Q1 2023 Business Highlights
VANCOUVER, BC, May 30, 2023 - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has filed its first quarter 2023 unaudited financial statements and management's discussion and analysis on SEDAR for the three months ended March 31, 2023. These documents are also available on the Company's website at www.northstarcleantech.com. The Company would like to remind its stakeholders that it has scheduled a virtual investor webcast to discuss these results and to provide an update to the investment community tomorrow Wednesday, May 31, 2023, at 14:00 PDT / 17:00 EDT. Details are provided below. Financial references are in Canadian dollars unless otherwise specified.
Mr. Aidan Mills, President & CEO and Director of Northstar, commented, "We've continued the momentum from the last year with strong progress in Q1 2023. I'm incredibly proud of the Northstar team for helping provide the Company the opportunity to secure up to $7.1 million in non-repayable project-level government grants from Emissions Reduction Alberta ("ERA"). This award has provided strong validation that our work to divert asphalt shingles from landfills back into the circular economy has not gone unnoticed and that governments value the work we're doing and are willing to invest."
"Progress on the Empower Calgary Facility also advanced on several fronts, including signing a long-term lease for the future site of the facility, a short distance from the City of Calgary's East Landfill and our landlord receiving conditional development permits. Work by the landlord has already begun on site and is moving along well."
"Lastly, but perhaps most importantly, we successfully completed liquid asphalt R&D testing with major manufacturers, and we are now in the midst of product manufacturing and quality testing with this same group of major manufacturers."
"Our focus continues to be on progressing the Empower Calgary Facility while conserving capital. On April 19, 2023, we closed an upsized non-brokered private placement of $2.73 million which provides significant runway for us to continue to focus on securing a non-dilutive funding structure to supplement the ERA government grant," concluded Mr. Mills.
Q1 2023 Highlights
Subsequent to Q1 2023
Virtual Investor Webcast Details
Topic: Northstar Clean Technologies First Quarter Financial Results Webcast
Date: May 31, 2023
Time: 14:00 PDT / 17:00 EDT
Webcast URL: https://us06web.zoom.us/webinar/register/8916845129112/WN_VaIt952eSISUsa2fZZAO-Q
Approximately two hours after the Q&A session has ended, an archived version of the webcast will be available via the webcast URL above.
About Northstar
Northstar Clean Technologies Inc. is a Canadian-based clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar has developed a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracting the liquid asphalt for use in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fiber for use in construction products and other industrial applications. Focused on the circular economy, Northstar 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, British Columbia and its first commercial scale up facility in Calgary, Alberta. As an emerging innovator in sustainable processing, Northstar'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 landfill.
For further information about Northstar, please visit www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
Cautionary Statement on Forward-Looking Information
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has neither approved nor disapproved the contents of this press release.
This press release may contain forward–looking information within the meaning of applicable securities legislation, which forward–looking information reflects the Company's current expectations regarding future events. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements concerning: (i) Northstar's ability to finalize and secure the ERA grant award; and (ii) Northstar's ability to become a leader in the recovery and reprocessing of asphalt shingles in North America. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company as well as those risks and uncertainties which are more fully described under the heading "Risk Factors" in the final prospectus of the Company dated June 18, 2021 and in the Company's annual and quarterly management's discussion and analysis and other filings with the Canadian securities regulatory authorities under the Company's profile on SEDAR. Further, the ongoing labour shortages, high energy costs, inflationary pressures, rising interest rates, the global financial climate and the conflict in Ukraine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update these forward-looking statements.
