Earthworks’ Management would like to provide the following update on the status of Earthworks’ Cortina Project – and our current plans for moving forward with the development.
In the past year Earthworks successfully raised funds that allowed it to negotiate an amicable agreement with North Bay Corporation and its subsidiary, Cortina Landfill Company on our debt and to move forward with the remobilization efforts at Cortina after more than 3 years.
We have been in constant communication with the U.S. EPA who recently provided us the regulatory steps and process through to construction and operation. A development of this nature requires significant resources and people once initiated again. We are working with the EPA to ensure that all relevant documents are in place in advance.
Another important requirement at this time is to review the overall development at Cortina to ensure we comply with any industry changes that have occurred in recent years that could apply at Cortina. We are also taking the opportunity to consider potential changes in the nature of the development that could be a benefit moving forward.
A common question is whether we are looking to sell the Cortina asset or move forward to development and operation. We are considering both options at this time. That is why we are moving forward in an effort to deliver as ready – and technically current a project as possible.
One of our next steps will now be to contact companies in the industry to consider how our Cortina project might best serve them and to consider potential pre-sale contracts.
We also wish to report that Earthworks has undertaken to have its shares registered for trading in the U.S. The U.S. Financial Industry Regulatory Authority – FINRA – has accepted our filing. However, we are currently waiting on Depository Trust Company eligibility which requires a legal opinion on previous issuances of shares in the U.S. We expect this to be completed shortly.