Cielo Announces Operational Update, Grant of Options and RSUs and Executive Appointment
Vancouver, British Columbia (FSCwire) - CSE:CMC: Cielo Waste Solutions Corp. ("Cielo" or the "Company") announces an operational update, grant of options and restricted share units (“RSUs”) and executive appointment.
Don Allan, President and CEO, stated “We are progressing strongly with the start of 2018. Everyone on the team is working diligently to get our first continuous flow refinery up and operational. We are pleased to officially welcome Michael Yeung to our team as Vice President, Business Development and Capital Markets. Mr. Yeung has been working with us for the past 2 years in a consultancy capacity and we are pleased to have him join us in an executive capacity. We are excited and believe 2018 is going to be a banner year as we move into commercial production.”
Cielo is moving forward with the construction of our first continuous flow refinery and is pleased to advise that Cielo obtained four major pieces of equipment from a previous auction at significant discount to originally budgeted prices. While Cielo has encountered some delays, management believes that Cielo is still on track to be “on-stream” by late spring 2018 – subject to uncontrollable elements. This has resulted from: 1) the delay of long lead items by up to 8 weeks from originally anticipated delivery dates; and 2) as Cielo moves along the construction process, designs are consistently refined and require the addition of more equipment, increasing the duration of the construction process.
Cielo is also pleased to announce the appointment of Michael Yeung as Vice President, Business Development and Capital Markets. Mr. Yeung has over 15 years of capital markets and private markets experience. Mr. Yeung has experience with raising capital (either debt or equity), mergers and acquisitions, debt/equity structures, valuations, research and equity markets. Previously, he was at Second City Capital as Director of Investments and prior to that had held senior roles at various investment banks including acting as a publishing equity research analyst at various shops. Don Allan states “We believe Mr. Yeung’s experience will be an asset for the company to move to its second stage of growth.”
Options, Grants and Pricing
Cielo also announces a grant of stock options (“Options”) and a grant of RSUs in accordance with the terms and conditions of Cielo’s Fixed Stock Option Plan and its Restricted Share Unit Plan (collectively the “Plans”), respectively, both Plans most recently approved at the Company’s Annual Special and General Meeting of the shareholders, held on October 26, 2017. 4,740,000 Options and 4,750,000 RSUs were issued to certain officers, directors, employees and consultants of the Company
The Options are exercisable for a period of three years from the date of grant at a price of $0.25 per share and vest immediately. The RSUS vest at various times over a period of three years or less from the date of grant.
For more information please contact:
Cielo Waste Solutions Corp.
Don Allan, President & CEO
(403) 348-2972 Ext. 101
About Cielo Waste Solutions Corp.
Cielo Waste Solutions Corp. is a publicly traded company with its shares listed to trade on the Canadian Securities Exchange (“CSE”) under the symbol “CMC”. Cielo holds the exclusive license for the global rights to a transformational, patent-pending, technology that can convert garbage-derived feedstocks to renewable diesel, at a significantly lower cost than biofuel companies. The garbage-derived feedstocks include sorted municipal solid waste (garbage), wood and agriculture waste, tires, blue-box waste, all plastics and virtually any other cellulous waste product into high grade renewable diesel.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements, including but not limited to: the use of proceeds of the offering, receipt of all necessary approvals of the offering, general business, economic, competitive, political and social uncertainties; negotiation uncertainties and other risks of its industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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Source: Cielo Waste Solutions Corp. (CSE:CMC, FWB:C36)
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