CALGARY, AB / ACCESSWIRE / December 8, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) ( "Cielo" or the "Company" ), a waste-to-fuel company is pleased to announce its financial results for the three and six months ended October 31, 2022.

FINANCIAL RESULTS
All amounts in this news release are in Canadian dollars unless otherwise indicated.

"Cielo's fiscal Q2 2023 results reflect progress made in the design of our research and development facility (the "R&D Facility"), which is targeted for commissioning in early calendar Q2 2023," said Ryan Jackson, CEO of Cielo. "With streamlined expenses relative to the same quarter the prior year, and rental income from a five-year lease now in place on our Fort Saskatchewan property, we believe Cielo is well positioned to further advance our goal of becoming a leading waste-to-fuel company that offers investors long-term economic sustainability."

Cielo's Key Milestones

Q2 2023 HIGHLIGHTS

• Cielo continued to progress the development of its R&D Facility, completing a payment of $1.1 million for the R&D Facility fabrication, with commissioning expected by in early calendar Q2 2023.
• To maximize the value of Cielo's Fort Saskatchewan property, the Company entered into a five-year commercial lease on August 1, 2022, with an annual base of $0.6 million plus 90% of occupancy costs, which affords monthly rental income for the Company.
• Cielo made a partial payment of $2.0 million on a mortgage loan for the Company's Fort Saskatchewan property, effected through the issuance of approximately 26.9 million common shares, which ultimately reduced the principal balance to $4.5 million.
• Due primarily to the impairment of the Company's now decommissioned facility in Aldersyde, Alberta of $22.4 million that was recognized in fiscal Q1 2023, total assets decreasedby $21.0 millionas at October 31, 2022 compared to April 30, 2022, offset by an increase in cash and accounts receivable over the six month period.
• Total liabilities at October 31, 2022 decreased by $2.4 million compared to April30, 2022, due to a $1.2 million decrease in accounts payables stemming from streamlined general and administrative expenses. Total non-current liabilities at October 31, 2022 declined by $6.4 million, or 38% relative to the previous period-end.
• Net loss for the three months ended October 31, 2022 totaled $2.1 million, comprised primarily of (i) general and administrative expenses of $0.9 million (ii) research and development costs of $0.4 million; and (iii) finance costs of $0.58 million.
• Net working capital deficit totaled $1.8 million at October 31, 2022, with cash utilized for the quarter for operation expenses ($1.4 million) and investing activities ($1.0 million).

SELECTED FINANCIAL INFORMATION

CONFERENCE CALL
Cielo will host a conference call on December 14, 2022 at 10:30 AM MST (12:30 PM EST) during which Cielo's CEO, Ryan Jackson, CFO, Jasdeep K. Dhaliwal and EVP Operations, Ryan Carruthers, will discuss Cielo's fiscal Q2 2023 financial results, followed by a question-and-answer session. A live audio webcast of this call will be available by entering the following URL into your web browser:

Conference Call Details:
Date : December 14, 2022 Time: 10:30 a.m. MT / 12:30 a.m. ET
Dial In : North America: 1-888-664-6392
Dial In : Toronto Local / International: 416-764-8659

Replay : North America: 1-888-390-0541
Replay : Toronto Local/International: 416-764-8677
Replay Passcode : 044983 #

The conference call replay will be available until December 21, 2022.

For further information please contact:

Cielo Investor Relations
Email: investors@cielows.com

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 TSX Venture Exchange (" TSXV ") under the symbol "CMC," on the Frankfurt Exchange (" DAX ") 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.

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. Cielo is making forward looking statements, with respect to, but not limited to: the conference call, including the date and time, speakers and agenda, and the period of time during which an audio replay will be available.

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. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV), nor OTCQB nor WKN, have reviewed, and do not accept responsibility for the adequacy or accuracy of, the content of this news release.

SOURCE: Cielo Waste Solutions Corp.