VANCOUVER, BC and CALGARY, AB, April 8, 2024 - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has received the Government of Alberta's TIER Fund approval through Emissions Reduction Alberta ("ERA") for the Company's formal submission related to the first milestone for the government grant (the "ERA Grant") following the completion of detailed engineering design for its planned asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary Facility"). This is the first of four funding milestones for the Empower Calgary Facility as part of the executed contribution agreement, previously announced by the Company on July 31, 2023, of up to approximately C$7.1 million.
The first milestone of the ERA Grant required the Company to meet the following requirements:
As a result of ERA's approval, the payment for the first milestone has been submitted for processing and the Company expects to receive payment from ERA in the near future.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "Thanks to our partners, offtakers, vendors, our lead engineering contractor BBA Engineering and the Northstar team, we now have a fully designed facility and have moved the project into the fabrication stage. Completion of detailed design was a significant milestone for the project and delivering the additional requirements of the greenhouse gas MMV and the Technical Transfer and Commercialization Plan are important fundamental building blocks of the Northstar strategy."
"The independent approval by ERA on these important requirements is a tremendous vote of confidence by a world class institution that is at the forefront of funding clean technology solutions," continued Mr. Mills. "It is an exceptionally exciting time for our Company as we move forward with our first commercial facility."
About Northstar
Northstar Clean Technologies Inc. is a Canadian 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,
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) completion of the Empower Calgary Facility; (ii) receipt by Northstar of ERA full milestone funding; 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 conflicts in Ukraine and Palestine 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.
