Business
Ecolomondo Releases Its Interim Financial Statements for the First Quarter of 2020 and Provides Projects Update
(via TheNewswire) Montreal - TheNewswire - July 7, 2020 Ecolomond...
About this update from Ecolomondo Corporation
[{"type":"text","content":"Ecolomondo Releases Its Interim Financial Statements for the First Quarter of 2020 and Provides Projects Update(via TheNewswire)\n \n \nMontreal - TheNewswire - July 7, 2020 Ecolomondo Corporation (TSXV:ECM) (the \"Company\" or \"Ecolomondo\") releases its unaudited interim consolidated financial statements and notes hereto and its related management discussion & analysis (\"MD&A\") for the interim period ended March 31, 2020 (the \"Interim Financial Statements\"). \n\n\n \nDuring the first quarter of 2020, the Company continued to make substantial progress on the construction of its new Hawkesbury Thermal Decomposition (\"TDP\") turnkey facility. This facility will be a first of its kind and be used as a technological showpiece to promote the sale of TDP turnkey facilities globally. Management believes that once the Hawkesbury facility comes online, the Company will be able to show its proof of concept along with the commercial viability of TDP turnkey facilities and, as a result, it expects that demand for TDP turnkey facilities to increase. \n\n\n \nTo date, the Company has placed most of the purchase orders to cover long-lead equipment items such as reactors, fractionation, recovered carbon black, flare, shredding, scrubbing, and is currently negotiating with subcontractors to perform the installation of the equipment. Management estimates that as of the end of the first quarter of 2020 it has placed purchase orders covering 80% of all the equipment and services needed to complete the construction of the Hawkesbury facility. \n\n\n \nConstruction of the building also made substantial progress. Management estimates that construction of the building will be completed by the beginning of the third quarter of 2020 and will begin installation of the plant equipment in late August of 2020 while commissioning is expected to begin in the following quarter. To view updates and pictures of the construction of the Hawkesbury TDP facility, please visit the Company's website at www.ecolomondo.com. \n\n\n \nAs of March 31, 2020, capital expenditures total $9,566,931 and are essentially for site purchase, engineering, site preparation, building construction, labor, permitting and equipment. The Company has already contributed all of its equity share of $5,453,422 and has taken drawdowns totalling $7,593,756 from Export Development ...