Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) ("Cielo" or the "Company"), a waste-to-fuel environmental technology company, today reports financial results for the three months and year ended April 30, 2022. All amounts in this news release are in Canadian dollars unless otherwise indicated.

FINANCIAL HIGHLHIGHTS

• Total assets increased by $8.3 million as of April 30, 2022 compared to April 30, 2021, mainly due to the increase in property, plant and equipment related to the asset purchase in Fort Saskatchewan, Alberta for $13.0 million; the construction activities at the Aldersyde Facility and the R&D Facility; the addition of an intangible asset of $2.0 million for the intellectual property (the "IP") purchase from 1888711 Alberta Inc. ("1888 Inc"), partially offset by the decrease in cash related to asset purchases, continued research and development activities and general and administrative expenditures.
• Total liabilities decreased by $0.7 million as of April 30, 2022 compared to April 30, 2021 due to the exercise of liability classified warrants; the conversion of convertible debentures; the repayment of deferred revenue amounts related to the prepaid oil sale; and the decrease in accounts payable and accrued liabilities due to lower spending towards the year-end on the Aldersyde Facility compared to the same period in prior year, partially offset by the increases in long-term loans with the Second Mortgage Loan.
• Total non-current liabilities increased by $15.4 million as of April 30, 2022 compared to April 30, 2021 due to the reclass of deferred fees related to the Renewable U MOU from current to non-current; the increase in lease liabilities related to the Calgary office lease; and the increase in long-term loans with the Second Mortgage Loan, partially offset by the reclassification of the royalty payable to current liabilities; conversion of convertible debentures.
• The net loss for the Company 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 net loss for the Company in the current year was $14.4 million, a decrease of $25.3 million from $39.7 million for the year ended April 30, 2021. The decrease in net loss is primarily due to decreased financing costs and the fair value change of warrant liability offset by increases in general and administrative expenditures, research and development expenditures and share-based compensation.
• As compared to a working capital deficiency of approximately $0.6 million at April 30, 2021, the Company had working capital of approximately $1.2 million as at April 30, 2022, owing primarily 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 offering of units subsequent to the year end for gross proceeds of $9.775 million. For details on these financing transactions, review the Company's annual audited financial statements and corresponding management's discussion and analysis for the years ended April 30, 2022 and 2021, available for viewing on the Company's profile on www.SEDAR.com.

SELECTED FINANCIAL INFORMATION

CONFERENCE CALL

Cielo will host a conference call on August 30, 2022 at 9 a.m. MT (11:00 a.m. ET) during which Cielo's Interim CEO Ryan Jackson and Interim CFO Jasdeep Dhaliwal will discuss fiscal Q4 and annual 2022 financial results, 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
Dial In: North America: 1-888-664-6392
Dial In: Toronto Local / International: 416-764-8659

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

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

For further information please contact:

Ryan Jackson, Interim CEO
Phone: (403) 348-2972

Cielo Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

ABOUT CIELO

Cielo Waste Solutions Corp. was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company with its shares listed to trade on the TSX Venture Exchange ("TSXV") under the symbol "CMC," on the Frankfurt Exchange ("DAX") under the symbol "C36", as well as on the OTC Venture Market ("OTCQB"), under the symbol "CWSFF." The Company's strategic intent is to become a leading waste-to-fuel company. The Company intends to use economically sustainable technology while minimizing the environmental impact. Cielo has a patented process that can convert waste feedstocks, including organic material and wood derivative waste, to fuel. Having demonstrated its ability to produce diesel and naphtha from waste, Cielo's business model is to construct additional processing facilities. Cielo's objective is to generate value by converting waste to fuel, while fueling the sustainable energy transition.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news 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 present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, 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 statements. Cielo is making forward looking statements, with respect to, but not limited to: the conference call, including the date and time, speakers and agenda, and the period of time during which an audio replay will be available.

Investors should continue to review and consider information disseminated through news 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 forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV), nor OTCQB nor WKN, have reviewed, and do not accept responsibility for the adequacy or accuracy of, the content of this news release.