Business
Cielo Announces Operational Update; Elimination of Royalty and Refinery Fees; Retirement of Founder; Appointment to Board of Directors; And Details of Fiscal Q2 2022 Conference Call
VANCOUVER, BC / ACCESSWIRE / December 16, 2021 / Cielo Waste Solutions Corp. (TSXV:CMC; OTCQ...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Announces Operational Update; Elimination of Royalty and Refinery Fees; Retirement of Founder; Appointment to Board of Directors; And Details of Fiscal Q2 2022 Conference CallVANCOUVER, BC / ACCESSWIRE / December 16, 2021 / Cielo Waste Solutions Corp. (TSXV:CMC; OTCQB:CWSFF) (\"Cielo\" or the \"Company\") is pleased to announce:an operational update concerning its milestones for the Aldersyde and Fort Saskatchewan, Alberta, facilities;confirmation of the successful closing of its previously announced agreement to terminate royalty and refinery fees;the retirement of its founder, Don Allan;the appointment of Sheila A. Leggett to its Board of Directors; anddetails regarding Cielo's upcoming conference call and webcast to discuss its fiscal Q2, 2022 results.Operational UpdateOn November 12, 2021, Cielo issued a press release outlining certain milestones, for its Demonstration Facility located at Aldersyde, Alberta and its Research and Development Facility located at Fort Saskatchewan, Alberta (the \"R&D Facility\").Aldersyde Demonstration Facility ProgressFollowing successful proof of concept at the Aldersyde facility, whereby Cielo has demonstrated the ability to convert waste to fuel, the Company is now focused on achieving its primary objectives for Aldersyde: to achieve steady-state production, refine its operations, and generate revenue from production. Cielo continues to progress towards the completion of these milestones, including completion of its engineering design work and initiation of equipment procurement for the Aldersyde facility. The Company anticipates that the first phase of construction will commence on schedule in January 2022.Fort Saskatchewan R&D Facility ProgressA necessary precursor for the design and construction of a full-scale state-of-the-art facility at the Fort Saskatchewan, Alberta location, is the completion of the R&D Facility, which will also be fabricated and located at the same site. The R&D Facility will provide detailed engineering data that is necessary to facilitate the design work for a full-scale facility. To date, Cielo has completed the detailed engineering design, procured the necessary equipment, and commenced construction of the 60 litre per hour R&D Facility.Given the progress outlined above, Cielo anticipates meeting its previously communicated milestones f...