Cielo to Proceed with Share Consolidation

CALGARY, Alberta, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC; OTCQB:CWSFF) (“Cielo” or the “Company”), a waste-to-fuel environmental technology company, announces today that management has decided to proceed with a previously announced share consolidation (the “Consolidation”) on the basis of one pre-Consolidation common share of Cielo for every fifteen post-Consolidation common shares of Cielo.

As previously disclosed, following receipt of the requisite special majority approval of the Company’s shareholders at Cielo’s annual general and special shareholder meeting held on October 26^th, 2023, the Company’s board of directors has authorized management to with the Consolidation as and when determined by management. Immediately prior to giving effect to the Consolidation, the Company will have 1,699,540,548 pre-Consolidation common shares issued and outstanding. Following completion of the Consolidation, the Company will have 113,302,703 post-Consolidation common shares issued and outstanding (subject to rounding).

The Company will circulate a letter of transmittal to its registered shareholders with respect to the Consolidation. The Consolidation is subject to the approval of the Exchange. An update will be provided with the effective date of the Consolidation once determined in the coming days.

ABOUT CIELO

Cielo Waste Solutions Corp. was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company with its shares listed to trade on the TSXV under the symbol “CMC,” on the Frankfurt Exchange under the symbol “C36”, as well as on the OTC Venture Market (“OTCQB”), under the symbol “CWSFF.” The Company’s strategic intent is to become a leading waste-to-fuel company using economically sustainable technology while minimizing the environmental impact. Cielo has a patented process that can convert waste feedstocks, including organic material and wood derivative waste, to fuel. Having demonstrated its ability to produce diesel and naphtha from waste, Cielo’s business model is to construct additional processing facilities. Cielo’s objective is to generate value by converting waste to fuel, while fueling the sustainable energy transition.