Cielo Announces Fiscal Q1 2024 Financial Results

CALGARY, Alberta, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV: CMC; OTCQB: CWSFF) (“Cielo” or the “Company”), a waste‐to‐fuel company, today announced its financial results for the three months ended July 31, 2023 and 2022. Copies of the unaudited interim financial statements and related management's discussion and analysis can be found on the Company's issuer profile at www.sedarplus.ca. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.

Q1 2024 HIGHLIGHTS

During, and subsequent to the quarter, Cielo achieved the following goals:

• Obtained a $5 million mortgage loan facility to support ongoing operations (initially drawing down $2 million)
• Executed agreements to terminate MOUs with Renewable U, allowing for repayment of fees in whole or in part by issuing securities of Cielo or a future project entity
• Executed an agreement to purchase land in Dunmore, Alberta for a $5.2 million purchase price.
• Executed an agreement to acquire complementary assets, including an exclusive license agreement, anticipated to accelerate the Company’s path to commercialization and revenues as well as improve its proprietary technology.
• Completed the sale of the Company’s Fort Saskatchewan property.
  

Financial Highlights

All amounts CAD $000’s
As at
(Thousands of dollars)	July 31, 2023		April 30, 2023
Total assets	26,611		29,366
Total liabilities	15,693		14,569
Total non-current liabilities	1,954		61
Working capital deficiency	(1,270	)	(12,487	)

Periods ended July 31		Three months ended
(Thousands of dollars, except per share amounts)		2023		2022
Financing costs		577		635
General and administrative		949		981
Research and development		439		550
Share based compensation		131		(39	)
Write down of asset held for sale (impairment)		2,748		25,366
Net loss per share – basic & diluted		-		(0.04	)