VANCOUVER, BC, Nov. 1, 2023 - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has recently placed orders for three major pieces of equipment identified as long-lead items for its planned asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary Facility"). The items will be manufactured off-site and will be delivered to Calgary as skid-mounted pieces of equipment. The total value of the orders placed is approximately C$3.3 million and represents a significant portion of the major equipment spend for the Empower Calgary Facility. The ordered items have been identified as the longest lead delivery items, and as such placing the orders now is expected to help ensure project timelines are maintained.
These three items have been part of the overall vendor engagement and pilot plant testing assessment process carried out at the Company's pilot facility in Delta, British Columbia over the past 18 months. The remaining equipment will be included as part of the standard procurement process, following the detailed engineering design phase of the project for the Empower Calgary Facility.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "With the Empower Calgary Facility fully funded, we have been able to move forward with several critical initiatives for advancement of the Empower Calgary Facility towards commencing construction. As recently announced, we have commenced detailed engineering design with our partners and we are now happy to announce that we have placed orders for three long-lead items that are integral to the project. These long-lead items are a meaningful portion of the capital cost of the Empower Calgary Facility, with Northstar spending approximately C$3.3 million in total on these items."
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 development and building of the Empower Calgary Facility; (ii) the timely delivery and manufacture of the long-lead equipment ordered for the Empower Calgary Facility; 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 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.