Cielo Announces Cancellation and Rescheduling of Annual General Meeting

Rhea-AI Summary

Cielo Waste Solutions (TSXV:CMC; OTC PINK:CWSFF) announces the cancellation of its Annual General Meeting (AGM) scheduled for December 19, 2024, due to the ongoing Canada Post strike that began November 15, 2024. The strike has disrupted the distribution of proxy materials to shareholders. The company is unable to meet the statutory AGM deadline of December 31, 2024, and has applied for an extension, aiming to reschedule for January 2025. U.S. shareholders who receive materials should disregard them. New meeting details will be distributed once a new date is set.

Positive

• None.

Negative

• AGM delay beyond statutory deadline due to postal strike
• Operational disruption in shareholder communications
• Additional administrative costs for new proxy materials

CALGARY, Alberta, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC; OTC PINK:CWSFF) (“Cielo” or the “Company”) announces the cancellation and anticipated rescheduling of its annual general meeting of shareholders (the “AGM”) due to the ongoing Canada Post strike, which commenced on November 15, 2024. The Company had scheduled the AGM to be held on December 19, 2024 and had prepared proxy materials (the “Materials”) to this end, however the postal strike announced thereafter has interfered with the Company’s ability to mail the Materials to its shareholders in a timely and efficient manner. Therefore, upon inquiry and review as to the options available to the Company, the Board of Directors of the Company (the “Board”) has determined it to be in the best interest of the Company to cancel the AGM to be held on December 19, 2024, and reschedule the AGM to a later date to ensure that all shareholders of the Company entitled to vote at the AGM (the “Shareholders”) receive the Materials and proper notice for the AGM.

Pursuant to the Business Corporations Act (British Columbia), the Company is required to hold the AGM on or before December 31, 2024 (the “AGM Deadline”), however the Board has determined that rescheduling the AGM for a date on or before the AGM Deadline is not feasible, given the continuing postal strike and mailing requirements. As such, the Company has made application to request an extension so that it may hold the AGM as soon as the Board determines it’s practicable in light of the continuing postal strike and applicable legal requirements. If practicable, the Company intends to reschedule the AGM to occur in January 2025.

Shareholders in the United States are still expected to receive the Materials in the United States and should disregard them.

Further details on the rescheduled AGM will be contained in a new Notice of Meeting and Management Information Circular that will be mailed to the shareholders of the Company as of the new record date and filed on SEDAR+.

ABOUT CIELO

Cielo is fueling renewable change with a mission to be a leader in the wood by-product-to-fuels industry by using environmentally friendly, economically sustainable and market-ready technologies. We are proud to advance our non-food derived model based on our exclusive licence in Canada for patented Enhanced Biomass to Liquids (EBTL™) and Biomass Gas to Liquids (BGTL™) technologies and related intellectual property, along with an exclusive licence in the US for creosote and treated wood waste, including abundant railway tie feedstock. We have assembled a diverse portfolio of projects across geographic regions and secured the ability to leverage the expertise of proven industry leaders. Cielo is committed to helping society ‘change the fuel, not the vehicle’, which we believe will contribute to generating positive returns for shareholders. Cielo shares are listed on the TSX Venture Exchange under the symbol “CMC,” as well as on the OTC Pink Market under the symbol “CWSFF.”

For further information please contact:

Cielo Investor Relations

Ryan Jackson, CEO
Phone: (403) 348-2972
Email: investors@cielows.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, 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 statements. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions. Cielo is making forward looking statements, with respect to the AGM, including but not limited to the timing for the next AGM and the application for an extension to hold the AGM.

Investors should continue to review and consider information disseminated through news releases and filed by the Company on SEDAR+. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

FAQ

Why did Cielo Waste Solutions (CWSFF) cancel its December 2024 AGM?

Cielo cancelled its December 19, 2024 AGM due to the Canada Post strike that began November 15, 2024, which prevented timely distribution of proxy materials to shareholders.

When will Cielo Waste Solutions (CWSFF) reschedule its 2024 AGM?

Cielo intends to reschedule the AGM for January 2025, pending approval of their extension request beyond the statutory December 31, 2024 deadline.

What should U.S. shareholders of Cielo (CWSFF) do with received proxy materials?

U.S. shareholders who receive the original proxy materials should disregard them, as new materials will be sent once the AGM is rescheduled.