SARNIA, Ontario, June 29, 2022 Inc. ('Aduro' or the 'Company') (CSE: ACT) (OTCQB: ACTHF) (FSE: 9D50), a Canadian developer of patented water-based technologies to chemically recycle plastics and transform heavy crude and renewable oils into new-era resources and higher-value fuels, announces the expansion of its laboratory facilities to accelerate its research and scale-up capabilities and to increase its capacity to host potential customer trials and demonstrations.
The expanded lab is in the Newbold Business Park in London Ontario. The multi-tenant complex is zoned light industrial. The 4,371 ft2 facility will accommodate renovated offices, modern laboratory space, new additional analytical equipment, and will host the bench scale Hydrochemolytic continuous flow plastic upcycling reactor ("R2 Plastics").
The Company has engaged Rally Engineering Inc. and Endri Poletti Architect Inc. to facilitate the needs assessment, design and space planning, engineering, site permitting, project management and construction administration of the new facility. This new facility will more than double the size of Aduro's research footprint and is slated for completion in late Summer 2022.
The new space will be dedicated to:
- Operating long duration tests on a variety of feedstocks.
- Analyzing and optimizing off-take product streams.
- Hosting Customer Trials and Demonstrations; and
- Core research and development of the Hydrochemolytic technology to further expand the patent portfolio
In line with the company's strategy for early-stage customer engagement via the established Customer Trial Program, the facility will begin to host customers following the setup, testing, and commissioning of the R2 Plastics reactor expected in early Q4 2022.
"The new laboratory will strengthen our ability to accelerate our technology development and support our customer engagement program," said Ofer Vicus, Aduro's Chief Executive Officer. "The opportunity to engage customers and work directly on their varying waste feedstock aligns our understanding with the current and evolving market needs and provides the opportunity to build a pipeline for future projects and commercial engagements."
The Company also announces it has entered into an investor relations agreement with Investment Publishing LLC to provide financial consulting and investor relations services. The consulting agreement provides for a fee of $8,000 CAD per month. The term of the services commences on June 30, 2022, and will continue on a monthly basis for a period of 12 months. Either party may terminate the agreement by providing 30 days' written notice. The principal of Investment Publishing LLC was previously granted 150,000 stock options of the Company pursuant to an advisory agreement for his services as a consultant, which was announced by the Company on June 20, 2022. The options vest monthly in equal instalments over 12 months.
About Aduro Clean Technologies
Aduro Clean Technologiesis a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company's Hydrochemolytic technology activates unique properties of water in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into 21st-century resources. With funding and support from Bioindustrial Innovation Canada, the company has developed a pre-pilot reactor system to upgrade heavy petroleum into lighter oil.
For further information, please contact:
Ofer Vicus, CEO
ovicus@adurocleantech.com
Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 604-362-7011
Investor Cubed Inc.
Neil Simon, CEO
nsimon@investor3.ca
+ 1 647 258 3310
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects, or anticipates will or may occur in the future, are forward-looking statements. The forward-looking statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Important factors that could cause actual results to differ materially from the Company's expectations include adverse market conditions and other factors beyond the control of the parties. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The CSE has not reviewed, approved, or disapproved the content of this news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/857a03a4-b524-4df5-acc9-64e41db28f61
