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Cielo Reports Fiscal Q3 2022 Financial Results and Material Operational Updates for Aldersyde and Fort Saskatchewan Facilities
CALGARY, AB / ACCESSWIRE / March 21, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWS...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Reports Fiscal Q3 2022 Financial Results and Material Operational Updates for Aldersyde and Fort Saskatchewan FacilitiesCALGARY, AB / ACCESSWIRE / March 21, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (\"Cielo\" or the \"Company\"), a waste-to-fuel environmental technology company, today reports financial results for the three and nine months ended January 31, 2022, and provides material operational updates for the facility located in Aldersyde (the \"Aldersyde Facility\") and the research and development facility located in Fort Saskatchewan (the \"R&D Facility\"). All amounts in this news release are in Canadian dollars unless otherwise indicated. Operational updates and milestones reference calendar quarters whereas the financial results refer to Cielo's fiscal quarters, noting that the fiscal year end is April 30, 2022.Q3 2022 OPERATIONAL & FINANCIAL HIGHLIGHTSAchieved production target of 20,000 liters of distillate in Q4 2021, and anticipates meeting production target for Q1 2022;The Company completed phase I of the Aldersyde Facility as of the date of this news release, and phase II improvements are in progress;The R&D Facility is on track with fabrication currently underway;Total assets increased by $6.7 million, total liabilities decreased by $2.6 million as at January 31, 2022 compared to April 30, 2021; andWorking capital deficiency of $10.2 million as at January 31, 2022 was subsequently improved by $16.7 million to a working capital surplus of $6.5 million, as a result of (i) the closing of an $11.0 million mortgage loan, and (ii) the extension of the term of the $12.0 million loan from 12 months to 24 months, with remaining principal balance of $6.5 million, now maturing on September 1, 2023.COMMERCIALIZATION STRATEGY ON TARGETAchieving steady-state commercial production at the Aldersyde Facility and the operation of the R&D Facility are key components in Cielo's strategy. Cielo's production target of 20,000 liters of distillate in Q4 2021 at the Aldersyde Facility was attained and the Company anticipates that it will meet its production target for Q1 2022.Cielo continues to progress its strategy to build its first state-of-the-art facility for the conversion of waste to fuel at its Fort Saskatchewan location and advises that it is on track to meet the operational milestones set...