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Cielo Provides Update on Fort Saskatchewan Property Announces Commercial Lease
CALGARY, AB / ACCESSWIRE / July 28, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSF...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Provides Update on Fort Saskatchewan Property Announces Commercial LeaseCALGARY, AB / ACCESSWIRE / July 28, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (\"Cielo\" or the \"Company\"), a waste-to-fuel environmental technology company, is pleased to provide an update on its property in Fort Saskatchewan, Alberta (the \"FS Property\"), in particular an agreement to lease a portion of the FS Property.As previously disclosed, the Company's focus is on the development of a research and development facility (the \"R&D Facility\"), intended to serve as a scaled-down version of a commercial facility through which commercial viability of various feedstocks can be verified and refined. As the Company is currently planning to locate the R&D Facility at its location in Aldersyde, Alberta (pending approval from Alberta Environment and Parks), Cielo has taken steps intended to maximize the value of the FS Property while it's not in use. Cielo is considering various strategic alternatives for the FS Property. Currently, this includes the leasing of a portion of the FS Property to facilitate steady rental income.The Company has entered into a commercial lease (the \"Lease\") with a private, third-party corporation (the \"Tenant') for 15 of the approximately 60 acres owned by Cielo, which includes the building that is located on the FS Property (together the \"Leased Premises\"). The Lease is for a term of 5 years, beginning as of August 1, 2022, at a monthly base rent of $50,000 plus 90% of the occupancy costs for the Leased Premises (such as property taxes, insurance, and building maintenance). The Tenant may extend the Lease for an additional period of 5 years. The Tenant also has the right to terminate the Lease upon three (3) months' notice if prior to April 30, 2025.Ryan Jackson, CEO of Cielo, commented: \"We welcome the opportunity to have our Ft. Saskatchewan facility be put to use while also significantly reducing the carrying costs associated with the purchase of the property. Cielo will continue to assess various alternatives for the Ft. Saskatchewan facility as we continue to focus on fabrication of the R&D Facility.\"For further information please contact:Ryan Jackson, Interim CEOPhone: (403) 348-2972Cielo Investor RelationsEmail: [email protected] Milestone Group LLC (USA):Trevor Brucato, Manag...