Q4 2022 Business Highlights
VANCOUVER, BC, April 20, 2023 - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has filed its audited annual financial statements and management's discussion and analysis ("MD&A") on SEDAR for the year ended December 31, 2022. 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 a business update to the investment community today Thursday, April 20, 2023 at 2:00 pm PDT / 5:00 pm EDT. Details are provided below. Financial references are in Canadian dollars unless otherwise specified.
Mr. Aidan Mills, President & CEO and Director of Northstar, commented, "2022 was a strong year for Northstar, as we made significant steps to de-risk our proprietary front-end patented technology. The Company initiated production at its existing pilot facility in Delta, BC (the "Empower Pilot Facility"), which delivered significant results in several key areas:
"We built on this progress by achieving major milestones in Q4 2022 and Q1 2023, including the definitive off-take agreement with McAsphalt, the $7.1 million government grant award from Emissions Reduction Alberta, the issuance of our first patent from the United States Patent and Trademark Office ("USPTO"), letter of intent for our first US facility and Calgary site selection and permitting," continued Mr. Mills.
"We are continuing to focus our time, efforts and financial resources on our Empower Calgary Facility. We believe that our updated project economics and internal capital estimate demonstrate the compelling payback and return from this first-of-its-kind project. 2023 will be the most critical year in the Company's history, as we focus on building, constructing and financing the Empower Calgary Facility. We are currently in advanced negotiations on a non-dilutive funding structure to supplement the ERA government grant award and expect to provide an update to the market in Q2 2023," concluded Mr. Mills.
Q4 2022 Highlights
Subsequent to Q4 2022
Virtual Investor Webcast Call Details
Title: Northstar Clean Technologies Fourth Quarter 2022 Financial Results
Date: Thursday, April 20th, 2023
Time: 2:00 pm PDT / 5:00 pm EDT
Approximately two hours after the Q&A session has ended, an archived version of the webcast will be available via the webcast URL above.
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,
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 updated project economics and internal capital estimate and any intended, believed or perceived benefits therefrom, financial or otherwise; (ii) Northstar's ability to advance negotiations and enter into an agreement to fund the Company through a non-dilutive funding structure to supplement government grant awards; and (iii) 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 the inability by Northstar to close the Private Placement in whole or in part, other 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. The ongoing dispute between the sovereign state of Ukraine and Russia also poses risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company does not undertake any obligation to update such forward–looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.