Cielo Provides Update on Binding Letter of Intent to Acquire Carseland Facility from Rocky Mountain Clean Fuels Inc., Announces Engagement of Integral Wealth Securities as Market Maker, and Terminates Convertible Debenture Unit Offering

CALGARY, Alberta, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC, OTC:CWSFF) ("Cielo" or the "Company"), a company fueling renewable change, provides an update on the binding letter of intent ("LOI") announced on June 12, 2024 to effect a transaction that will position Cielo for commercial production and revenue generation upon closing (the "Transaction"), subject to the approval of the TSX Venture Exchange. The EGTLTM Facility to be acquired through the Transaction is an existing synthetic fuel facility at Carseland, Alberta, owned and operated by Rocky Mountain Clean Fuels Inc. ("RMCFI"), which deploys patented Enhanced Gas-To-Liquids technology (the "EGTL™ Technology") designed to make synthetic diesel and jet fuel from natural gas and natural gas liquids, which was developed by Expander Energy Inc. ("Expander"). Cielo holds an exclusive licence in Canada from Expander for a patented Enhanced Biomass to Liquids technology (the "EBTLTM Technology") and related intellectual property. With the view to enhancing the process deployed at the EGTL™ Facility, and diversifying the inputs used to process synthetic diesel and jet fuel, Cielo intends to build a gasifier on the land adjacent to the EGTL™ Facility that will support deployment of the EBTLTM Technology. This will result in a fully operational facility capable of producing Bio-Syngas from biomass inputs. Bio-Syngas represents an enhancement to natural gas and natural gas liquids used in the process, resulting in a facility that can process Bio-Syngas into Bio-SynJet® and Bio-SynDiesel® (collectively the "Bio-Synfuels") (the "Carseland Facility") with Bio-Synfuels having a near net-zero carbon intensity. Cielo had previously announced an intended closing date of September 6, 2024, however Cielo and Rocky have executed an amendment to the LOI to provide for an additional few weeks to complete the due diligence process, to be followed by the execution of the definitive agreements and the closing of the proposed Transaction. Cielo will provide additional ...