The foundational technology which Mr. John Blair, CEO of Cirque, first invented in 1993, uses a patent-pending nano chemical process utilizing ultra-frequencies to depolymerize and break down specific materials
Magnetic North Acquisition, along with Cirque Innovations Ltd. (“Cirque”), is pleased to launch commercial operations for CXTL Recycling Canada Corp. (“CXTL”). CXTL will use Cirque’s recycling technology to break down plastics into saleable products, leaving virtually no waste behind.
The foundational technology which Mr. John Blair, CEO of Cirque, first invented in 1993, uses a patent-pending nano chemical process utilizing ultra-frequencies to depolymerize and break down specific materials. Mr. Blair has iterated the technology over numerous deployments improving the technology each time.
Magnetic North has, through its investee company CXTL, been working closely with Cirque over a ten (10) month period to complete required due diligence, including a third-party report that certified the inputs (plastic waste), the technology, and the outputs (saleable products). During the past three months of demonstration operations, the machine has worked successfully on a variety of materials containing plastics and other substances.
“This is a major breakthrough in recycling technology and helps to solve a problem for municipalities across North America that are experiencing significant difficulties in recycling many types of plastic waste,” said Andrew Osis, Co-CEO of Magnetic North.
“The world generated over 359 million tonnes of plastic in 2018, and that number is expected to rise. Turning end-of-life plastic into useable material, and thus reducing or eliminating plastic waste, is a crucial global innovation that also provides an economic opportunity.”
Magnetic North and Cirque will jointly own CXTL on a 50/50 basis. Cirque will contribute the technology and management, and Magnetic North will contribute capital, and management expertise as needed. As a result, CXTL will be the exclusive worldwide operator of the technology. Furthermore, Magnetic will acquire from Cirque, the demonstration machine for 350,000 Series A Preferred Shares and $500,000 in cash. This demonstration machine will become part of CXTL’s operations.
“The world is facing considerable stockpiling issues with respect to a limited market in recyclable goods,” said John Blair, CEO of Cirque, a privately held company. “CTXL’s technology allows us to break down materials into source matter while maintaining the strict environmental standards required of responsible corporations today as part of the circular economy.”
CXTL will commence limited commercial operations and revenue generation within the next few weeks from its current facility. Several feedstocks have been identified and formal contracts will be completed in the near term. Magnetic North, Cirque, and CXTL are currently evaluating and designing large-scale commercial facilities for operations in a number of North American municipalities.
Source: Company Press Release