Northstar (TSXV: ROOF) (OTCQB: ROOOF) Announces 2021 Financial Results
- Northstar Clean Technologies has released its audited financial results for the fourth quarter and full-year ended December 31, 2021
- Financial highlights include $6 million in cash and working capital surplus of $5.5 million as at December 31, 2021
- The Company completed several key initiatives in the fourth quarter of 2021 that laid the groundwork for steady state production at the Empower Pilot Facility and the planned scale up facility in Calgary, both of which were announced subsequent to year end
- Northstar will hold a virtual investor webcast to discuss the financial results and provide a business update to its shareholders on Thursday, April 28, 2022
- Shares in Northstar Clean Technologies are trading at CA$0.24 per share on the TSXV and US$0.189 per share on the OTCQB
Northstar Clean Technologies has released its audited financial results for the fourth quarter and full-year ended December 31, 2021.
The company ended the year with $6 million in cash, increasing its total assets by $7.5 million and total liabilities by $0.6 million compared to the previous year. Northstar also announced a working capital surplus of $5.5 million compared to a working capital deficit of $0.06 million in 2020.
“In 2021, the Northstar team did an excellent job of laying the groundwork for Northstar’s future,” said Northstar’s President and CEO Aidan Mills.
In the fourth quarter of 2021, Northstar completed successful commissioning runs and an independent life cycle assessment for its Empower Pilot Facility that would later lead to the initiation of steady state production at the facility in February 2022.
The Company also selected BBA Engineering Ltd. as its consulting engineering firm in November to conduct a front-end engineering design (FEED) study of the modular facility design that would be deployed across expansion facilities. The FEED study was completed in March 2022 and announced alongside the planned location for Northstar’s expanded-capacity asphalt shingle reprocessing scale up facility in Calgary, Alberta.
“The completion of the FEED design was a significant milestone for us,” remarked Mr. Mills, “and validated our cost estimates allowing us to move forward with even more confidence as we begin work on our Calgary Empower Facility.”
Northstar will hold a virtual investor webcast to discuss the financial results and provide a business update to its shareholders on Thursday, April 28, 2022 at 2:00 pm PST / 5:00 pm EST.
Northstar Clean Technologies Inc. is a Vancouver-based clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles.
Shares in Northstar Clean Technologies (ROOF) are trading at CA$0.24 per share on the TSXV. On the OTCQB, ROOOF is trading at US$0.189 per share.
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