Cielo Waste Solutions Enhances Settlements and Future Plans
Cielo Waste Solutions Enhances Settlements and Future Plans
CALGARY, Alberta — Cielo Waste Solutions Corp. (TSXV: CMC; OTC PINK: CWSFF) is thrilled to share significant updates regarding its amended and restated settlement agreement with Expander Energy Inc. and other stakeholders. This pivotal agreement, known as the Amended Settlement Agreement, has successfully marked the closing of an important unwinding process. This step forwards illustrates Cielo's ongoing commitment to restructuring its partnerships and refining its business strategies.
Unwinding Previous Transactions
The Amended Settlement Agreement facilitates the unwinding of specific transactions previously established between Cielo and the applicable stakeholders, including Expander. Notably, this unwinding is effective as of a recent date, pending the essential approvals from the TSX Venture Exchange.
Details of the Amended Settlement Agreement
Key features of the Amended Settlement Agreement include:
- Approximately 40 million common shares of Cielo have been voluntarily surrendered by the Settlement Parties for cancellation — a significant move intended to reinforce the financial structure of the company.
- The Settlement Parties hold the option to further surrender about 20 million additional shares before the year's end, showcasing a collective commitment to the Company’s future.
- All prior agreements, including notable service agreements and a license agreement with Expander, have been terminated. This allows Cielo to wholly relinquish assets acquired earlier, enabling a fresh start.
- Cielo has issued a promissory note amounting to approximately C$748,208.79 as final settlement for outstanding fees. This payment underscores a clear path towards financial resolution while still awaiting exchange approval.
- Settlement Parties will adhere to an 18-month standstill period, which ensures stability while Cielo navigates future growth and transition phases.
- All legal proceedings against Cielo have been agreed to be dismissed by the Settlement Parties, further allowing the Company to focus on its core mission without legal distractions.
About Cielo Waste Solutions
Cielo Waste Solutions is on a mission to transform how waste is approached by turning it into high-value renewable fuels. By actively tackling global waste issues, Cielo passionately contributes to the circular economy while reducing carbon emissions. The company's innovative approach utilizes sustainable technologies to lead in the wood by-product-to-fuels sector, encouraging a shift in societal fuel consumption habits. As Cielo emphasizes, "change the fuel, not the vehicle" reflects its dedication to generate positive outcomes for both the environment and shareholders.
Company Vision and Growth
Cielo remains intent on establishing itself as a trailblazer in renewable energy solutions, bolstering its commitment to being environmentally sustainable. This updated settlement process is one of many steps that pave the way for enhanced operational efficiency and fruitful partnerships.
Contact Information
For additional information, please reach out to:
Cielo Investor Relations
Ryan C. Jackson, CEO
Phone: (403) 348-2972
Email: investors@cielows.com
Frequently Asked Questions
What is the Amended Settlement Agreement?
The Amended Settlement Agreement is a revised legal document that outlines the terms of settlements between Cielo Waste Solutions and Expander Energy, focusing on the unwinding of previous transactions.
How many shares were cancelled as part of this agreement?
Approximately 40 million common shares were surrendered by the Settlement Parties for cancellation, reflecting a significant step in restructuring company equity.
What does the future hold for Cielo Waste Solutions?
Cielo is committed to innovative solutions in renewable energy, focusing on operational efficiency and solidifying partnerships to drive growth.
Who can I contact for more information about Cielo?
You can contact the investor relations team at Cielo Waste Solutions via Ryan C. Jackson at (403) 348-2972 or through email at investors@cielows.com.
Where can I find more details about the business operations of Cielo?
Detailed information about Cielo’s business operations can be found on the SEDAR+ website, under Cielo’s company profile.
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