Cielo Waste Solutions Corp (CMC)

[Ubertino]

Cielo begins phase 1 of feedstock study

2014-12-19 17:49 ET - News Release

Mr. Don Allan reports

CIELO UPDATE

Cielo Waste Solutions Corp. has commenced phase 1 of the planned seven phases of engineering with the feedstock characterization study, and is expected to complete the study in early 2015.

"This is very exciting for us, as it is significant momentum for the company in moving forward to commercialization of its technology," stated Don Allan, president and chief executive officer of Cielo.

Cielo also announces that it has signed a three-year service contract with 182043 AB Ltd. for the services of certain management and financial personnel. The service provider will assist Cielo in day-to-day management and operations and aid in the development of the waste-to-fuel technology in the areas of business development, operations and accounting. The service provider will be compensated a monthly fee of $33,500.

Cielo also announces that it has terminated the joint venture agreement dated July 19, 2014, and previously announced on July 21, 2014, with a special purpose corporation to provide financing of up to $10-million for the construction of the company's first 700 litres per hour. Due to continued delays of the SPC to come up with sufficient funds to move the project forward, and despite repeated attempts and correspondences to remedy the issues associated with such delays, Cielo has decided to terminate the JV agreement.

"We are leaving the door open for the investor to rectify the situation if possible, but we cannot allow the project to stall, so we were left with no choice but to terminate the agreement to allow us to review other opportunities that are in front of us now," stated Mr. Allan, president and CEO of Cielo.

Finally, the board of directors of Cielo has accepted the resignation of James Chepyha, effective Dec. 19, 2014. The board of directors would like to thank Mr. Chepyha for his contribution to the company during his tenure. The board would like to welcome Chris Dovbniak. Mr. Dovbniak has been nominated to be elected to the board of directors.

We seek Safe Harbor.

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