Cielo Waste Solutions Secures Amended Settlement Agreement
Overview of Cielo Waste Solutions and the Recent Agreement
Cielo Waste Solutions Corp. is making significant advancements in the renewable fuels sector. The company recently finalized an amended and restated settlement agreement, marking a pivotal shift in its operational strategy. This agreement comes as Cielo interacts with industry partner Expander Energy Inc., along with various directors and shareholders involved, collectively referred to as the Settlement Parties.
Details of the Amended Settlement Agreement
The amended settlement agreement replaces a previous agreement established earlier in the year. It aims to effectively reverse certain transactions previously executed between Cielo and the Settlement Parties. This unravelling process, often termed the "Unwinding," commenced with particular focus on several transactions documented under a prior asset purchase agreement dated November 8, 2023, which has since undergone amendments.
Key Highlights of the Settlement
Several important changes have emerged from the newly ratified settlement:
- Approximately 40 million shares have been surrendered and will be canceled, with the possibility of an additional 20 million shares to be submitted by the end of the year.
- The existing agreements with the Settlement Parties, including critical service and licensing agreements, have been terminated, allowing for Cielo to sever ties with specific assets that were earlier acquired.
- Cielo has issued a promissory note totaling C$748,208.79 payable to the Settlement Parties, aiming to settle all outstanding fees as per the agreement.
- The Settlement Parties remain under a standstill agreement that lasts for 18 months, which limits their ability to engage in proxy solicitations or vote on the company’s securities.
- All active legal proceedings against Cielo have been agreed to be dismissed, promoting a more cohesive business environment moving forward.
The Importance of Sustainable Practices
Cielo Waste Solutions is unwavering in its commitment to sustainability. The company specializes in converting waste materials into high-value renewable fuels, thereby addressing pressing waste management challenges while contributing positively to the circular economy. Their goal is not just about changing the product but innovating the methods through environmentally sustainable and market-ready technologies.
Cielo’s Commitment to Renewable Energy
Through its pioneering technologies, Cielo aims to lead the wood by-products-to-fuels industry. This mission supports the broader initiative of reducing overall carbon emissions while ensuring profitable returns for shareholders. Cielo believes if society modifies fuel sources, it can go a long way toward fostering a greener future.
The Future for Cielo Waste Solutions
The ratification of the amended settlement agreement is a crucial step for Cielo as it positions itself in a competitive market. With the amended agreement now in execution, the company looks forward to enhancing its operational strategies and reinforcing shareholder confidence.
Contact Information
For more insights or inquiries regarding Cielo Waste Solutions, feel free to reach out to their investor relations team:
Ryan C. Jackson, CEO
Phone: (403) 348-2972
Email: investors@cielows.com
Frequently Asked Questions
What is the significance of the amended settlement agreement for Cielo?
The agreement allows Cielo to unwind certain transactions and clean up its balance sheet while focusing on growth and sustainability.
How does Cielo contribute to the circular economy?
Cielo transforms waste materials into renewable fuels, assisting in reducing environmental impact and promoting sustainability.
What are the expected outcomes from the termination of previous agreements?
The termination enables Cielo to streamline operations and focus on more profitable opportunities moving forward.
What is Cielo's approach towards carbon emissions?
Cielo is committed to reducing carbon emissions by promoting renewable energy solutions and sustainable practices within the industry.
How can investors learn more about Cielo's activities?
Investors can reach out through the contact details shared or stay updated by following Cielo's announcements and reports available online.
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