Chief Financial Officer Transition and Provides update Corporate Controller, Anna Cheong, to serve as interim CFO
Aldersyde Facility Phase-I modifications indicate significant process improvements
VANCOUVER, BC / ACCESSWIRE / April 18, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) ("Cielo" or the "Company"), a waste-to-fuel environmental technology company, today announced that Chief Financial Officer ("CFO"), Ms. Stephanie Li, has advised the Company of her decision to resign from Cielo to pursue other interests. Further, the Company is pleased to share an operational update on progress at its Aldersyde Facility in Alberta, Canada.
CFO Transition
Cielo has launched a formal search process to identify a permanent CFO appointment. Until then, the Company's Board of Directors has unanimously approved the appointment of Ms. Anna Cheong, Corporate Controller at Cielo, as interim CFO, effective immediately. Ms. Li will remain at the Company to provide transition support.
Ms. Cheong's leadership and capability has been instrumental in providing dramatic enhancements to Cielo's financial management systems, and in securing financial milestones as the Company improved its base operations and governance systems. A Chartered Professional Accountant with over 15 years of financial experience and leadership in the energy industry, Ms. Cheong has been with Cielo since August 2021 and holds extensive knowledge of all financial aspects of the business. Prior to joining Cielo, Ms. Cheong held a number of senior financial and accounting positions at junior and intermediate energy companies.
Mr. Chris Sabat, Chief Legal Officer and Corporate Secretary, stated: "On behalf of the Board of Directors and Cielo's management team, we thank Ms. Li for her contributions to the Company. We are very confident of Ms. Cheong's ability and leadership in the position of interim CFO."
Ms. Anna Cheong commented: "I look forward to expanding my contributions as a crucial member of Cielo's management team as we deliver on our strategic growth and commercialization plans."
Aldersyde Facility Operational Update
Cielo continues on its previously stated plan for the development projects at the Aldersyde Facility and the Fort Saskatchewan Research & Development ("R&D") Facility. The R&D Facility is expected to be commissioned in August 2022 and the Aldersyde Facility Phase-II project remains on target for commissioning in September 2022.
In a March 2022 press release, Cielo described Phase-I modifications made at the Aldersyde Facility to solve the root cause of plugging and coking in the system that prevented meaningful run-times. The initial results from this work demonstrate that the modifications have resulted in significant improvements in product quality and process. The calculations and assumptions inherent in these changes confirm the design basis for fabrication of the new infeed system, reactor, and associated equipment that will produce fuel from wood biomass at the engineered design capacity of 1,000 litres per hour.
Since completion of Phase-I modifications, the plant has operated in a ‘short-run' test mode to verify expectations. The Company is pleased to announce that results observed to date are in-line with expected outcomes, with the following key parameters observed:
Distillate Quality - Produced distillate liquid quality and coloring has improved dramatically. This is an indication of a more efficient reaction that contributes to a significant reduction in coking.
Particulate Matter - Visible particulate matter does not appear in the liquid distillate production stream. This enhanced quality has never been observed at the Aldersyde Facility. It was this particulate that contributed to process fouling.
Vapor Production Line - The distillate vapor production line, which transfers distillate from the reactor to the condenser, remains clean and clear after multiple runs. No plugging or coking has been observed within the line. It was the plugging and coking of this vapor line that was one of the greatest impediments to achieving continuous run-time and the source of costly maintenance to clear and clean equipment.
Reactor Waste System - The newly designed and fabricated reactor waste separation system is a dramatic upgrade in the overall process. Initial results indicate improved operating costs, less waste, and greater carrier fluid recirculation.