LONDON, Ontario, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (CSE: ACT) (OTCQX: ACTHF) (FSE: 9D50), a Canadian technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, is excited to announce the expansion of its Phase 1 testing scope with a major global energy company which recently joined the Company’s Customer Engagement Program (CEP). This expansion follows the Company's previous announcement on October 11, 2023, and reflects the participant's growing interest in exploring the potential of Aduro’s Hydrochemolytic™ technology.
Aduro is excited by the positive results that led to the project expansion but also by the potential to increase its broad understanding of diverse real-life waste feedstock. The additional testing will include a more diverse range of waste plastic materials, specifically targeting those with higher concentrations of PET, polyurethane, metals, and other challenging contaminants. This development indicates the participant's interest in assessing the broader capabilities of Aduro’s technology. The expanded scope will provide important data that will support the Company’s development and scale-up program as well as increase the respective project funding committed for Phase 1 testing by 450%.
The CEP enables interested organisations to conduct controlled technology evaluation sessions of the Hydrochemolytic™ Technology. The program is structured to initially focus on benchmarking select materials provided by the customer in Phase 1, to evaluate the efficacy of the Company’s technology. This is typically followed by Phase 2, which involves larger-scale, continuous flow testing. This method enables a thorough assessment of Aduro's technology, creating a solid and informed basis for the next phase of the program. Simultaneously, it allows Aduro’s teams to gain a deeper understanding of the customers’ waste feedstock characteristics and to identify their precise requirements.
"The expansion of our Phase 1 testing is motivated by the encouraging outcomes we've observed. It highlights the growing interest in our Hydrochemolytic™ technology and confidence our partners have in the capabilities we offer," commented Eric Appelman, CRO at Aduro. "This development in Phase 1 aligns perfectly with Aduro's goal to adapt and respond to the evolving needs of our industry partners. More importantly, it showcases the versatility and potential of our approach, particularly in tackling a variety of recycling challenges with efficiency and innovation."
Grant of Stock Options
The Company also announces that it has granted (the “Grant”) an aggregate of 225,000 stock options (each, an “Option”) to purchase up to 225,000 common shares of the Company to certain directors and employees of the Company pursuant to the Company’s Omnibus Equity Incentive Plan (the “Plan”). The Options are exercisable for a period of five years from the date of Grant at a price of $1.09 per common share. The Options will vest on a monthly basis over a period of two years from the date of Grant.
In accordance with the policies of the Canadian Securities Exchange, all 225,000 of the Options and the common shares underlying such Options, are subject to a hold period of four months and one day from the date of issuance.
None of the securities acquired in the Grant or Award will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About Aduro Clean Technologies
Aduro Clean Technologies is 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 relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century.
For further information, please contact:
Ofer Vicus, CEO
Abe Dyck, Investor Relations
+1 604 362 7011
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 because 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.
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