VANCOUVER, BC and CALGARY, AB, April 11, 2024 /CNW/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that the Company and its strategic investor, TAMKO Building Products LLC ("TAMKO"), have mutually agreed that Northstar's first U.S. asphalt shingle reprocessing facility (the "Northstar U.S. Expansion Facility") will supply TAMKO's asphalt shingle production facility located in Frederick, Maryland, USA.
After a comprehensive review of several potential market options for the Northstar U.S. Expansion Facility, the Board of Directors of the Company approved the nominated choice for the Mid Atlantic Region. This area encompasses Maryland, Delaware, Pennsylvania, New Jersey, New York, and parts of Virginia and West Virginia.
Over the upcoming months, Northstar and TAMKO will work together to find the ideal location for both the optimal supply to TAMKO's asphalt shingle production facility in Frederick, Maryland, and Northstar's processing and recovery facility for asphalt shingles. This collaborative effort has the goal of delivering the optimal site for Northstar's first U.S. facility.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "We are pleased to announce this major milestone of progression in our strategic partnership with TAMKO, marking a pivotal step towards our expansion into the U.S. market in 2025-2026. This strategic decision now gives us the required lead time for the site selection and permitting processes. The U.S. is a critical market for us and given the numerous advantages of the Mid Atlantic region both for Northstar's selection criteria and TAMKO's asset flexibility, we are excited to progress together on the next step of detailed site selection."
Mr. Jeffrey Beyer, Vice President and Chief Operating Officer of TAMKO, stated, "We are excited to announce our strategic collaboration with Northstar on the selection of the first U.S. location. Together, we are committed to identifying the optimal site for the inaugural U.S. facility, serving our operations in Frederick, Maryland. By redirecting asphalt shingle waste, we are not only mitigating environmental impact but also spearheading a sustainable future for our communities."
On July 31, 2023, Northstar announced a US$10.0 million arms length strategic investment from TAMKO's subsidiary, Allmine Paving LLC, which included two phases: US$6.4 million of preferred shares (Phase 1) and US$3.6 million of unsecured three-year debentures (Phase 2), which is to be purchased in two tranches and conditional on the attainment of certain milestones.
Northstar Clean Technologies Inc. is a Canadian 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
Neither the TSX Venture Exchange ("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 location for both the Company's processing and recovery facility and the optimal supply to TAMKO's asphalt shingle production facility; (ii) the Company's goals and timeline for expansion into the U.S. market; (iii) the projected advantages of expanding into the U.S. market; (iv) the Company's plans for reprocessing asphalt shingle waste; and (v) 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 Company's annual information form for the year ended December 31, 2022 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 conflicts in Ukraine and Palestine 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.
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