06:54:10 EDT Mon 20 May 2024
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Northstar Clean Technologies Inc
Symbol ROOF
Shares Issued 126,710,381
Close 2024-01-08 C$ 0.135
Market Cap C$ 17,105,901
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Northstar, Iko sign waste asphalt shingle supply deal

2024-01-08 12:47 ET - News Release

Mr. Aidan Mills reports

NORTHSTAR CLEAN TECHNOLOGIES AND IKO INDUSTRIES ANNOUNCE FIVE-YEAR MANUFACTURING WASTE ASPHALT SHINGLE SUPPLY AGREEMENT FOR NORTHSTAR'S EMPOWER CALGARY FACILITY

Iko Industries Ltd., Canada's leading asphalt shingle manufacturer, and Northstar Clean Technologies Inc., through its wholly owned subsidiary, Empower Environmental Solutions Calgary Ltd., have signed a binding five-year manufacturing waste asphalt shingle supply agreement for Northstar's planned asphalt shingle reprocessing facility in Calgary, Alta. (the Empower Calgary facility).

Under the terms of the supply agreement, Iko will supply all its manufacturing waste asphalt shingles produced at its Calgary facility to Northstar, diverting shingles that would otherwise be destined for landfills. The shingles will be reprocessed at Northstar's Empower Calgary facility for an initial term of five years with mutual extension options.

Aidan Mills, president, chief executive officer and director of Northstar, stated: "Sourcing the initial feedstock for the Empower Calgary facility has been a key priority for us since securing funding for the construction of the facility. We are delighted to have partnered with IKO, the Canadian leader in shingle manufacturing, to divert the manufacturing waste from their Calgary facility away from landfills to be reprocessed at our Empower Calgary facility."

"Iko is an important long-term strategic element of our waste shingle supply in Calgary, and we are continuing to build on that base with our ongoing discussions with industrial partners, landfill operators, municipalities, roofing companies and homeowners to achieve the target of diverting all of Calgary's waste shingles from landfills to our Empower Calgary facility," said Mr. Mills.

"Iko has a long history in recycling materials for use in its own manufacturing processes dating back to the early days after the founding of our company," stated David Koschitzky, chief executive officer of Iko. "We recognize, as the industry does, that capturing waste and keeping it out of landfills is an important issue for the future. We're pleased to be moving forward with this important partnership."

About Northstar Clean Technologies Inc.

Northstar is a Canadian-based clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar has developed a proprietary design process for taking discarded asphalt shingles, otherwise destined for already overcrowded landfills, and extracting the liquid asphalt for use in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fibre for use in construction products and other industrial applications. Focused on the circular economy, Northstar plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale at its first commercial scale-up facility in Calgary, Alta. As an emerging innovator in sustainable processing, Northstar's mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America, extracting the recovered components from asphalt shingles that would otherwise be sent to landfills.

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