WILMINGTON, Del., June 9, 2022 /PRNewswire/ — Sky Quarry Inc. ("Sky Quarry" or "the Company"), a clean tech ESG company that recycles waste asphalt shingles and converts them into sustainable waste energy oil, is pleased to announce that thanks to the success of its Regulation A+ offering hosted on Equifund (https://equifund.com), it has raised sufficient funds to begin retrofitting their PR Spring facility.
"Our state-of-the-art PR Spring facility was originally designed to extract bitumen from oil sands. However, thanks to our proprietary technology, we are confident we can retrofit the facility to extract bitumen from waste asphalt shingles utilizing a waterless solvent system," said David Sealock, CEO of Sky Quarry.
Asphalt shingles cover approximately 80% of all residential roofs in America. Each year around 13 million tons are shipped off to landfills where they contribute to potentially major environmental issues; this includes leaching of toxic waste into groundwater and topsoil. It is estimated that 700 million tons of waste asphalt shingles already exist in landfills today.
Sky Quarry’s patented process breaks down and recycles waste asphalt shingles into valuable, in-demand materials such as bitumen. Bitumen is a highly viscous form of oil and a key ingredient in refining diesel and hot-mix asphalt used in road construction. Testing-to-date demonstrates the Company’s technology has the potential to convert every ton of waste asphalt shingles into the equivalent of 1.5 barrels of oil.
"We are extremely excited to announce that we have successfully hit our first fundraising goal and the retrofitting process at PR Spring has begun," said Sealock. "We expect construction to take approximately five months and for the facility to be operational by year end. This marks a major milestone for our company and is a big step towards commercialization."
Sky Quarry is a Utah-based clean technology company focused on the recovery and repurposing of waste asphalt shingles. Sky Quarry’s proprietary process diverts waste asphalt shingles from already overcrowded landfills, and extracts the liquid asphalt and solid composition elements for use in the development of new asphalt shingles, asphalt paving aggregate, and bitumen refined products and other industrial applications. Sky Quarry’s mission is to be the leading asphalt shingle waste management provider in North America.
This press release is for information purposes only and does not constitute an offer or sale of the securities referenced herein. Any such offer will only be made in compliance with applicable state and federal securities laws pursuant to Regulation A of the Securities Act of 1933, as amended. A link to the related offering documents is provided herein, and all prospective investors are encouraged to carefully review these materials in their entirety, which includes important disclosures and risk factors associated with an investment in the Company. These securities have not been recommended by the SEC or any state securities commission or regulatory authority, nor has any commission or regulatory confirmed the accuracy of the information contained the offering materials.
The information is provided for convenience only, is not investment advice and may not be relied upon in considering an investment in the Company. No representation or warranty, express or implied, is made as to the accuracy or completeness of any information contained herein, and any investment decision should be based solely on the information contained in the offering circular and related materials, and the investor’s independent research. No representation or warranty, express or implied, is made as to the future performance of any investment in the Company, or that investors will or are likely to achieve favorable results, will make any profit at all or will be able to avoid incurring a loss on their investment. In addition, prospective investors are encouraged to consult with their financial, tax, accounting or other advisors to determine whether an investment in the Company is suitable for them.
This press release and the offering materials may contain forward-looking statements and information relating to, among other things, the company, its business plan and strategy, and its industry. Forward-looking statements are neither historical facts nor assurances of future performance. They are based on the current beliefs of, assumptions made by, and information currently available to the Company’s management regarding the future of the Company’s business, future plans and strategies, anticipated events and trends, the economy and other future conditions. When used in the offering materials, the words "aim," "estimate," "project," "believe," "anticipate," "intend," "envision," "estimate," "expect," "future," "goal," "hope," "likely," "may," "plan," "potential," "seek," "should," "strategy," "will" and similar references to future periods are intended to identify forward-looking statements, which constitute forward looking statements. These statements reflect management’s current views with respect to future events and are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict (many of which are outside of the company’s control) and could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. All subsequent written and oral forward-looking statements concerning the company, the offering or other matters, are expressly qualified in their entirety by the cautionary statements above. The Company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.