Whitby, Ontario--(Newsfile Corp. - September 28, 2021) - Environmental Waste International Inc. (TSXV: EWS) (the "Company" or "EWS"), provides an update on its agreement with WindSpace A/S ("WindSpace") that was previously announced on August 20, 2020. The parties are continuing to work toward the development of a 100 metric ton per day waste tire recycling plant in Nyborg, Denmark.
WindSpace has retained Green Giraffe, a leading renewable technologies financial advisor to assist them in raising capital for the Nyborg plant. WindSpace is in discussions with a number of institutional investors, and they hope to complete financing by the end of 2021, but there can be no assurance that financing will be completed.
WindSpace has developed plans and is seeking financing to build a second 100 metric ton per day facility in Nyborg as a result of conversations with and ongoing interest from a leading global industrial manufacturer to become a strategic partner in its projects in Nyborg.
Due to the lengthy lead time related to the plant development in Nyborg, the parties have amended their agreement to eliminate their exclusive arrangement across Europe. Instead, the parties will focus their near-term efforts on development of two 100 metric ton per day plants in Nyborg and have agreed to revisit long-term cooperation opportunities at a later stage.
Separately, on March 22, 2021, EWS announced a conditional agreement with Torreco, Inc. for an investment of $7 million in Ellsin Environmental Inc., its subsidiary which owns its plant in Sault Ste. Marie, Ontario. Terreco has funded $1 million and now owns 10% of Ellsin. Due to a number of factors including travel restrictions, the Torreco funding has been delayed. There can be no assurance that the balance of the Torreco financing will be completed. EWS continues to move forward with the upgrade and commercialization of the Sault Ste. Marie plant and will seek financing elsewhere, if necessary.
About Environmental Waste International Inc.
Environmental Waste International Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. The Company has spent over 15 years engineering systems that integrate the EWS patented Reverse Polymerization™ process and proprietary microwave delivery system. EWS's unique microwave technology safely processes and recycles waste tires, while recovering highly valuable commodities, including carbon black, oil and steel. Each unit is designed to be environmentally safe, energy efficient, and economically profitable for the operator. For more information please visit, www.ewi.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bob MacBean, CEO (905) 686-8689 or (800) 399-2366 Bob.macbean@ewmc.com www.ewi.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's continuous disclosure filings, which are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97838
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