VANCOUVER, BC, Sept. 29, 2022 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has signed a purchase order agreement (the "Purchase Order") with a major international manufacturer engaged in the production of asphalt roofing systems (the "Customer"). The Customer has agreed to purchase 80 tonnes of liquid asphalt (the "Product") produced from reprocessed single-use asphalt shingles at the Company's asphalt shingle reprocessing facility in Delta, BC (the "Empower Pilot Facility") at an undisclosed rate based on current market pricing for liquid asphalt. The parties have agreed a specification for the product.
The Customer has previously conducted a detailed analysis of Northstar's liquid asphalt and intends to incorporate the Product into its own proprietary product, on which it plans to conduct additional detailed product testing. If successful, the parties expect this testing to lead to a long-term offtake agreement for the Empower Pilot Facility and potentially other North American locations.
Mr. Aidan Mills, President & CEO, and Director of Northstar, stated, "The Purchase Order is a major milestone for Northstar. As I have previously mentioned, there are three industrial sectors that we are targeting: paving, shingle manufacturing, and flat roofing systems. We are therefore delighted that having completed the first stage of analysis on Northstar's liquid asphalt, this Customer, a major international roofing systems manufacturer, is moving to the next stage of product manufacturing and advanced testing. If successful, we expect to establish a long-term multi-year off-take agreement for the Empower Pilot Facility with the potential to extend our supply for further facilities as we deploy our proprietary technology in markets across North America. We continue to focus on building our relationships with sophisticated buyers who will use our reprocessed liquid asphalt across Canada and internationally. We expect to deliver the Product to the Customer in Q4 2022. This is the first sale of liquid asphalt by Northstar, which is an important step for the Company and validates the quality and demand for our liquid asphalt outputs. In addition, and importantly, this is also the first revenue generation for Northstar, another element of this major milestone."
While Northstar, through its wholly owned subsidiary Empower Environmental Solutions Ltd., originally agreed to supply liquid asphalt from the Empower Pilot Facility to Lafarge Canada Inc. during the first year of commercial production, the agreement is no longer in effect.
About Northstar
Northstar Clean Technologies Inc. is a Canadian-based clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar has developed a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracting the liquid asphalt for usage in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fiber for usage in construction products and other industrial applications. Focused on the circular economy, Northstar plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale at both its Empower Pilot Facility in Delta, British Columbia and its first commercial scale up facility in Calgary, Alberta. As an emerging innovator in sustainable processing, Northstar's mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America, extracting the recovered components from asphalt shingles that would otherwise be sent to landfill.
For further information about Northstar, please visit www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
Cautionary Statement on Forward-Looking Information
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has neither approved nor disapproved the contents of this press release.
This press release may contain forward‐looking information within the meaning of applicable securities legislation, which forward‐looking information reflects the Company's current expectations regarding future events. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Forward-looking statements in this press release include statements concerning the delivery of the Product, expectations that the Product will meet specifications and that advanced testing by the Customer will lead to a long-term off-take agreement. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, factors discussed under "Risk Factors" in the final prospectus of the Company dated June 18, 2021. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
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SOURCE Northstar Clean Technologies Inc.
