Mr. Gary Economo reports

ECOLOMONDO ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT OF C$506,660

Ecolomondo Corp. has completed a non-brokered private placement for gross proceeds of $506,660.04 from the sale of 2,814,778 units of the company at a price of 18 cents per unit. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share of the company at a price of 24 cents at any time on or before that date which is two years after the closing date of the offering, provided that if the closing price of the common shares on the TSX Venture Exchange is equal to or greater than 30 cents for a period of 10 consecutive trading days, the company may accelerate the expiry date of the warrants by disseminating a press release, and, in such case, the warrants will expire on the 30th day after the date on which such press release is disseminated.

This strategic financing coupled with the recently announced $3-million loan from Export Development Canada (EDC) will support the company's continuing development and expansion initiatives, reinforcing its commitment to advancing the TDP (thermal decomposition process) technology and bringing sustainable solutions within the tire recycling industry.

The units were sold to purchasers in the provinces of Quebec, Alberta, British Columbia, Manitoba, Ontario and Saskatchewan pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 -- Prospectus Exemptions. The unit shares and warrant shares are immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada.

The purchase of units pursuant to the offering by Eliot Sorella and Michael Frankel, each a director or officer of the company, constituted a "related party transaction" as such term is defined by Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company was exempt from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the offering because the company was not listed on a stock exchange specified in Section 5.5(b) of MI 61-101, and neither the fair market value of the units purchased by the related parties, nor the proceeds to be received by the company in respect of the related parties' participation in the offering, exceeded $2.5-million.

At the closing of the offering, the company paid certain finders a cash commission of $3,910.20, equal to 7.0 per cent of the gross proceeds of the offering resulting from purchasers introduced by such finders.

The company intends to use the net proceeds from the offering to optimize the process and production in the Hawkesbury TDP facility, and for working capital and general corporate purposes.

In addition to the financing, Ecolomondo has recently announced in a press release dated July 18, 2024, a $3-million loan from Export Development Canada (EDC) extended to the company's subsidiary, Ecolomondo Environmental (Hawkesbury) Inc., owner of the Hawkesbury facility. The loan calls for a two-year term, with a floating interest rate of prime plus 8 per cent. Interest payments will be capitalized until Feb. 28, 2025, and payable thereafter on a monthly basis.

This significant financial support from EDC will further enable the company to enhance its operational capabilities, accelerate project timelines and strengthen its market position.

The company remains focused on its mission to deploy its cutting-edge technology that transform waste into valuable resources, contributing to a circular economy and reducing environmental impact.

Ecolomondo's chief executive officer, Gary Economo, stated: "We are thrilled with the progress we have made in securing the necessary financial resources and exploring strategic partnerships that align with our vision of creating a sustainable future. These recent milestones reflect the confidence and support of our investors and other stakeholders, and we look forward to capitalizing on these opportunities to deliver long-term value for our investors."

About Ecolomondo Corp.

Ecolomondo is a Canadian cleantech company that prides itself after its proprietary thermal decomposition technology TDP, which is headquartered in Quebec, Canada. It has a 25-year history, and, during this time, has been focused on its development of its technology and the deployment of TDP turnkey facilities. TDP recovers high-value reusable commodities from scrap tire waste, notably rCB (recycled carbon black), oil, syngas, fibre and steel. Ecolomondo expects to be a leading player in the cleantech space and be an active contributor to the global circular economy. Ecolomondo trades in Canada on the TSX Venture Exchange under the symbol ECM and in the United States under the symbol ECLMF.

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