VANCOUVER, BC / ACCESSWIRE / October 28, 2021 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) ("Cielo" or the "Company") announces the results of its annual general and special meeting of shareholders held virtually by telephone conference (the "Meeting") on October 21, 2021. Shareholders voted in favour of all items put forward by the board of directors and management of Cielo.
The following five (5) director nominees were elected at the Meeting: Don Allan (Chair), Jasdeep K. Dhaliwal, Hon. Peter MacKay, Ryan Jackson, and Larry Schafran. Shareholders also appointed KPMG LLP, Chartered Accountants, as auditors of the Company for the ensuing year.
In addition, shareholders voted in favour of the Company's 10% rolling stock option plan (the "Stock Option Plan") and the Company's fixed non-option incentive plan (the "Non-Option Plan", together with the Stock Option Plan, collectively the "Incentive Plans"). The TSX Venture Exchange (the "TSXV") had previously approved the Incentive Plans, subject to the approval of the disinterested shareholders of the Company (insiders or associates of insiders eligible to participate in the Incentive Plans). Under the Stock Option Plan, a maximum of 65,212,991 stock options (representing 10% of the Company's issued and outstanding shares as at the date of the Meeting) may be granted (excluding any outstanding options). Under the Non-Option Plan, a maximum of 25,807,096 incentive awards other than stock options (representing 4% of the Company's issued and outstanding shares as at the date of approval of the Non-Option Plan by the TSXV) may be granted. The Incentive Plans replace all prior incentive plans of the Company.
Trading Activity
The Company also confirms that its management is not aware of any other corporate development or undisclosed material change to the Company or its operations at this time that would account for recent market activity.
Operational Update
The Company anticipates a subsequent press release prior to November 15, 2021, in which the Company will provide an update on the timeline associated with the activities at its facility in Aldersyde, Alberta and at its proposed research and development facility in Fort Saskatchewan, Alberta.
About Cielo Waste Solutions Corp.
Cielo is a publicly traded company with a proprietary technology that transforms certain types of landfill garbage into high-grade diesel, kerosene (aviation jet and marine fuel) and naphtha. Cielo's proven and patented technology is currently being deployed in the Company's Aldersyde, Alberta facility, where wood waste is currently being converted into renewable fuels. Cielo's experienced management team is well positioned with strategic partners in place to expand aggressively across Canada, into the US and then globally. The waste/feedstock that will be used in the Company's green facilities is the world's widely available and inexpensive feedstock, including household, commercial, construction garbage, used tires, railway ties, telephone poles, as well as all types of plastic, some of which currently cannot be recycled or deposited into landfills. Cielo's goal is to manufacture waste to fuel while ridding the world of unwanted and problematic garbage.
Website:www.cielows.com
https://www.accesswire.com/670295/Cielo-Announces-Annual-General-and-Special-Meeting-Results