Earthworks’ clarification of announced projection
Earthworks Industries Inc., (the “Company”) in its Release dated November 15, 2018, referred to projected revenues from the Cortina waste management project over the projected 39 year life of the project to be $400 million. The Company wishes to provide the basis for that projection.
The Company earlier had a business model for the Cortina project prepared. The model anticipates that over the first 30 years approximately 10 million tons of a variety of waste would be processed. Based on the then current disposal fees of $30-$35 U.S per ton, and taking into account anticipated inflation, the model projects that the Company could expect to receive gross revenues of at least $400 million.
The model also projects capital costs for the project will be approximately $75 million and that operating costs over the 30 years will be approximately $154 million.