Cielo Completes Partial Loan Repayment by Shares for Debt Issuance

CALGARY, AB / ACCESSWIRE / September 15, 2022 / 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 completed the shares for debt transaction (the "Shares for Debt Transaction") previously announced on August 9, 2022, pursuant to the agreement between Cielo and First Choice Financial Incorporated ("FCF") and KV Capital Inc. ("KV", together with FCF, collectively the "Lenders") for the repayment of CAD $2,000,000 of a mortgage loan (the "Loan") provided by the Lenders in August 2021.

Following receipt of approval from the TSXV Venture Exchange, the Company has issued 21,428,571 common shares of Cielo at a price of $0.07 per share and 5,555,555 common shares of Cielo at a price of $0.09 per share, for an aggregate issuance of 26,984,126 common shares of Cielo (the "Repayment Shares" ). The result of the issuance of the Repayment Shares is a reduction of the Loan to a principal balance of CAD $4,500,000.

In addition, as previously announced, 2,000,000 Bonus Warrants (as defined in the August 9 th press release) will have their term reduced and, if not exercised, will expire on or about December 7, 2022.

The Repayment Shares are subject to a 4-month hold period, which will expire on January 9, 2023.

For further information please contact:

Ryan Jackson, Interim CEO
Phone: (403) 348-2972

Cielo Investor Relations
Email: investors@cielows.com

RB Milestone Group LLC (USA):
Trevor Brucato, Managing Director
Email: cielo@rbmilestone.com
New York, NY & Stamford, CT

ABOUT CIELO

Cielo Waste Solutions Corp. was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company with its shares listed to trade on the TSX Venture Exchange (" TSXV ") under the symbol "CMC," on the Frankfurt Exchange (" DAX ") under the symbol "C36", as well as on the OTC Venture Market (" OTCQB "), under the symbol "CWSFF." The Company's strategic intent is to become a leading waste-to-fuel company. The Company intends to use economically sustainable technology while minimizing the environmental impact. Cielo has a patented process that can convert waste feedstocks, including organic material and wood derivative waste, to fuel. Having demonstrated its ability to produce diesel and naphtha from waste, Cielo's business model is to construct additional processing facilities. Cielo's objective is to generate value by converting waste to fuel, while fueling the sustainable energy transition.

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. Cielo is making forward looking statements, with respect to, but not limited to: the reduction of the principal of the Loan to CAD $4,500,000 (upon the delivery of the Repayment Shares to the Lenders); the expiration of 2,000,000 Bonus Warrants and the timing thereof; the duration and expiration of the 4-month hold period on the Repayment Shares.

Investors should continue to review and consider information disseminated through news releases and filed by the Company on SEDAR. 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, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV), nor OTCQB nor WKN, have reviewed, and do not accept responsibility for the adequacy or accuracy of, the content of this news release.

SOURCE: Cielo Waste Solutions Corp.