Northstar Reports Third Quarter 2021 Financial Results, Announces Details for Virtual Investor Webcast and Announces Date of Annual General and Special Meeting
Vancouver, BC – Northstar Clean Technologies Inc.(TSXV: ROOF)(“Northstar” or the “Company”) is pleased to announce that today it has filed on SEDAR its financial statements and MD&A for the fiscal third quarter of 2021. The Company is also pleased to announce that it plans to host a virtual investor webcast to discuss these quarterly results and to provide a business update to the investment community on Monday, November 29, 2021 at 2:00 pm PST / 5:00 pm EST. Details are provided below.
Mr. Aidan Mills, CEO of Northstar, commented, “This quarter has set the stage for Northstar’s future. Following our successful listing on the TSX Venture Exchange in July, we set out to lay the foundation to steady state production, while also taking the time to independently verify the quality of our output and further enhancements that can be made to our proprietary process. These foundational milestones were the building blocks for our major achievements since the end of the quarter, which include successful commissioning runs at the Empower Facility in Delta, BC, selection of BBA as our consulting engineers and the independent life-cycle assessment to assess our carbon footprint at the Empower Facility. The life-cycle assessment quantifies what we have always believed: that the Northstar process recovering primary components from single-use asphalt shingles is a ‘circular’ process that significantly reduces greenhouse gas emissions associated with virgin asphalt production and landfill disposal, marking an industry first.”
Q3 2021 Highlights
- Northstar’s common shares and common share purchase warrants as part of the direct listing commenced trading on the TSX Venture Exchange under the ticker symbol “ROOF” and “ROOF.WT”, respectively.
- Announced Mr. Aidan Mills as new Chief Executive Officer of Northstar.
- Received preliminary testing results from an independent third-party laboratory that found that the quality and penetration rate of the recovered liquid asphalt to be well within the range of acceptability for sale to a potential end-use customer.
- Engaged Wellington Dupont Public Affairs (“Wellington”) to lead government engagement on the reduction of single-use asphalt shingle disposal into landfills across Canada. Wellington will support federal, provincial, and municipal engagement on the execution of the Northstar’s expansion plans across North America, in addition to evaluating various potential non-dilutive funding strategies, including government grants, to support expansion plans.
- Commenced a Request for Proposal (“RFP”) process with three independent engineering firms for the engineering design study to advance the national rollout strategy for single-use asphalt shingle repurposing facilities.
- Began a detailed market analysis to identify potential site locations across Canada for its first expansion facility that will be prioritized based on a variety of criteria.
Significant Events Subsequent to the Quarter Ended September 30, 2021
- Successfully completed commissioning runs at the Empower Facility, processing asphalt shingles into liquid asphalt, aggregate and fiber. The success of these runs provides a clear path to move the Empower Facility to steady state production in Q1 2022.
- Completed the RFP process and selected BBA as the Company’s consulting engineering firm to complete the engineering design of the modular facility to be deployed across expansion facilities. BBA has agreed to provide ongoing engineering optimization support at the Empower Facility and Northstar’s next processing facility.
- Burgess Environmental Ltd. completed an independent Life-Cycle Assessment (“LCA”) for the Empower Facility, which confirmed the Empower Facility as a “circular”, renewable industry solution with lower carbon dioxide emissions and net estimated greenhouse gas (“GHG”) emission savings of 121.94 kg of carbon dioxide equivalent per 1 tonne of feedstock (60% savings) through diverting shingles from landfills and replacing virgin asphalt production from the Empower Facility.
Virtual Webcast and Conference Call Details
Topic: Northstar Clean Technologies Q3 2021 Financial Results Webcast
Date: November 29, 2021
Time: 14:00 PST / 17:00 EST
Conference ID: 9288076
Participant Toll Free Dial-In Number: +1 (877) 437-5982
Participant International Dial-In Number: +1 (873) 415-0286
Webcast URL: https://onlinexperiences.com/Launch/QReg/ShowUUID=1473AB94-381F-4C84-911E-C3A6C5D2EC47
Approximately two hours after the Q&A session has ended, an archived version of the webcast will be available via the webcast URL above.
Annual General and Special Meeting
Northstar has scheduled its Annual General and Special Meeting of Shareholders (the “Meeting”) on Wednesday December 15, 2021 at 11:00 am PST at 7046 Brown Street, Delta, BC, V4G 1G8. Northstar is also pleased to announce that it has filed on SEDAR and mailed its management information circular and related proxy materials (the “Meeting Materials”) for the Meeting. Further information related to the Meeting can be found in the Company’s filings at www.sedar.com or on the Company’s website here: https://www.northstarcleantech.com/investors?tab=agm .
In light of the ongoing concerns regarding the spread of COVID-19 and to ensure compliance with local laws and orders restricting the size of public gatherings, the Company encourages shareholders not to attend the Meeting in person. The Company may take additional precautionary measures in relation to the Meeting in response to further developments in the COVID-19 outbreak. Any person who intends to attend the Meeting in person must register with the Company’s corporate secretary Diana Mark at least 72 hours in advance and receive approval. Interested persons may contact Diana Mark by phone at +1 778 908 2730 or by email at [email protected].
As always, the Company encourages Shareholders to vote prior to the Meeting. All proxies submitted must be received by 11:00 am PST on December 13, 2021. Your vote is important regardless of the number of common shares you own. As a Northstar shareholder, it is very important that you carefully read the Meeting Materials and vote your common shares. Shareholders may vote online, by telephone, by mail, or by any other methods listed in the form of proxy or voting instruction form included with the Meeting Materials.
About Northstar Clean Technologies Inc.
Northstar Clean Technologies Inc. is a Vancouver-based clean technology company focused on the recovery and repurposing of single-use 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, aggregate and fiber for usage in new hot mix asphalt, construction products and other industrial applications. Northstar’s mission is to be the leading shingle material recovery provider in North America.
For further information about Northstar, please visit www.northstarcleantech.com. The Company’s final prospectus dated June 18, 2021, among other documents, is available on the Company’s profile page on SEDAR at www.sedar.com.
On Behalf of Northstar,
Chief Executive Officer
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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 the Company’s expectations regarding the timing of its investor webcast, its belief that Q3 has set the stage for its future, and its belief that its successful commissioning runs provide a clear path to steady state production in Q1 2022. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, factors discussed under “Risk Factors” in the final prospectus of the Company dated June 18, 2021. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.