EarthRenew Announces Lease Renewal and Feedstock Agreement for Its Flagship Facility Co-Located at Cattleland Feedyards’ Site
EarthRenew has renewed its lease of 2.92 acres of the Cattleland Feedyards site located in Wheatland County, Alberta, East of Calgary, for a 9-year term, with eight 5-year extension optionsThe feedstock agreement included in the lease agreement secures a minimum of 40,000 tonnes of wet manure feedstock annually, which we estimate can be used to generate up to 18,000 tonnes of EarthRenew organic fertilizerCattleland Feedyards expects savings of up to $500,000 annually by taking advantage of the unique on-site waste management solution provided by EarthRenew
TORONTO, Dec. 01, 2020 (GLOBE NEWSWIRE) — EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”) is pleased to announce that on November 25, 2020 it entered into a new 9-year lease agreement effective October 1, 2020 and expiring September 30, 2029, including eight 5-year extension options, with Cattleland Feedyards Ltd. (“Cattleland Feedyards”). The leased property is located in Strathmore, Alberta at Cattleland Feedyards’ 25,000 head feedlot. We estimate that the feedlot can provide EarthRenew with over 50,000 tonnes of wet manure per year. The lease also ensures a long-term solution for manure management at Cattleland Feedyards.The lease secures EarthRenew’s flagship operating site for the long term as the Company continues with its recommissioning phase. The lease is for 2.92-acres on the feedlot and we estimate that the Company will be able to produce approximately 18,000 tonnes per year of finished fertilizer product from the manure provided by Cattleland Feedyards.The feedstock agreement included in the lease agreement entitles EarthRenew to a minimum of 40,000 tonnes of wet manure annually. The agreement also outlines guidelines for manure quality, including moisture content, freshness, waste content, and debris. The two companies have agreed to continually revise collection and transfer procedures depending on the time of year and seasonal conditions.Cattleland Feedyards’ CEO, Keith Gregory, commented, “The recommissioning of the EarthRenew facility will comprise the majority of our manure management solution. By taking our waste, EarthRenew’s operation will help us save close to half a million dollars a year in hauling and spreading costs.”EarthRenew’s CEO, Keith Driver, commented, “We are very pleased to renew our lease with Cattleland Feedyards for the long term. Cattleland Feedyards has been an excellent partner to date and we are excited to capitalize on the synergies that will be recognized from co-locating right at our feedstock source.” Mr. Driver continued, “We believe this lease represents more than simply a transactional relationship, but rather a true union. It demonstrates how businesses can work together to create a more sustainable agricultural system.”EarthRenew is pleased to present this video interview featuring Keith Gregory discussing his manure management challenges and the benefits of the newly signed lease agreement with EarthRenew: https://www.earthrenew.ca/mediaAbout Cattleland Feedyards Ltd.Cattleland Feedyards provides beef cattle procurement, feeding, research, and marketing services. The company offers feedlot, new pharmaceutical and feed ingredient products through research, trucking, and farming services.About EarthRenew Inc.EarthRenew’s mission is to support a farm system that puts healthy soils and grower profitability back on the table. EarthRenew transforms livestock waste into a high-performance organic fertilizer to be used by organic and traditional growers in Canada and the United States. Located on a 25,000 head cattle feedlot, EarthRenew’s flagship Strathmore plant is capable of producing up to four MW per hour of low-cost electricity powered by a natural gas fired turbine. The exhausted heat from the turbine is used to convert manure into certified organic fertilizer. EarthRenew is listed on the CSE under symbol ERTH.Please visit our Company’s website at www.earthrenew.ca.For additional information, please contact:Keith Driver
CEO of EarthRenew
Phone: (403) 860-8623
E-mail: [email protected]Cautionary Note regarding Forward-Looking InformationThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the recommissioning of our Strathmore facility, the ability of Cattleland Feedyards to provide 50,000 tonnes of feedstock annually to the Company, the anticipated annual finished fertilizer production capacity of the Company at the leased site, Cattleland Feedyards’ expected annual cost savings, the business and operations of EarthRenew, and the Company’s ability to execute its business plan. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; and other risks of the energy and fertilizer industries. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.