Northstar Reports First Quarter 2023 Financial Results
May 31, 2023
VANCOUVER, BC - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has filed its first quarter 2023 unaudited financial statements and management's discussion and analysis on SEDAR for the three months ended March 31, 2023. These documents are also available on the Company's website at www.northstarcleantech.com. The Company would like to remind its stakeholders that it has scheduled a virtual investor webcast to discuss these results and to provide an update to the investment community tomorrow Wednesday, May 31, 2023, at 14:00 PDT / 17:00 EDT. Details are provided below. Financial references are in Canadian dollars unless otherwise specified.
Mr. Aidan Mills, President & CEO and Director of Northstar, commented, "We've continued the momentum from the last year with strong progress in Q1 2023. I'm incredibly proud of the Northstar team for helping provide the Company the opportunity to secure up to $7.1 million in non-repayable project-level government grants from Emissions Reduction Alberta ("ERA"). This award has provided strong validation that our work to divert asphalt shingles from landfills back into the circular economy has not gone unnoticed and that governments value the work we're doing and are willing to invest."
"Progress on the Empower Calgary Facility also advanced on several fronts, including signing a long-term lease for the future site of the facility, a short distance from the City of Calgary's East Landfill and our landlord receiving conditional development permits. Work by the landlord has already begun on site and is moving along well."
"Lastly, but perhaps most importantly, we successfully completed liquid asphalt R&D testing with major manufacturers, and we are now in the midst of product manufacturing and quality testing with this same group of major manufacturers."
"Our focus continues to be on progressing the Empower Calgary Facility while conserving capital. On April 19, 2023, we closed an upsized non-brokered private placement of $2.73 million which provides significant runway for us to continue to focus on securing a non-dilutive funding structure to supplement the ERA government grant," concluded Mr. Mills.
Q1 2023 Highlights
January 2023 – The Mook Group of Companies (the "Landlord") for Northstar's site for its Empower Calgary Facility received its conditional development permit from Rocky View County, a municipal district in Alberta adjacent to the City of Calgary.
February 2023 – Selected for an award of up to $7.1 million in non-repayable project-level government grants from ERA for the Empower Calgary Facility.
February 2023 – Received notice from the Canadian Patent Office that its patent application was approved for fast track due to the Company's green technology.
February 2023 – Signed a long-term 15-year lease agreement (with two renewal options of 5 years each) with the Landlord for an industrial-zoned property of 3.98 acres located in Rocky View County, as the site for the Company's Empower Calgary Facility.
March 2023 – Announced the execution of a definitive take-or-pay offtake agreement with McAsphalt for the exclusive sale of 100% of liquid asphalt production from the Empower Calgary Facility for a minimum term of 5 years. The commercial terms were unchanged from the binding term sheet.
March 2023 –