Distributed on behalf of Northstar Clean Technologies:
Q2 2024 Highlights
VANCOUVER, BC and CALGARY, AB, Aug. 29, 2024 /CNW/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has filed its second quarter 2024 unaudited financial statements and management's discussion and analysis for the three months ended June 30, 2024 on the Company's SEDAR+ profile at www.sedarplus.ca. These documents are also available on the Company's website at www.northstarcleantech.com.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "While our transformative $14.0 million royalty transaction with CVW CleanTech Inc. has garnered significant attention, it is crucial to recognize the substantial progress made in the second quarter. Securing approval from Emissions Reduction Alberta for our first milestone and receiving $1.34 million in funding represents a critical advancement for our Empower Calgary Facility. Additionally, our three-year asphalt shingle supply agreement with Ecco Recycling is underway."
"Our strategic partnership with TAMKO Building Products has also gained momentum, highlighted by the early closure of the US$1.8 million Phase 2A investment in convertible debentures. We have jointly identified TAMKO's Frederick, Maryland plant as the focus of our initial U.S. expansion. With new strategic investments from Calgary-based partners and the addition of new leadership on our Board, Northstar is progressing well towards the completion of the Empower Calgary Facility and we continue to lay the groundwork for future expansion," continued Mr. Mills.
Q2 2024 Highlights
Subsequent to Q2 2024
Q2 2024 Financial Summary
(in C$ '000s) | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 |
Cash Balance | 655 | 8,545 | 7,648 | 5,987 | 5,623 |
Empower Calgary Facility | 439 | 581 | 2,623 | 4,371 | 9,348 |
Revenue | 55 | 64 | 67 | 71 | 240 |
Expenses | |||||
R&D Expense | 244 | 174 | 31 | - | - |
G&A Expense | 1,510 | 1,493 | 2,018 | 1,884 | 1,896 |
About Northstar
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 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.
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Market Cap: | US$29.690M |
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Northstar Clean Technologies is a cleantech company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar’s mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America...
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