LONDON, Ontario, Jan. 14, 2025 (GLOBE NEWSWIRE) — Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (Nasdaq: ADUR) (CSE: ACT) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, announces key developments in its commercialization journey. As the Company prepares to commission its Hydrochemolytic™ Technology (HCT) pilot plant in Q3 2025, Aduro has appointed Dr. Arturo Gomez as Vice President of Engineering and entered into a new marketing agreement with Outside The Box Capital (“OTBC”).
Dr. Arturo Gomez as Vice President of Engineering:
Arturo’s career includes senior engineering roles at leading organizations such as MilliporeSigma (a Merck KGaA), Lanxess and Bartek Ingredients. He has successfully led initiatives involving automation, process design, and the development of innovative chemical solutions, delivering improved efficiency and cost-effectiveness. Gomez holds a Ph.D. in Chemical and Petroleum Engineering from the University of Calgary and is a licensed Professional Engineer (P.Eng.).
Aduro continues to enhance its strong engineering team alongside the Company’s R&D and Operations teams. Hiring Dr. Gomez underscores Aduro’s commitment to support the process scale-up of its HCT. As Aduro works toward commissioning its HCT Pilot Plant in the third quarter of this year, Dr. Gomez’s expertise in process scale-up will prove invaluable in completing the pilot plant and advancing the future HCT commercial demonstration plant, further driving Aduro’s progress on the path towards commercialization.
Onboarding Dr. Gomez strengthens the Company’s engineering capabilities. He brings over 20 years of expertise in process engineering and chemical process design, including leading teams through the successful transition of technologies from laboratory and pilot phases to commercial-scale operations. Dr. Gomez has a history of managing complex projects in reactor design, advanced materials manufacturing, and chemical process optimization, positioning Aduro for a stronger path towards commercialization.
“We are excited to welcome Arturo to the Aduro team. His depth of experience in chemical process development and process scale-up will strengthen our engineering capabilities and will help drive the commercialization of our Hydrochemolytic™ platform,” said Ofer Vicus, CEO of Aduro. “In recent months, our focus has shifted to strengthening our engineering capabilities, and we’re all excited to welcome him to Team Aduro as we continue progressing toward our key milestones.”
“Joining Aduro is a unique opportunity to contribute to the development of this very special chemical technology platform,” said Dr. Gomez. “I look forward joining the team and collaborating to advance our efforts to scale-up our technology.”
Marketing and Investor Relations Agreement with Outside the Box Capital
The Company also announces that it has entered into a marketing and consulting agreement with the arm’s length marketing firm OTBC, of Oakville, Ontario, to build awareness as the Company continues to work on delivering key milestones and to provide marketing consulting and investor relations services, including marketing through OTBC’s social media channels and online media distribution. Specifically, OTBC will employ various social media platforms, including Reddit, Discord, Telegram, X, StockTwits, YouTube, and Facebook to bring investor awareness to the Company.
Under the OTBC Agreement, for an initial term of twelve months starting on January 15th, 2025 (the “Effective Date”), Aduro will pay OTBC an aggregate cash compensation of C$360,000 plus applicable taxes, with C$180,000 due within 7 days of the Effective Date, C$126,000 due within 3 months after the Effective Date and the remaining C$54,000 due within 6 months after the Effective Date. Additionally, Aduro has agreed to grant to OTBC 40,000 stock options of the Company (the “OTBC Options”). The OTBC options will be fully vested on the date of grant and exercisable for a one-year term at a price equal to the higher of: (i) the closing market price on the Exchange on the trading day prior to the date of grant; (ii) the closing market price on the Exchange on the date of grant; or (iii) C$9.00. The OTBC Options and any common shares issuable upon exercise of the OTBC Options are subject to resale restrictions imposed by applicable law or regulation, including a statutory hold period expiring four months and one day from the date of grant.
This continued engagement with OTBC builds on prior successes in creating awareness and communication with the investor community, further expanding the Company’s visibility. OTBC’s expertise in leveraging social media platforms has effectively facilitated broader awareness and widespread dissemination of the Company status reports and updates.
Grant of Options
The Company also announces that certain employees will be granted an aggregate of 270,000 stock options (each, an “Incentive Option”) to purchase up to 270,000 common shares of the Company. The Incentive Options are exercisable for two years from the date of grant at a price of C$9.00 per common share. The Options will vest on a monthly basis over a period of two years from the date of grant.
All 270,000 of the Incentive Options and the common shares underlying the Incentive Options are subject to a hold period of four months and one day from the date of grant.
None of the securities acquired upon exercise of the stock options issued by the Company will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About Aduro Clean Technologies
Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s Hydrochemolytic™ technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century.
For further information, please contact:
Abe Dyck, Head of Business Development and Investor Relations
ir@adurocleantech.com
+1 226 784 8889
KCSA Strategic Communications
Jack Perkins, Vice President
aduro@kcsa.com
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. In this news release, the forward-looking statements include, but are not limited to, the Company’s plans to commission its HCT pilot plant in Q3 2025; the Company enhancing its engineering team to support the HCT pilot plant commissioning; that Dr. Arturo Gomez will help complete the pilot plant and advance the future HCT commercial demonstration plant; that Aduro is progressing towards commercializing its Hydrochemolytic™ technology; that OTBC’s social media expertise will continue to increase awareness of the Company; that Aduro’s continued engagement with OTBC aims to expand its market visibility. 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, but are not limited to, adverse market conditions could impact the Company’s ability to achieve its goals, including the commissioning of the HCT pilot plant and the commercialization of its technology; the success of the HCT pilot plant and future commercial demonstration plant depend on overcoming engineering and technical challenges, and any delays or failures in these areas could hinder progress; the Company’s operations and commercialization efforts are subject to various regulatory approvals, and any delays or failures in obtaining these approvals could impact the Company’s timelines and objectives; the Company’s ability to execute its plans depends on having sufficient financial resources and any limitations in funding could affect the Company’s ability to achieve its milestones; the success of the Company’s marketing and commercialization efforts relies on effective partnerships and collaborations, such as the agreement with OTBC, and any issues in these relationships could impact the Company’s visibility and progress; the commercial success of the Company’s technology depends on market acceptance, and any resistance or slow adoption by the market could affect the Company’s growth and business prospects; broader economic and political factors, including changes in government policies, economic downturns, or geopolitical tensions, could impact the Company’s operations and market opportunities; the Company operates in a competitive industry and any advancements by competitors or changes in the competitive landscape could affect the Company’s market position and growth prospects; and other factors beyond the control of the parties. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events, or otherwise, except as required by applicable law.
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