Cielo announces financial results for the second fiscal quarter of 2022

VANCOUVER, BC / ACCESSWIRE / December 21, 2021 / Cielo WasteSolutions Corp. (TSXV: CMC) (OTCQB: CWSFF) ( “Sky” or the “Society” ) today announced financial results for the three and six months ended October 31, 2021. All amounts in this release are in Canadian dollars, unless otherwise indicated.


  • Total assets increased by $ 8.5 million as at October 31, 2021 compared to April 30, 2021, primarily due to the increase in property, plant and equipment related to the purchase of assets in Fort Saskatchewan, Alberta for 13 million dollars and construction activity at the Aldersyde facility, partially offset by lower cash flow from continuing research and development activities and general and administrative expenses.
  • Total liabilities decreased by $ 1.9 million as at October 31, 2021 compared to April 30, 2021 due to the exercise of warrants classified as liabilities, the conversion of convertible debentures and the decrease in accounts payable and accrued liabilities. pay, partially offset by the mortgage for the purchase of assets in Fort Saskatchewan, Alberta.
  • The working capital deficit as of October 31, 2021 was $ 8.2 million, compared to a deficit of $ 0.7 million as of April 30, 2021. The increase in the working capital deficit of $ 7.5 million dollars is mainly explained by: (i) the decrease in the cash balance which was used to finance research, development and the activities of the company; (ii) the addition of the mortgage loan for the purchase of the asset in Fort Saskatchewan, Alberta; and (iii) partially offset by the decrease in current liabilities related to warrants upon exercise of warrants. The original mortgage term will end in August 2022 and Cielo has the option to renew the loan for a further six month period in August 2022. Cielo expects to renew or replace the mortgage loan by the end of the original term. . in August 2022.
  • The net loss for the quarter ended October 31, 2021 increased by $ 1.9 million compared to the same period of the previous fiscal year mainly due to: (i) the increase of $ 1.7 million in research and development costs mainly related to the Aldersyde installation; (ii) the increase of $ 1.2 million in general and administrative expenses related to salaries and benefits of additional employees hired to facilitate the growth of the Company, professional fees for filing on the TSX Venture Exchange, external audit and tax compliance services, and (iii) partially offset by the decrease of $ 0.9 million in the fair value impairment of the liability related to warrants.


October 31,
April 30

(Thousands of dollars)


Total assets

53 654 45 192

Total non-current liabilities

1,365 1,574

Insufficient working capital

(8,159 ) (688 )
Three months ended
October 31,
Six months ended
October 31,

(Thousands of dollars,
except amounts per share)

2021 2020 2021 2020

(Thousands of dollars,
except amounts per share)


Total income


Financing costs

851 1 155 973 1,344

general and administrative

1,653 467 3 210 1007

Research and development

2 109 360 3 791 503

Net loss

(4,841 ) (2 929 ) (7 880 ) (4,205 )

Net loss per share – basic and diluted

(0.01 ) (0.01 ) (0.01 ) (0.02 )


Cielo will host a conference call on Wednesday, December 22, 2021 at 10:00 a.m. MT (12:00 p.m. ET) during which Cielo CEO and COO, Gregg Gegunde; Financial Director, Stéphanie Li; and General Counsel and Corporate Secretary Chris Sabat will discuss second quarter 2022 financial results and provide an operational update, including the elimination of royalties and refinery fees, followed by a question-and-answer session. A live audio webcast of this call is available by entering the following URL into your web browser:

Conference call details:

Date: Wednesday, December 22, 2021
Time: 10:00 a.m. MT / 12:00 p.m. ET
Call: North America: 1-888-664-6392
Call: Toronto Local / International: 416-764-8659

Replay: North America: 1-888-390-0541
Replay: Toronto Local / International: 416-764-8677
Replay code: 484737 #

The replay of the conference call will be available until December 29, 2021 and the audio of the webcast will be available until March 22, 2022.

Cielo is committed to providing timely updates to shareholders as the Company continues to meet its milestones and new key objectives are set.

About Cielo Waste Solutions Corp.

Cielo was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company whose shares are listed on the TSX Venture Exchange (“TSXV”) under the symbol “CMC” , as well as on the OTC Venture Market (“OTCQB”), under the symbol “CWSFF”.

Cielo’s strategic intention is to become one of the leading waste management companies in Canada using its environmentally friendly and economically sustainable technology. Cielo has developed a process that can convert waste raw materials, including plastics, rubber, organics and wood-derived waste into fuel. Cielo’s business model is to source raw materials from a wide variety of potential suppliers and convert the raw materials into fuels for sale to a wide variety of potential buyers. The Company plans to build facilities that will convert waste feedstocks into energy fuels, such as diesel, kerosene and naphtha. The diesel from Cielo’s distillate could be used in diesel engines. Kerosene could be suitable for jet fuel for aviation or marine use, and naphtha could be used to facilitate the transport of heavy oil. Cielo’s goal is to convert waste into fuel while ridding the world of unwanted and problematic waste.

Caution regarding forward-looking statements

This press release contains certain forward-looking statements and 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”, “Continue”, “in progress”, “estimate”, “prospects”, “expect”, “could”, “will”, “plan”, “should” or similar words, including their negative aspects, suggesting future results.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause material differences in actual results, level of activity, the performance or achievements of the Company. those expressed or implied by these forward-looking statements. Cielo makes forward-looking statements regarding, but not limited to: the Company’s intention and ability to extend, renew or replace its $ 12 million mortgage loan; and the conference call to be held on December 22, 2021, including its topic and speakers, and the publication of the webcast thereafter, including the length of the webcast. Although the Company has attempted to identify important factors which could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors which cause results not to be as anticipated, estimated or planned.

Forward-looking statements are not guarantees 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 actual performance and results of the Company to differ materially from projections of future performance or results expressed or implied by such forward-looking statements. All forward-looking statements are made as of the date hereof and, except as required by law, neither the Company assumes any obligation to publicly update or revise such statements to reflect new information, subsequent or not. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), the OTCQB or WKN, have reviewed and accept no responsibility for the relevance or accuracy of the content of this Press Release.

THE SOURCE: Cielo Waste Solutions Corp.

See the source version on

About Mallory Brown

Check Also

Live updates on finances and payments in the United States: cost of living, inflation, mortgage, interest rates, SS benefits

Featured: June 18, 2022 – The average price of a gallon of gasoline in the …