VANCOUVER, BC and CALGARY, AB, Jan. 8, 2024 - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company"), a Canadian-based clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles, and IKO Industries Ltd. ("IKO"), Canada's leading asphalt shingle manufacturer, are pleased to announce that IKO and Northstar, through its wholly-owned subsidiary Empower Environmental Solutions Calgary Ltd. (together, the "Parties") have signed a binding five-year manufacturing waste asphalt shingle supply agreement (the "Supply Agreement") for Northstar's planned asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary Facility").
Under the terms of the Supply Agreement, IKO will supply all their manufacturing waste asphalt shingles produced at their Calgary facility to Northstar, diverting shingles that would otherwise be destined for landfills. The shingles will be reprocessed at Northstar's Empower Calgary Facility for an initial term of five years with mutual extension options.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated "Sourcing the initial feedstock for the Empower Calgary Facility has been a key priority for us since securing funding for the construction of the facility. We are delighted to have partnered with IKO, the Canadian leader in shingle manufacturing, to divert the manufacturing waste from their Calgary facility away from landfills to be reprocessed at our Empower Calgary Facility."
"IKO is an important long-term strategic element of our waste shingle supply in Calgary and we are continuing to build on that base with our ongoing discussions with industrial partners, landfill operators, municipalities, roofing companies and homeowners to achieve the target of diverting all of Calgary's waste shingles from landfills to our Empower Calgary Facility," said Mr. Mills.
"IKO has a long history in recycling materials for use in its own manufacturing processes dating back to the early days after the founding of our company," stated David Koschitzky, CEO of IKO. "We recognize, as the industry does, that capturing waste and keeping it out of landfills is an important issue for the future. We're pleased to be moving forward with this important partnership."
IKO is a world-wide leader in the roofing, waterproofing and insulation industry for residential and commercial markets. A vertically integrated company, IKO operates more than 35 manufacturing plants throughout North America and Europe. IKO is a family owned business established in 1951.
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Contact: Derek Fee, Manager of Corporate Communications
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 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) the building of the Empower Calgary Facility; (ii) the ability of the Empower Calgary Facility to accept and reprocess manufacturing waste asphalt shingles (iii) the delivery of manufacturing waste asphalt shingles to the Empower Calgary Facility; and (iv) 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.