Vancouver, British Columbia (FSCwire) - CSE:CMC: Cielo Waste Solutions Corp.
("Cielo" or the "Company") announces that the Company has amended and restated its financial statements and Management Discussion
(“2015 MD&A”) and for the year ended April 30, 2015, with the corresponding amended and restated financial statements and
2015 MD&A report having been re-filed on SEDAR. Cielo has also filed on SEDAR the April 30, 2016 audited financial statements
and corresponding Management Discussion and Analysis.
In particular: during the year ended April 30, 2016, the Company discovered an accounting error such that
fair value of 18,000,000 common shares issued on July 18, 2014 to complete the acquisition of certain intellectual property
assets should have been valued at $0.17 instead of $0.20 per share. As a result, share capital and intellectual property prior to
any impairment as of April 30, 2015 was overstated by $540,000. The resulting value of intellectual property should have been
$5,180,933 instead of $5,720,933, prior to any impairment. The Company further reassessed that the intellectual property as of
April 30, 2015 should have been impaired due to the asset being in an idle state in need of further development. The Company
therefore restated the value of the intellectual property as of April 30, 2015 to be at a nominal value of $1 and should have
included an impairment charge of $5,180,932 to its statements of operation for the year ended April 30, 2015. This error
and reassessment was corrected in 2016 and resulted in a restatement of its statements of financial position, statement of loss
and comprehensive loss and statements of changes in shareholders’ equity (deficiency) for 2015.
About Cielo Waste Solutions Corp.:
Cielo specializes in environmentally advanced technologies focused on materials recovery, renewable diesel and
landfill reduction through responsible diversion practices. By incorporating the latest material recovery technologies, Cielo is
able to achieve significant diversion from landfills while creating a feedstock specifically for renewable diesel. Cielo provides
solutions for responsible waste management while also providing value added opportunities.
For more information on the Company, please contact
Don Allan, President, at (403) 348-2972 ext 222, or visit the Company’s website at www.cielows.com
Further information regarding the Company can be found on SEDAR at www.SEDAR.com
or by visiting our profile on www.CSE.ca.
On Behalf of the Board of Directors
“Don Allan”
Chief Executive Officer
Tel: 403.348-2972 Ext. 222
Email: donallan@cielows.com
Certain statements contained in this release may constitute "forward–looking statements" or "forward-looking
information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act
of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words
“could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements
relating to matters that are not historical facts are intended to identify forward-looking information and are based on the
Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ
materially. In particular, this release contains forward-looking information relating to the business of the Company, the
Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the
date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties
and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing
statements expressly qualify any forward-looking information contained herein.
These securities have not and will not be registered under United States federal or state securities laws and
may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is
relied upon. This news release does not constitute an offer of securities for sale in the United States.
CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this
news release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/cielo071220163.pdf
Source: Cielo Waste Solutions Corp. (CSE:CMC)
http://www.cielows.com/
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