- $3.9 million in cash as of March 31, 2022
- Working capital surplus of $3.7 million as of March 31, 2022 compared to a working capital surplus of $5.5 million as of December 31, 2021
- Completed Calgary FEED study results: total capital cost estimate of $11.75 million which includes a $2.0 million contingency
- Announced project economics including $7.6 million in estimated annual revenue per facility (1), $4.9 million in estimated annual gross profit per facility(1)and $4.0 million in potential annual EBITDA per facility(1)(2 and identified six areas of potential upside
VANCOUVER, BC, May 30, 2022 /PRNewswire/ – Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB:ROOOF) (“Northstar” or the “Company”) is pleased to announce that today it has filed its first quarter 2022 financial statements and management’s discussion and analysis (“MD&A”) on SEDAR for the 3 months ended March 31, 2022. These documents are also available on the Company’s website at www.northstarcleantech.com. The Company has scheduled a virtual investor webcast to discuss these financial results and to provide a business update to the investment community on Tuesday, May 31, 2022 at 5:30 am PST / 8:30 am EST. Details are provided below.
Mr. Aidan MillsPresident & CEO of Northstar, commented, “The first quarter was a pivotal one for Northstar as it demonstrated that the company has the potential to deliver the steps needed for an ESG business to succeed: 1) a technology that works; 2) the ability to scale up that technology; and 3) a clear commercialization strategy.”
“The achievement of steady state production and the delivery of specification product at the Empower Pilot Facility in Delta BC clearly demonstrates step 1. These products have undergone rigorous asphalt testing by several potential customers across the Company’s target market sectors, and we continue to believe that liquid asphalt produced by Northstar is suitable in paving, shingle manufacturing and roofing system (“flat roof”) manufacturing . In parallel with the customer testing, we have added in-house and independent third-party testing to our capabilities,” Mr. Mills stated. “Stringent quality control procedures are now in place for softening point, penetration, and flash point specifications which are a key customer requirement and now an integral part of our steady state production processes. Both steady state production and customer feedback has enabled us to identify areas of plant improvement – both for the Empower Pilot Facility in Delta BC and to be incorporated into the next detailed design phase for the Calgary scale-up facility (“Empower Calgary Facility”).”
“The selection of Calgary as our first scale-up location, combined with our announcement of the successful completion of the front-end engineering design (“FEED”) for our Empower Calgary Facility means we are on a clear pathway to step 2. The FEED design outlined a total capital cost estimate of $11.75 million for the Calgary Empower Facility, which includes $9.75 million in direct and indirect costs, plus an additional $2.0 million contingency. …