Northstar Receives First Delivery of Asphalt Shingles from IKO Industries at Empower Calgary Facility

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Jan 18, 2024, 08:00 ET

Represents first revenue for the Empower Calgary Facility

VANCOUVER, BC and CALGARY, AB, Jan. 18, 2024 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has received the first delivery of manufacturing waste shingles to its planned asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary Facility"), as part of the five-year supply agreement with IKO Industries Ltd. ("IKO"), Canada's leading asphalt shingle manufacturer. The IKO agreement was previously announced by the Company on January 8, 2024.

IKO Delivery 1 (CNW Group/Northstar Clean Technologies Inc.)

IKO Delivery 2 (CNW Group/Northstar Clean Technologies Inc.)

The Company will be paid a tipping fee by IKO on a per tonne basis for the waste shingles, thus representing the Company's first revenue from the Empower Calgary Facility.

This first delivery from IKO is part of Northstar's broader 2024 shingle collection plan. Northstar will continue to work with other shingle supply partners to collect sufficient volume for the commissioning of the Empower Calgary Facility.

Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "This feedstock delivery, the first of the year and the first of the five-year agreement with IKO, is significant because it represents the first revenue for our Empower Calgary Facility. We expect to continue receiving shingles from IKO and other Calgary area shingle supply sources as we gradually build up inventory for commissioning and future processing for the Empower Calgary Facility."

Caption: First delivery of IKO manufacturing waste shingles (photo taken January 17, 2024)

About IKO

IKO is a world-wide leader in the roofing, waterproofing and insulation industry for residential and commercial markets. A vertically integrated company, IKO operates more than 35 manufacturing plants throughout North America and Europe. IKO is a family-owned business established in 1951.

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About Northstar

Northstar Clean Technologies Inc. is a Canadian-based 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

Cautionary Statement on Forward-Looking Information

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.

This press release may contain forward‐looking information within the meaning of applicable securities legislation, which forward‐looking information reflects the Company's current expectations regarding future events. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements concerning: (i) the building of the Empower Calgary Facility; (ii) the ability of the Empower Calgary Facility to accept and reprocess manufacturing waste asphalt shingles (iii) the continued delivery of manufacturing waste asphalt shingles to the Empower Calgary Facility; (iv) the payment of a tipping fee to Northstar by IKO and other shingle suppliers; and (v) Northstar's ability to become a leader in the recovery and reprocessing of asphalt shingles in North America. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company as well as those risks and uncertainties which are more fully described under the heading "Risk Factors" in the final prospectus of the Company dated June 18, 2021 and in the Company's annual and quarterly management's discussion and analysis and other filings with the Canadian securities regulatory authorities under the Company's profile on SEDAR. Further, the ongoing labour shortages, high energy costs, inflationary pressures, rising interest rates, the global financial climate and the conflict in Ukraine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update these forward-looking statements.

SOURCE Northstar Clean Technologies Inc.