Northstar Reports First Quarter 2024 Financial Results
Q1 2024 Highlights
- Entered into a five-year asphalt shingle supply agreement with leading Canadian shingle manufacturer IKO Industries and received IKO's first delivery of shingles under the agreement at the Empower Calgary Facility
-
Closed final tranche of over-subscribed private placement, totaling over
$3.6 million -
Cumulative capital expenditures for the Empower Calgary Facility reaches
$4.4 million , a 67% increase over the previous quarter
Mr.
Q1 2024 Highlights
-
January 2024 – Announced a five-year manufacturing waste asphalt shingle supply agreement with IKO Industries Ltd. ("IKO") for the Empower Calgary Facility. -
January 2024 – Received the first delivery of asphalt shingles from IKO at the Empower Calgary Facility. -
February 2024 – Announced the closing of final tranche of over-subscribed private placement, totaling over$3.6 million .
Subsequent to Q1 2024
-
April 2024 – Received approval from Emissions Reduction Alberta ("ERA") for the first grant funding milestone following completion of detailed engineering design. -
April 2024 – Northstar andTAMKO Building Products ("TAMKO") selected TAMKO'sFrederick, Maryland plant as the firstU.S. supply location. -
April 2024 – Received$1.34 million from ERA following approval of the first grant funding milestone following completion of detailed engineering design. -
April 2024 – Announced a three-year asphalt shingle supply agreement with Ecco Recycling & Energy Corporation ("Ecco Recycling ") for the Empower Calgary Facility and plans to complete a landfill supply study forEcco Recycling's C&D landfill inCalgary , which has an estimated 500,000 tonnes of potential shingle supply. -
April 2024 – Received the first delivery of asphalt shingles from Ecco Recycling at the Empower Calgary Facility. -
April 2024 – Received the first long-lead equipment item, an advanced shingle grinding machine from Rotochopper, at the Empower Calgary Facility. -
May 2024 – Issued a follow-on patent by the United States Patent and Trademark Office ("USPTO") for the Company's proprietary technology for reprocessing asphalt shingles. This was the second patent issued toNorthstar by the USPTO. -
May 2024 – Accelerated TAMKO's Phase 2A investment and closed aUS$1.8 million private placement of convertible debentures.
Q1 2024 Financial Summary
(in '000s CAD) |
Q1'23 |
Q2'23 |
Q3'23 |
Q4'23 |
Q1'24 |
Cash Balance |
1,114 |
655 |
8,545 |
7,648 |
5,987 |
Empower Calgary Facility |
439 |
439 |
581 |
2,623 |
4,371 |
Cumulative Capital Expenditures |
|
|
|
|
|
Revenue |
21 |
55 |
64 |
67 |
71 |
Expenses |
|
|
|
|
|
R&D Expense |
329 |
244 |
174 |
31 |
- |
G&A Expense |
1,462 |
1,510 |
1,493 |
2,018 |
1,884 |
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On Behalf of the Board of Directors,
President & CEO, Director
Cautionary Statement on Forward-Looking Information
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has neither approved nor disapproved the contents of this press release.
This press release may contain forward–looking information within the meaning of applicable securities legislation, which forward–looking information reflects the Company's current expectations regarding future events. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements concerning: (i) the anticipated development and building of the Empower Calgary Facility; (ii) the continued supply of asphalt shingles to
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