EarthRenew Announces Feasibility Study With One of the Largest Feedlots in the Southwestern United States
June 19 2020 - 4:30PM
EarthRenew Inc. (CSE:ERTH | OTC:VVIVD | WKN:A2P6MB) (“EarthRenew”
or the “Company”) is pleased to announce that it has identified its
first potential site in the US. The site is one of the largest
feedlots in the southwestern US, finishing over 200,000 head of
cattle per year.
We believe that the site would provide the
Company with a showcase facility in a strategic operational
location, considering the southwestern US is the one of the world’s
largest organic farming markets. The Company estimates that this
site could be up to four times the size of EarthRenew’s Strathmore,
Alberta facility with an estimated capital cost in the range of $37
to $42 million CAD. Further, EarthRenew estimates that it
could produce over 70,000 tonnes per year of organic fertilizer
pellets at a facility of this scale.
As per the terms of the initial engagement,
EarthRenew will work with the potential partner to conduct a
feasibility study. The feasibility study will cover, among other
things, a review of the site, the availability of requisite
utilities, the regulatory environment, preliminary engineering
considerations and details of the organic fertilizer market to
determine overall viability. The study is expected to take two
months and cost $50,000 and will identify the key terms for an LOI
between the Company and the potential partner. We anticipate key
terms of the LOI will include: terms for lease and shared services,
parameters for feedstock delivery and co-marketing of end-products
and terms for potential electricity sales to the partner for its
electrified fences.
“We are incredibly excited to formally begin
evaluating new facility locations for EarthRenew. Our potential
partner is very aligned with our sustainability goals and is
excited for us to become a solution for their manure production,”
said EarthRenew’s CEO, Keith Driver. Mr. Driver continued, “This
new facility could potentially produce three-to-four times what our
Strathmore facility is capable of and provide us with a beachhead
opportunity to serve the vast southwestern US market.”
About EarthRenew
EarthRenew transforms livestock waste into a
high-performance organic fertilizer to be used by organic and
traditional growers in Canada and the United States. Located on a
25,000 head cattle feedlot, our flagship Strathmore plant is
capable of producing up to four megawatts (MW) per hour of low-cost
electricity powered by a natural gas fired turbine. The exhausted
heat from the turbine is used to convert manure into certified
organic fertilizer.
For additional information, please contact:
Keith Driver CEO of EarthRenew Phone: (403)
860-8623 E-mail: kdriver@earthrenew.ca
Cautionary Note regarding
Forward-Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to EarthRenew’s potential
partnership with a US partner for a new EarthRenew facility in the
US Southwest, fertilizer pellet production capacity at the new
facility, estimated capital costs for the new facility, the terms
of the LOI, the contents, timing and cost of the feasibility study,
our ability to sell products in the organic fertilizer market in US
Southwest, our ability to execute our business plan, and our
proposed business activity. Generally, forward-looking information
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors 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 information, including but not
limited to: general business, economic, competitive, geopolitical
and social uncertainties; regulatory risks; and other risks of the
energy and fertilizer industries. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its
Market Regulator (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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