available.
On behalf of the Board of Directors of the Company,
Cielo Waste Solutions Corp.
“Don Allan”
Don Allan, President/CEO/Director
Investor Relations (Canada) Investor Relations (USA)
Lionel Robins (780)
832-6810 RB Milestone
Group, LLC
[email protected] Trevor
Brucato, Managing Director
New York, NY & Stamford, CT
[email protected]
Public Relations
Raphael Bohlmann (780) 876-7786
About Cielo Waste Solutions Corp.
Cielo Waste Solutions Corp. is a publicly traded company with its shares listed to trade on the Canadian Securities Exchange (“CSE”) under the symbol “CMC”, as well as OTC Markets Group, on the OTCQB, under the symbol “CWSFF”. CIELO is a waste to renewable fuel company with a game changing technology engineered to help solve the world’s garbage crisis. CIELO’s technology transforms landfill garbage into renewable high-grade diesel and kerosene (aviation jet fuel). CIELO’s proven and patent-pending technology is currently being deployed in the Company’s Aldersyde, Alberta Facility, where wood waste is currently being converted into renewable fuels.
CIELO is headquartered in Alberta, Canada with plans to build and operate green facilities across North America as well as globally.
CIELO has already begun expanding its footprint by signing multiple Memorandums of Understanding pursuant to which third parties are in negotiation with CIELO to build, at no cost to CIELO, Joint Venture Renewable Diesel Facilities in Grande Prairie, Calgary, Medicine Hat and Lethbridge, Alberta as well as in Nova Scotia. Each JV Facility is projected to cost approximately $50 million to build, commission and place on production. CIELO will be the general contractor and operator of all the proposed JV Facilities. The feedstock that will be used in the Company’s green facilities is the world’s most available and inexpensive feedstock – garbage; including household, commercial/ construction/demolition garbage, used tires, railway ties and telephone poles as well as all types of plastic that currently cannot be recycled.
Cautionary Note Regarding Forward-looking Statements
This News 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 present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward-looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. CIELO is making forward looking statements related to the completion of the JV Agreements and generally regarding the formation of the joint ventures with the JV Companies. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. The CSE and the OTCQB have not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
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