Cielo announces its 2022 annual financial results

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CALGARY, AB/ACCESSWIRE/August 25, 2022/ Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (“Heaven” or the “Company”), a waste-to-fuel environmental technology company, today reported financial results for the three months and year ended April 30, 2022. All amounts in this press release are in Canadian dollars unless otherwise noted. .

FINANCIAL HIGHLIGHTS

  • Total assets increased by $8.3 million at April 30, 2022 compared to April 30, 2021, primarily due to the increase in property, plant and equipment related to the purchase of assets in Fort Saskatchewan, Alberta, to $13.0 million; construction activities at the Aldersyde facility and the R&D facility; the addition of an intangible asset of $2.0 million for the purchase of the intellectual property (“IP”) of 1888711 Alberta Inc. (“1888 Inc”), partially offset by the decrease in related cash asset purchases, continued research and development, and general and administrative expenses.

  • Total liabilities decreased by $0.7 million as of April 30, 2022 compared to April 30, 2021 due to the exercise of warrants classified as liabilities; conversion of convertible debentures; reimbursement of deferred revenue amounts related to the sale of prepaid oil; and lower accounts payable and accrued liabilities due to lower expenditure towards the end of the year on the Aldersyde plant compared to the same period last year, partially offset by higher loans to long term with the second mortgage.

  • Total non-current liabilities increased by $15.4 million as at April 30, 2022 compared to April 30, 2021 due to the reclassification of deferred charges related to the Revolving U Memorandum of Understanding from current to non-current; increased lease liabilities related to the Calgary office lease; and the increase in long-term borrowings with the Second Mortgage Loan, partially offset by the reclassification of the royalty payable in current liabilities; conversion of convertible debentures.

  • The Company’s net loss for the fourth quarter of 2022 was $2.2 million, a decrease of $31.7 million from $33.9 million for the quarter ended April 30 2021. The Company’s net loss for the current year was $14.4 million, a decrease of $25.3 million from $39.7 million for the year ended on April 30, 2021. The decrease in net loss is mainly attributable to the decrease in financing costs and the change in the fair value of the warrant liability, offset by the increase in general and administrative expenses, research and development expenses and sharing costs. base pay.

  • Compared to a working capital deficit of approximately $0.6 million as of April 30, 2021, the Company had a working capital deficit of approximately $1.2 million as of April 30, 2022, mainly due to the decrease in current liabilities, as described above.

The Company also completed certain financial transactions during the year, including a private placement of convertible debentures for gross proceeds of $4.0 million and two mortgage loans, as well as a public placement of units after the for the year for gross proceeds of $9.775 million. For more details on these financing transactions, please see the Company’s audited annual financial statements and the corresponding management report for the years ended April 30, 2022 and 2021, available for consultation on the Company’s profile on www.SEDAR.com.

SELECTED FINANCIAL INFORMATION

(Thousands of dollars,
except per share amounts)

Three months completed
April 30,

Year ended
April 30,

2022

2021

2022

2021

Total income

4

Funding costs

295

3,163

1,516

5,053

general and administrative

1,462

1,010

6,616

2,624

Research and development

899

951

5,467

2,053

Net loss

(2,197)

(33,884)

(14,445)

(39,709)

Net loss per share – basic and diluted

(0.00)

(0.10)

(0.02)

(0.11)

CONFERENCE CALL

Cielo will host a conference call on August 30, 2022 at 9:00 a.m. MT (11:00 a.m. ET) during which Cielo Interim CEO Ryan Jackson and Interim Chief Financial Officer Jasdeep Dhaliwal will discuss fourth quarter financial results and the year 2022, followed by a question-and-answer session. A live audio webcast of this call will be available by entering the following URL into your web browser:

https://app.webinar.net/jVvNO9nzJdE

Conference call details:

Date: August 30, 2022 Time: 9:00 a.m. MT / 11:00 a.m. ET
Dialing: North America: 1-888-664-6392
Dial: Toronto Local / International: 416-764-8659

Replay: North America: 1-888-390-0541
Replay: Toronto Local/International: 416-764-8677
Replay code: 969117#

The replay of the conference call will be available until September 6, 2022.

For more information, please contact:

Ryan Jackson, interim CEO
Call: (403) 348-2972

Cielo Investor Relations
Email: [email protected]

ABOUT SKYLO

Cielo Waste Solutions Corp. was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company whose shares are listed on the TSX Venture Exchange (“TSXV“) under the symbol “CMC,” on the Frankfurt Stock Exchange (“DAX“) under the symbol “C36”, as well as on the OTC Venture Market (“OTCQB“), under the symbol “CWSFF.” The company’s strategic intention is to become a leading company in waste recovery. The company intends to use economically sustainable technology while minimizing environmental impact. Cielo has a patented process that can convert waste feedstock, including waste organics and wood derivatives, into fuel.Having demonstrated the ability to produce diesel and naphtha from waste, the model Cielo’s business is to build additional processing facilities Cielo’s goal is to generate value by converting waste into fuel, while fueling the sustainable energy transition.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of current or historical facts are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “may”, “believe”, “plan”, “intend”, “objective”, “continuing”, “in progress”, “estimate”, “prospect”, “expect”, “may”, “will”, “plan”, “should” or similar words, including their negative forms, suggesting future results.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which may cause actual results, level of activity, performance or the Company’s achievements are materially different. of those expressed or implied by such forward-looking statements. Cielo makes forward-looking statements regarding, but not limited to: the conference call, including date and time, speakers and agenda, and the period during which an audio replay will be available.

Investors should continue to review and consider information disseminated through press releases and filed by the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be those anticipated, estimated or expected.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some of which are described here. These forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the actual performance and results of the Company to differ materially from the projections of future performance or results expressed or implied by these forward-looking statements. All forward-looking statements are made as of the date hereof and, except as required by law, the Company undertakes no obligation to publicly update or revise such statements to reflect new information, whether subsequent or not. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV), nor the OTCQB nor WKN has reviewed the contents of this press release and accepts no responsibility for the relevance or accuracy thereof.

THE SOURCE: Cielo Waste Solutions Corp.

See the source version on accesswire.com:
https://www.accesswire.com/713563/Cielo-Reports-2022-Annual-Financial-Results

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