VANCOUVER, BC and CALGARY, AB, Jan. 8, 2024
/CNW/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB:
ROOOF) ("Northstar" or the "Company"), a Canadian-based clean
technology company focused on the sustainable recovery and
reprocessing of asphalt shingles, and IKO Industries Ltd. ("IKO"),
Canada's leading asphalt shingle
manufacturer, are pleased to announce that IKO and Northstar,
through its wholly-owned subsidiary Empower Environmental Solutions
Calgary Ltd. (together, the "Parties") have signed a binding
five-year manufacturing waste asphalt shingle supply agreement (the
"Supply Agreement") for Northstar's planned asphalt shingle
reprocessing facility in Calgary,
Alberta (the "Empower Calgary Facility").
Under the terms of the Supply Agreement, IKO will supply all
their manufacturing waste asphalt shingles produced at their
Calgary facility to Northstar,
diverting shingles that would otherwise be destined for landfills.
The shingles will be reprocessed at Northstar's Empower Calgary
Facility for an initial term of five years with mutual extension
options.
Mr. Aidan Mills, President &
CEO and Director of Northstar, stated "Sourcing the initial
feedstock for the Empower Calgary Facility has been a key priority
for us since securing funding for the construction of the facility.
We are delighted to have partnered with IKO, the Canadian leader in
shingle manufacturing, to divert the manufacturing waste from their
Calgary facility away from
landfills to be reprocessed at our Empower Calgary Facility."
"IKO is an important long-term strategic element of our waste
shingle supply in Calgary and we
are continuing to build on that base with our ongoing discussions
with industrial partners, landfill operators, municipalities,
roofing companies and homeowners to achieve the target of diverting
all of Calgary's waste shingles
from landfills to our Empower Calgary Facility," said Mr.
Mills.
"IKO has a long history in recycling materials for use in its
own manufacturing processes dating back to the early days after the
founding of our company," stated David
Koschitzky, CEO of IKO. "We recognize, as the industry does,
that capturing waste and keeping it out of landfills is an
important issue for the future. We're pleased to be moving forward
with this important partnership."
About IKO
IKO is a world-wide leader in the roofing, waterproofing and
insulation industry for residential and commercial markets. A
vertically integrated company, IKO operates more than 35
manufacturing plants throughout North
America and Europe. IKO is
a family owned business established in 1951.
Copyright ©2018 IKO. All rights reserved. For media or
industry analyst support, please visit our website at
http://www.iko.com. Follow us on:
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Contact: Derek Fee, Manager of
Corporate Communications
(416) 780-5898
Derek.fee@iko.com
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 use in new hot mix asphalt,
shingle manufacturing and asphalt flat roof systems, and aggregate
and fiber for use 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 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, but are not limited to,
statements concerning: (i) the building of the Empower Calgary
Facility; (ii) the ability of the Empower Calgary Facility to
accept and reprocess manufacturing waste asphalt shingles (iii) the
delivery of manufacturing waste asphalt shingles to the Empower
Calgary Facility; and (iv) Northstar's ability to become a leader
in the recovery and reprocessing of asphalt shingles in
North America. Such statements are
subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
contained in the statements, including risks related to factors
beyond the control of the Company as well as those risks and
uncertainties which are more fully described under the heading
"Risk Factors" in the final prospectus of the Company dated
June 18, 2021 and in the Company's
annual and quarterly management's discussion and analysis and other
filings with the Canadian securities regulatory authorities under
the Company's profile on SEDAR. Further, the ongoing labour
shortages, high energy costs, inflationary pressures, rising
interest rates, the global financial climate and the conflict in
Ukraine and surrounding regions
are some additional factors that are affecting current economic
conditions and increasing economic uncertainty, which may impact
the Company's operating performance, financial position, and future
prospects. Collectively, the potential impacts of this economic
environment pose risks that are currently indescribable and
immeasurable. Readers are cautioned that forward-looking statements
are not guarantees of future performance or events and,
accordingly, are cautioned not to put undue reliance on
forward-looking statements due to the inherent uncertainty of such
statements. These forward-looking statements are made as of the
date of this news release and, unless required by applicable law,
the Company assumes no obligation to update these forward-looking
statements.
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SOURCE Northstar Clean Technologies Inc.