VANCOUVER, BC / ACCESSWIRE / October 28, 2021 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) ("Cielo" or the "Company") announces the results of its annual general and special meeting of shareholders held virtually by telephone conference (the "Meeting") on October 21, 2021. Shareholders voted in favour of all items put forward by the board of directors and management of Cielo.
The following five (5) director nominees were elected at the Meeting: Don Allan (Chair), Jasdeep K. Dhaliwal, Hon. Peter MacKay, Ryan Jackson, and Larry Schafran. Shareholders also appointed KPMG LLP, Chartered Accountants, as auditors of the Company for the ensuing year.
In addition, shareholders voted in favour of the Company's 10% rolling stock option plan (the "Stock Option Plan") and the Company's fixed non-option incentive plan (the "Non-Option Plan", together with the Stock Option Plan, collectively the "Incentive Plans"). The TSX Venture Exchange (the "TSXV") had previously approved the Incentive Plans, subject to the approval of the disinterested shareholders of the Company (insiders or associates of insiders eligible to participate in the Incentive Plans). Under the Stock Option Plan, a maximum of 65,212,991 stock options (representing 10% of the Company's issued and outstanding shares as at the date of the Meeting) may be granted (excluding any outstanding options). Under the Non-Option Plan, a maximum of 25,807,096 incentive awards other than stock options (representing 4% of the Company's issued and outstanding shares as at the date of approval of the Non-Option Plan by the TSXV) may be granted. The Incentive Plans replace all prior incentive plans of the Company.
Trading Activity
The Company also confirms that its management is not aware of any other corporate development or undisclosed material change to the Company or its operations at this time that would account for recent market activity.
Operational Update
The Company anticipates a subsequent press release prior to November 15, 2021, in which the Company will provide an update on the timeline associated with the activities at its facility in Aldersyde, Alberta and at its proposed research and development facility in Fort Saskatchewan, Alberta.
On behalf of the Board of Directors
| "Gregg Gegunde" Gregg Gegunde, CEO and COO Company Contact: Chris Sabat Email: csabat@cielows.com Telephone: 1-(403)-348-2972 Website: www.cielows.com | For further information please contact: |
About Cielo Waste Solutions Corp.
Cielo is a publicly traded company with a proprietary technology that transforms certain types of landfill garbage into high-grade diesel, kerosene (aviation jet and marine fuel) and naphtha. Cielo's proven and patented technology is currently being deployed in the Company's Aldersyde, Alberta facility, where wood waste is currently being converted into renewable fuels. Cielo's experienced management team is well positioned with strategic partners in place to expand aggressively across Canada, into the US and then globally. The waste/feedstock that will be used in the Company's green facilities is the world's widely available and inexpensive feedstock, including household, commercial, construction garbage, used tires, railway ties, telephone poles, as well as all types of plastic, some of which currently cannot be recycled or deposited into landfills. Cielo's goal is to manufacture waste to fuel while ridding the world of unwanted and problematic garbage.
Cautionary Note Regarding Forward-looking Statements
This News Release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward-looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. CIELO is making forward looking statements, with respect to, but not limited to: operational updates to be provided by the Company in the future with respect to its facilities in Aldersyde, Alberta and Fort Saskatchewan, Alberta, and the timing and content thereof. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor OTCQB nor WKN, have reviewed, and do not accept responsibility for the adequacy or accuracy of, the content of this Press Release.
SOURCE: Cielo Waste Solutions Corp.
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