The objective of the review and independent validation was to confirm that
'Aduro was able to demonstrate upgrading of Bitumen on a flow-through reactor in a controlled laboratory environment and therefore meet the objectives of the First Milestone,' said Dr.
Management believes these results further validate that the patented HCT, developed and proven by Aduro in small-batch R1 reactors, is viable for use in the types of continuous-flow reactors commonly used in commercial applications. The main benefits of HCT, when applied to bitumen, include partial upgrading of bitumen that improves viscosity, density, and market value, while reducing capital costs.
'Third-party evaluation increases confidence that our projections regarding lower operating costs and lower energy consumption in commercial applications are technically grounded' said
The results of the work completed by Aduro and evaluated by
The R2-scale work on bitumen supports the next-phase design and development of the pilot-scale R3 reactor system to process barrels-per-day of bitumen. R3 reactor design work started in
'My thanks to Dr.
The completion of independent validation also marks the achievement of the First Milestone. On the receipt of the Third-Party Report, 13,333,328 Class A special warrants held by the special warrants trustee are deemed to be distributed in accordance with the Securities Exchange Agreement and are automatically converted on a one-for-one basis into common shares of the Company for no additional consideration and will be distributed to the former security holders of
Furthermore, 13,333,328 Class B special warrants also held by the special warrants trustee will be distributed in accordance with the terms of the Securities Exchange Agreement and will only be converted when the second milestone is achieved, at which point the warrants will be convertible into common shares for no additional consideration on a one-for-one basis. 10,492,321 of the common shares issued on the conversion of Class A special warrants and 11,414,864 of the Class B special warrants will be distributed to Company insiders.
About
Dr.
About
Contact:
Ofer Vicus
CEO
E: ovicus@adurocleantech.com
Investor Relations
E: ir@adurocleantech.com
T: +1 604-362-7011
Forward-Looking Statements
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. Forward-looking statements in this release include the potential commercialization of the Company's technology; the Company's projections that its technology will allow for lower operating costs and lower energy consumption in commercial applications; that the technology can be scaled up to pilot plants, precommercial deployments and full-scale commercial systems; the future engagement of potential partners and customers through demonstration projects; the implementation of the next phase design of the pilot-scale R3 reactor system; the acceleration of the design of an R2-scale demonstration system optimized for upcycling of plastics, like polyethylene and polypropylene; the achievement of the second milestone and the conversion of the Class B special warrants. 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. These factors include the possibility that the Company may for various reasons fail to achieve commercialization of its technology; the Company's technology may not allow for lower operating costs and lower energy consumption in commercial applications as anticipated or at all; that the technology may be unable to be scaled up to be used for pilot plants, precommercial deployments and full-scale commercial systems; the Company may be unable to engage potential partners and customers in the future; the Company may be unable to implement the next phase design of the pilot-scale R3 reactor system or achieve completion of the design of an R2-scale demonstration system optimized for upcycling of plastics; the Company may not achieve the Second Milestone as anticipated or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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