Cielo Waste Solutions Corp. V.CMC

Cielo Binding Letter of Intent

[Betteryear2]

CALGARY, Alberta, May 01, 2023 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC; OTCQB:CWSFF) (“Cielo” or the “Company”), a waste-to-fuel environmental technology company, is pleased to announce that it has entered into a binding letter of intent (the “LOI”) with Renewable U Energy Inc., on its own behalf and on behalf of its affiliates (jointly, severally and collectively “Renewable U”), regarding the memorandums of understanding (each an “MOU” and collectively the “MOUs”) entered into between Cielo and Renewable U between 2018 and 2021. The LOI provides for the intention of Cielo and Renewable U to enter into definitive agreements in the coming weeks regarding the restructuring of Renewable U’s proposed investment in Cielo’s first commercial facility. The transactions proposed in the LOI would result in the participation of Renewable U in the Dunmore Entity (as defined below) (or other form of repayment as described below) and consequent termination of the MOUs, and the concurrent acquisition of the land owned by Renewable U in Dunmore, Alberta (the “Land”), on which Cielo intends to build its first full-scale facility (the “Dunmore Facility”).

Cielo Announces Binding Letter of Intent Regarding (globenewswire.com)