Northstar Issued Second Patent by United States Patent & Trademark Office and Amends Stock Options
PR Newswire
VANCOUVER, BC and CALGARY, AB, May 15, 2024
VANCOUVER, BC and CALGARY, AB, May 15, 2024 /PRNewswire/ – Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) (“Northstar” or the “Company”) is pleased to announce that it has been issued a follow-on patent (the “Patent”) by the United States Patent and Trademark Office (“USPTO”) for the Company’s proprietary technology for reprocessing asphalt shingles.
The Patent is the first of three follow-on patents (in addition to the first initial patent, totaling four patents in aggregate) submitted by the Company following the issuance of the Company’s first front-end technology patent, previously announced by the Company on November 8, 2022. The first two steps of the Company’s four step processing technology have now been fully patented, with the third and fourth submitted and under patent-pending protection. The Patent is expected to remain in force until 2044. Further, the Company continues to progress the application for patent approval in Canada, previously announced by the Company on February 14, 2023, and its international Patent Cooperation Treaty application.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated “This recent patent issuance continues to demonstrate our commitment to protecting the innovation of our proprietary clean technology portfolio and the significant commercial opportunity that it represents for our company, our stakeholders, and our partners. We are delighted to be issued our second patent from the USPTO for the second stage of our four-stage proprietary technology for reprocessing asphalt roofing shingles. We believe the approval of the Patent is a testament to the strength of our proprietary technology and helps protect the Company’s intellectual property. We also believe the Patent furthers Northstar’s mission to be the leader in the recovery and reprocessing of asphalt shingles in North America.”
Stock Options Update
The Company also announces that its board of directors (the “Board”) has amended the exercise price (the “Stock Option Amendment”) of an aggregate of 6,205,854 options (each, an “Option”) to purchase Common Shares, as to 2,500,000 Options granted on February 16, 2021, 2,100,000 Options granted on July 12, 2021, 875,000 Options granted on December 15, 2021, 200,000 Options granted on February 7, 2022, 260,854 Options granted on April 19, 2022, 20,000 Options granted on August 30, 2022, and 300,000 Options granted on June 12, 2023, from $0.35 per Common Share to $0.21 per Common Share. All other terms and conditions related to the Options will remain unchanged. An aggregate of 4,385,427 of the Options are held by insiders of the Company as such term is defined by the policies of the TSXV. Accordingly, the Stock Option Amendment remains subject to the approval of the TSXV as well as disinterested shareholder approval for the amendment of the exercise price for those Options held by those insiders of Northstar.
About Northstar
Northstar Clean Technologies Inc. is a Canadian clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar has developed a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracting the liquid asphalt for use in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fiber for use in construction products and other industrial applications. Focused on the circular economy, Northstar plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale at its first commercial scale up facility in Calgary, Alberta. As an emerging innovator in sustainable processing, Northstar’s mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America, extracting the recovered components from asphalt shingles that would otherwise be sent to landfill.
For further information about Northstar, please visit www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
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