Northstar Reports Second Quarter 2024 Financial Results

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Aug 29, 2024, 08:00 ET

Q2 2024 Highlights

Received approval and $1.34 million in funding from the Government of Alberta's TIER Fund through Emissions Reduction Alberta ("ERA") for the first grant funding milestone
Accelerated the Phase 2A investment from TAMKO Building Products ("TAMKO") and closed a US$1.8 million private placement of convertible debentures
Announced a three-year asphalt shingle supply agreement with Ecco Recycling & Energy Corporation ("Ecco Recycling")
Closed a strategic investment of $2.25 million from two Calgary-based strategic investors, including the Chiu Family of Trico Homes and Trico Communities, and appointed Mr. Patrick Chiu to the Board of Directors

VANCOUVER, BC and CALGARY, AB, Aug. 29, 2024 /PRNewswire/ - 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

April 2024 – Received approval from ERA for the first grant funding milestone following completion of detailed engineering design.
April 2024 – Northstar and TAMKO selected TAMKO's Frederick, Maryland plant as the first U.S. supply location.
April 2024 – Received $1.34 million from ERA following approval of the first grant funding milestone following completion of detailed engineering design.
April 2024 – Announced a three-year asphalt shingle supply agreement with Ecco Recycling for the Empower Calgary Facility with plans to complete a landfill supply study for Ecco Recycling's C&D landfill in Calgary, which has an estimated 500,000 tonnes of potential shingle supply.
April 2024 – Received the first delivery of asphalt shingles from Ecco Recycling at the Empower Calgary Facility.
April 2024 – Received the first long-lead equipment item, an advanced shingle grinding machine from Rotochopper, at the Empower Calgary Facility.
May 2024 – Issued a follow-on patent by the United States Patent and Trademark Office ("USPTO") for the Company's proprietary technology for reprocessing asphalt shingles. This was the second patent issued to Northstar by the USPTO.
May 2024 – Accelerated TAMKO's Phase 2A investment and closed a US$1.8 million private placement of convertible debentures.
June 2024 – Closed a strategic investment of $2.25 million from two Calgary-based strategic investors and appointed Mr. Patrick Chiu to the Board of Directors.

Subsequent to Q2 2024

July 2024 – Received a patent for the Company's front-end technology for reprocessing asphalt shingles from the Canadian Intellectual Property Office (the "CIPO").
August 2024 – Announced a $14.0 million royalty transaction with CVW CleanTech Inc.

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 Cumulative Capital Expenditures	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.

SOURCE Northstar Clean Technologies Inc.