Enviro Business Plan

PAVING THE WAY FOR GLOBAL SUSTAINABILITY WITH ENVIRONMENTALLY PIVOTAL WASTE-TO-FUEL TECHNOLOGY

BUSINESS PLAN | 2019

– Notice – The information presented in this document is highly sensitive and confidential and is to be used by authorized parties for the purpose of determining a preliminary indication of interest in Enviro Refinery Calgary Inc. (“Enviro,” “Enviro Refinery,” or “the Company”) and Subsidiaries. The recipient of the Business Plan agrees by its receipt not to reproduce, duplicate, or reveal, in whole or in part, information presented herein without the written permission of the Company.

The information contained in the Business Plan was provided by the Company and other sources. It has been reviewed, approved, and released by the Company, who assumes responsibility for its contents.

Estimates and projections contained herein have been prepared by the management of the Company, involve significant elements of subjective judgment and analysis, and are based on certain assumptions.

Actual results may vary from estimates and projections and these variations may be material.

No representation or warranty, expressed or implied, is made as to the accuracy or completeness of the information contained in this overview, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Business Plan does not purport to contain all of the information that may be required to fully evaluate the Company for a potential business relationship, and any recipient thereof should conduct its own independent analysis and due diligence process.

THIS PRESENTATION IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITY. For additional information, contact: Enviro Refinery Calgary Inc. Quinten G. Chaban Calgary, Alberta Tel: +1 (403) 836-2774 Email: qgc@envirorefinery.com This Business Plan was prepared by:

CONCORD BUSINESS DEVELOPMENT INC. 500-666 Burrard Street Vancouver, BC V6C 3P6 Canada Tel: (604) 689-2556 Fax: (604) 689-7758 Website: www.concordbusiness.com Email: info@concordbusiness.com

ENVIRO REFINERY BUSINESS PLAN

BUSINESS PLAN HIGHLI GHTS

Name of Company

Enviro Refinery Calgary Inc.

Business

Waste-to-Fuel proprietary technology with initial location in Calgary, Alberta

Value Proposition

1. Combining cutting edge technologies with multi-billion dollar publicly traded companies enabling a never-before achieved and profitable end-product, with emissions exceeding North American and European standards; 2. Highly-scalable operation; 3. Governmental support and secured partnerships.

Market Need

Canada's annual greenhouse gas emissions are expected to be between 697 & 790 megatonnes of carbon dioxide equivalent in 2030.1 The total volume of all plastic ever produced to be 8.3bn tonnes. Of this, nearly 6.3 billion tonnes are now waste, and 79% of that is in landfill or the natural environment.2

Funds Required

Phase 1: $49,796,427; Phase 2: $12,331,733.

Revenue Projections

Year 1: $0, Year 2: $61,528,486; Year 3: $92,292,728; Year 4: $115,365,910; Year 5: $184,585,457.

2019

1 2

$152,238,247

$83,498,701

$115,365,910

$60,425,519

$92,292,728

$44,002,090

Operating Income

$-

$-

$61,528,486

Total Revenues

$184,585,457

REVENUE AND OPERATING INCOM E

2020

2021

2022

2023

“Progress Towards Canada's Greenhouse Gas Emissions Reduction Target.” Environment and Climate Change Canada. 2018.

“Production, use, and fate of all plastics ever made.” Science Advances. Jul 2017.

ENVIRO REFINERY BUSINESS PLAN

TABLE OF CONTENTS 1 1.1 1.2 1.2.1 1.3 1.3.1 1.3.2 1.4 1.4.1 1.4.2 1.5 1.5.1 1.5.2 1.5.3 1.6 1.7 1.8 1.9 1.10 2 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.7.1 3 3.1 3.2 3.2.1 3.2.2 3.2.3 3.3 3.3.1 3.4 3.4.1 3.4.2 3.5 3.5.1 3.5.2 3.5.3

EXECUTIVE SUMMARY .......................................................................................................................... 1 Company Overview ......................................................................................................................................1 The Waste Recycling Process .......................................................................................................................1 Profitable Waste Removal, Recycled into Profitable Petroleum..........................................................2 Technology Deployment ..............................................................................................................................3 Environmental Benefits .......................................................................................................................3 Partnerships and Municipal Support ...................................................................................................3 Competition and Enviro’s European Biodiesel Role Model..........................................................................4 Enviro’s Competitive Advantage..........................................................................................................4 Enviro Operations: State of the Art Facilities .......................................................................................4 The Enviro Difference ...................................................................................................................................4 Project Commercialization and Widespread Adoption ........................................................................5 Knowledge Transfer and Distribution of Learnings .............................................................................5 Construction Efficiencies ......................................................................................................................6 Purpose Of Business Plan .............................................................................................................................6 Capital Requirement and Use of Proceeds ..................................................................................................6 Revenue Summary .......................................................................................................................................6 Net Present Value & Internal Rate of Return ...............................................................................................7 5-Year Return on Investment .......................................................................................................................7 CORPORATE OVERVIEW ........................................................................................................................ 8 Mission .........................................................................................................................................................8 Vision ............................................................................................................................................................8 Corporate Data .............................................................................................................................................8 Corporate Structure .....................................................................................................................................9 Management ................................................................................................................................................9 Strategic Alliances and Partnerships ..........................................................................................................11 Offtake Agreements ...................................................................................................................................11 Existing and Potential Financial Partners ..........................................................................................12 ENVIRO PROPRIETARY TECHNOLOGY ...................................................................................................13 The Future of Emissions Reduction ............................................................................................................13 The Technology ..........................................................................................................................................13 Pyrolysis .............................................................................................................................................13 Distillation .........................................................................................................................................14 Hydrotreating ....................................................................................................................................14 Intellectual Property ..................................................................................................................................15 Current Technology State of Development ........................................................................................16 GHG Benefits ..............................................................................................................................................16 Reduction of Greenhouse Gas Emissions ...........................................................................................16 GHG Reductions on a CO2 Basis Upon Commercialization ................................................................16 Non-GHG Benefits ......................................................................................................................................17 Enhancement of Carbon and Cost Competitiveness ..........................................................................17 Job Creation and Export Potential .....................................................................................................17 Other Benefits of Technology ............................................................................................................17

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4 4.1 4.1.1 4.1.2 4.2 4.3 4.4 4.5 4.6 4.6.1 4.6.2 5 5.1 5.2 6 6.1 6.2 6.3 6.3.1 6.4 6.5 6.5.1 6.5.2 6.5.3 6.6 6.6.1 6.6.2 6.6.3 6.6.4 6.6.5 6.6.6 6.7 6.8 6.9 6.9.1 6.9.2 6.9.3 6.9.4 6.9.5 6.9.6 6.9.7 7 7.1 7.2 7.3

OPERATIONS & LOGISTICS ...................................................................................................................18 Enviro Refinery Calgary ..............................................................................................................................18 Scope of Project .................................................................................................................................18 Project Timeline .................................................................................................................................19 Target Areas ...............................................................................................................................................19 Feedstock & Supply ....................................................................................................................................20 Rack Pricing for Distributors.......................................................................................................................20 Logistics ......................................................................................................................................................20 Enviro Refinery Manufacturing ..................................................................................................................20 Overseas Manufacturing ...................................................................................................................20 United States Manufacturing ............................................................................................................21 BUSINESS MODEL & STRATEGY ............................................................................................................22 Enviro Refinery Calgary Strategy ...............................................................................................................22 Growth Strategy and Long-Term Goals ......................................................................................................22 MARKET & INDUSTRY ANALYSIS ..........................................................................................................23 Why Canada? Examining Economic & Social Factors .................................................................................23 Environmental Analysis ..............................................................................................................................23 Calgary Emissions Goals .............................................................................................................................24 Reduction Targets..............................................................................................................................24 Canada’s Low-Emissions Mandate .............................................................................................................25 Management of Waste Products ...............................................................................................................26 Used Tires ..........................................................................................................................................26 Plastics ...............................................................................................................................................26 Used Motor Oil ..................................................................................................................................28 MSW Profitability and Waste Management ..............................................................................................29 MSW Profitability ..............................................................................................................................29 Waste Management Profits in the USA .............................................................................................29 Waste Collection Industry in Canada .................................................................................................30 Gasoline Consumption in the United States ......................................................................................30 The US Moves to Diesel .....................................................................................................................30 Alberta’s Diesel Consumption ............................................................................................................30 The Enviro Difference: The Right Solution at the Right Time .....................................................................30 Hydrogen Generation and Efficiencies of Scale .........................................................................................31 Enviro’s Future is a Carbon Negative Footprint .........................................................................................32 Enviro’s Hydrogen Generation Facility ..............................................................................................32 Carbon Capture and Removal............................................................................................................32 The Benefits of Fuel ...........................................................................................................................33 Carbon Capture and Use: Global Thermostat....................................................................................34 Global Thermostat Cost per Ton ........................................................................................................34 The United Nations Targets Climate Change.....................................................................................34 Enviro’s Opportunity to Achieve a Negative Carbon Footprint..........................................................35 GOVERNMENTAL TAX CREDITS, GRANTS AND INCENTIVES ...................................................................36 Alberta Bio-energy Producers’ Program ....................................................................................................36 Emissions Reduction Alberta (ERA) ............................................................................................................36 Enviro Unique Advantages .........................................................................................................................36

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8 8.1 8.2 8.3 8.4 8.5 8.6 9 9.1 9.1.1 9.1.2 9.2 9.3 10 10.1 10.2 10.3 10.4 10.5 10.6 10.7 10.8 10.9 10.10 11

BUDGET RISK MITIGATION STRATEGIES ...............................................................................................37 Delayed Start-Up Insurance .......................................................................................................................37 Operating Line of Credit .............................................................................................................................37 Budgetary Cushion .....................................................................................................................................37 Early Cash Flow ..........................................................................................................................................38 Builders’ Mortgage .....................................................................................................................................38 Operating Costs, Scaled Based on Production ...........................................................................................38 ENVIRO CASH FLOW ............................................................................................................................39 Purchase of Undervalued Land ..................................................................................................................39 Comparable Calgary Outdoor RV, Boat & Vehicle Storage................................................................39 Comparable Calgary Residential & Commercial Self-Storage Containers .........................................39 Scaled Site Plan ..........................................................................................................................................40 Enviro Storage for Early Cash Flow.............................................................................................................40 FINANCIAL PROJECTIONS .....................................................................................................................41 Assumptions ...............................................................................................................................................41 Capital Requirement and Use of PRoceeds ................................................................................................42 Revenue Summary .....................................................................................................................................42 Return on Investment ................................................................................................................................42 Income Statement ......................................................................................................................................43 Balance Sheet .............................................................................................................................................44 Cash Flows ..................................................................................................................................................45 Benchmarks and Breakeven Analysis .........................................................................................................45 Ratios Analysis............................................................................................................................................46 Sensitivity Analysis .....................................................................................................................................46 BIBLIOGRAPHY ....................................................................................................................................47

ENVIRO REFINERY BUSINESS PLAN

“The greatest threat to our planet is the belief that someone else will save it.”

– Robert Swan, OBE, FRGS

ENVIRO REFINERY BUSINESS PLAN

1 EXECUTIVE SUMMARY

1.1 COMPANY OVERVIEW Enviro Refinery Calgary Inc. (“Enviro,” “Enviro Refinery,” or “the Company”) is a private recycling and energy company headquartered in Calgary, Alberta, Canada. Focusing on providing robust waste-to-fuel services, the Company incorporates a unique combination of innovative pyrolysis technology, in conjunction with proven hydro-treating, to convert used oils, waste rubber tires, waste plastics and organic materials into low emissions fuels. Enviro has the distribution rights to a unique patented pyrolysis technology throughout North America and Europe. Enviro is combining this pyrolysis technology with existing cutting-edge technology licensed by one of two publicly traded companies. Each technology is already permitted and is being utilized in Alberta to convert raw crude to low emissions fuels. Enviro is positioned to become the leader in providing environmental sustainability solutions across Canada and around the globe.

1.2 THE WASTE RECYCLING PROCESS Enviro utilizes a waste recycling process known as pyrolysis. Pyrolysis has been used for turning wood into charcoal since ancient Egyptian times. Pyrolysis was also used in over 70+ year old mechanisms with origins in World War II, where it was utilized to bring military trucks with lack of fuel back to base camp.

Pyrolysis is defined as the thermal decomposition of materials at elevated temperatures in an inert atmosphere.

Most scientists agree that the oil being sourced around the world today is the product of organic materials from the earth, after hundreds of thousands of years of decomposition and chemical conversion.3 Enviro is taking this same, natural process, and speeding it up to achieve a filtrated and patented-end product that has only 5PPM (“Parts Per Million”) of sulphur content, which has never before been achieved with the use of pyrolysis. This technology is especially promising when considering North American and European standards for low-sulfur diesel fuel, which is 15PPM and 10PPM, respectively.

3

“The Mysterious Origin and Supply of Oil.” Live Science. 2005.

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Governments today take on the challenging and expensive role of eliminating or exporting waste, but the future of waste and global waste management is in dire need of intervention: in 2018, China, who accounted for 45% of global waste import, has put forth a new policy to shut its doors on much of that waste.4 Now, a new study suggests that as a direct result, by 2030 there will be an estimated 111 million tonnes of plastic waste that is displaced with nowhere to go.5 The Company offers a solution that not only introduce a valuable and efficient alternative to waste reprocessing and refinement, but one that is profitable: the Enviro Refinery process yields approximately 193% return on investment.

Enviro’s waste-to-fuel solution will assist every city and country in which an Enviro Refinery is developed, helping governments not only achieve their emissions targets and goals, but exceed them.

1.2.1 Profitable Waste Removal, Recycled into Profitable Petroleum Enviro’s solution proposes profitable outcomes on both sides of the sustainability formula: the Company profits from the removal of waste products that are toxic to the environment, which essentially serve as feedstocks, and then profits again from the recycling process, wherein said feedstocks are recycling into an Enviro Extreme-Low Sulfur Diesel (EELSD) and other salable items.

Enviro can accomplish this without infringing on current waste management business, as the Company operates primarily as a landfill, without the direct use of trucking waste directly from homes. Enviro compliments the oilfield industry by cleaning and eliminating many of their waste by-products that are toxic and hazardous to the environment.

4 5

“China is no longer world's dumping ground, but cleaning up its own backyard is proving to be a challenge.” CBC News. Mar 2018.

“111 million tonnes of plastic waste will have nowhere to go by 2030 due to Chinese import ban: study.” CBC News. Jun 2018.

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ENVIRO REFINERY BUSINESS PLAN

1.3 TECHNOLOGY DEPLOYMENT The Company is currently focused on the acquisition of approximately 40 acres of undervalued raw land in Calgary, Alberta adjacent to a rail spur, where Enviro will build the first Canadian facility. The location is ideal for cheap transport to and from. The Company’s management anticipates the endeavor will achieve approximately a 193% return on an annual basis. This will enable Enviro Refinery to be able to pay out to its initial “Presidents List” investors a 30% dividend on its Enviro Refinery Calgary Inc. division. This division alone will pay out a dividend. Each operation will be a separate entity, controlled by one head office.

Management anticipates a high likelihood of success given the SGS testing (Société Générale de Surveillance testing) and certification of the patented technology, which produces an end-product with the lowest sulfur content ever achieved. Enviro has the ability like no other to make a significant impact on the environment, and the demand for effective technology that fosters global sustainability is evermore present.

The Enviro management team also recognizes the right timing based on the current environment of the Oil & Gas industry, particularly reflected in lower oil & gas prices. Government eco-sustainability initiatives and the general population’s hunger for green-energy solutions are also considerable motivations behind the Company’s proposed undertaking.

1.3.1 Environmental Benefits As an Alberta-based firm, Enviro is focusing on creating jobs, working with cities to achieve their emissions goals, helping resolve urban waste issues and producing environmentally-friendly fuels. Through the Company’s operations, Enviro seeks to be an industry leader in Biofuels, Recycling, and greenhouse gas emissions reduction and low emissions fuels. Enviro intends to have a direct, positive impact on Alberta’s, North America and the worlds, carbon competitiveness.

These benefits include: Reduction of landfill waste stored within communities; Reclamation of former landfill sites, allowing for the “greening” of areas through tree planting that also helps reduce emissions; Production of high-quality fuels (including biodiesel, jet-fuel, gas,) replacing more traditional petroleumbased fuels required by trains, planes and automobiles.

1.3.2 Partnerships and Municipal Support Enviro Refinery has partnered with and obtained agreements from the following companies for the proposed waste product conversion project(s): Dentons Canada LLP (“Dentons”), a legal service provider; Acero Engineering Inc. (“Acero”), an Oil & Gas facility supporting Enviro’s initial stages of development; GP Fuels Inc. (“GP Fuels”), buyer of diesel fuels (jet-fuel in consideration) from Enviro; and Recycling Worx Inc. (“Recycling Worx”), a vertically-integrated company managing and maintaining trucking services, waste transfer sites, recycling facilities, recycling equipment as well as a multitude of strategic working relationships with major waste handlers. Enviro has also received a LOS from Calgary Economic Development for the first Enviro project in the Canadian city.

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1.4 COMPETITION AND ENVIRO’S EUROPEAN BIODIESEL ROLE MODEL In 2018, Neste, a renewable fuel production company with operations in Europe and Asia, placed 2nd on the Global 100 list of the most sustainable companies in the world. The company’s revenues stood at EUR$13.2 Billion in 2017.6

1.4.1 Enviro’s Competitive Advantage There are a number of key differentiating factors that give Enviro a competitive edge. In the context of Enviro Refinery Calgary: the city’s current technology (City of Calgary’s Green Fleet) utilizes 80% petroleum diesel to 20% biodiesel in the winter months and 95% petroleum diesel to 5% biodiesel in warmer summer months (usually not below zero.)

This service fleet can now be replaced with 100% Enviro Extreme Low Sulfur Diesel fuel, while still maintaining 100% biofuel status.

Utilizing Enviro’s end-product will lower Calgary’s overall total emissions substantially, assisting the city and North America at large achieve their 2020 and 2050 emissions goals and targets.

1.4.2 Enviro Operations: State of the Art Facilities Enviro’s facilities will be a constant source of self-improvement, consistently improving emissions conversion into efficient energy sources to power Enviro building and operations. All equipment is existing and operational with alternative feedstocks. The end technology is provided by a century old multi-billion dollar publicly traded company. Their equipment has been repeatedly reproduced on a modular production line. Enviro is simply combining these technologies into one finely tuned operation, one that utilizes potentially toxic waste as its feedstock. Enviro been working for 6 years to ensure its scalability is meticulously executed.

Enviro has both the technology and opportunity to serve a global demand at its most opportune time.

1.5 THE ENVIRO DIFFERENCE Given the nature of Enviro’s feedstock, along with the combination of proven technologies, the fuel produced can be 100% utilized without blending pump fuels. With the addition of cetane or the use of FSC advanced fuel additives, Enviro fuels can be utilized in the winter as well.

6

Neste, 2018.

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ENVIRO REFINERY BUSINESS PLAN

In addition to the benefits and market need of a greener fuel, Enviro anticipates eliminating 3,600 metric tonnes of waste per day in Calgary alone, within approximately 5 years. This directly translates into lower landfill emissions, in addition to environmental risks associated with landfill sites. Immediately upon the commencement of operations before 2020, Enviro will recycle approximately 1,200 metric tons per day, and 1,511,100 metric tons CO2 per year with the partnership of Recycling Worx, a firm that is already recycling approximately 60,000 metric tonnes per year. This will double by 2020, totaling 414,000 metric tons per year. When accounting for waste eliminated from the Company’s tail pipe, Enviro will be removing 2,048,176 metric tons of carbon dioxide from Alberta by 2020.

Enviro will be removing 2,000,000+ metric tons of carbon dioxide from Alberta by 2020.

1.5.1 Project Commercialization and Widespread Adoption Increasingly, the Alberta government has emphasized the importance of sound environmental policies in conducting business in this province and ensuring principles of sustainability that can be beneficial to Alberta’s citizens, today and tomorrow. Enviro’s activities, highlighted by the initial Calgary project, adheres to these principles, highlighting dependable commercial applications with the substantial measurable environmental impact of reusing waste material resulting in lower fuel emission levels. Given the sound economics of the business plan, the ability to replicate these facilities across Alberta and throughout North America is highly achievable. The city of Calgary has also expressed interest in utilizing Enviro Extreme Low Sulfur Diesel (“EELSD.”) Shareholders and financiers alike will be on Enviro’s preferred investor list – This will give preferred investors the first option to invest and finance in each city that Enviro scales its facilities and has capital requirements.

1.5.2 Knowledge Transfer and Distribution of Learnings The Company is a platform in which facilities will be built on a scalable basis throughout Alberta, North America and throughout the world. Enviro will emphasize consistency and strong environmental compliance, ensuring all of its projects will adhere to environmental and governance standards. Because of the uniformity of its plants, there is an ease of operational knowledge transferability between its engineering, logistics and operational staff.

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1.5.3 Construction Efficiencies Each piece of equipment within Enviro’s facility has been manufactured on a modular production line multiple times prior to us, and that equipment is existing operationally on a global basis. Enviro is putting all the technologies together under one roof and scaling the business across America and into Europe.

The Company has been working for 6 years to ensure its scalability is meticulously executed and engineered accordingly. Enviro’s facilities will be an example to the industry, on how waste can be recycled into low and zero emissions fuels, while simultaneously converting its emissions and the emissions around the operations into efficient energy sources.

1.6 PURPOSE OF BUSINESS PLAN Enviro Refinery has developed a comprehensive business plan as a tool to commence and carry on the business operations. To implement these plans, Enviro Refinery Calgary is selling 45% ownership, totaling from $28.8MM for the following purposes:    

Acquisition of target land; Manufacture of the refinery and all sub-products; Construction of the land & necessary buildings to construct facilities within; Operations of Enviro Refinery Calgary Inc.

For said funding, each Presidents list investor would be making a purchase of voting Class A shares of Enviro Refinery Calgary, receiving 30% monthly dividends and retaining equity value pari passu to Presidents list class of shares. Balance of 29% ownership retaining equity value pari passu on the balance of shares. The Enviro management team expects to earn in excess of a 193% return per year for its shareholders.

1.7 CAPITAL REQUIREMENT AND USE OF PROCEEDS

USE OF PROCEEDS Office & Admin $1,020,000

Capital Requirement 2018-2019

2020

Building & Equipment Total Major Purchases $ 48,776,427 Subtotal $ 48,776,427

$ 12,331,733 $ 12,331,733

Office & Admin CSA & TRAVEL EXPENSES $ Pre-Cash Flow (salary & Oper Exp) $ Subtotal $

120,000 900,000 1,020,000

Total $ 49,796,427

Building & Equipment $48,776,427

$

-

$ 12,331,733

1.8 REVENUE SUMMARY Revenue Summary 2019 Total Revenues Total COGS Operating Expenses Operating Income

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$ $ $ $

2020 -

ENVIRO REFINERY BUSINESS PLAN

$ 61,528,486 $ 4,394,799 $ 13,131,596 $ 44,002,090

2021 $ $ $ $

92,292,728 10,547,518 21,319,692 60,425,519

2022 $ $ $ $

115,365,910 10,547,518 21,319,692 83,498,701

2023 $ $ $ $

184,585,457 10,547,518 21,799,692 152,238,247

TOTAL REVENUES & OPERATING INCOME Total Revenues

Operating Income

$200,000,000 $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $2019

2020

2021

2022

2023

1.9 NET PRESENT VALUE & INTERNAL RATE OF RETURN NPV - IRR - MIRR Enviro Discount Rate

NPV

5% 4%

Financing Rate

Low

Mid

High

10%

8%

6%

$316,514,984

$345,418,555

$377,345,709

Reinvestment Rate

IRR MIRR

84.48% 62.41%

1.10 5-YEAR RETURN ON INVESTMENT Profitability and ROI 2019 Revenue Gross Margin Gross Margin (%) Net Income Net Profit Margin (%) Initial Investment 5-Year ROI 5-Year Annualized ROI

$ $

-

$ $

$

-

$

$

2020 61,528,486 57,133,686 93% 33,572,121 55%

62,128,160 0% 34%

54%

$ $ $

2021 92,292,728 81,745,210 89% 46,710,864 51% 75%

$ $ $

2022 115,365,910 104,818,393 91% 65,169,410 56%

$ $ $

2023 184,585,457 174,037,939 94% 120,161,047 65%

105%

193%

5-YEAR ROI 193%

105% 54%

75%

0% 2019

2020

2021

2022

2023

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2 CORPORATE OVERVIEW

2.1 MISSION Enviro Refiner’s mission is to render a considerable environmental impact by way of its combination of environmentally pivotal waste-to-fuel technologies. By utilizing 100% recycled products, with a strong focus on recycled products, Enviro seeks to produce profitable, extremely low-emission fuels, exceeding North American and European standards and as a result, positively impacting global eco-sustainability at large.

2.2 VISION

Enviro’s vision is a world where recycled waste to energy is not a revolutionary idea – it is a global standard.

2.3 CORPORATE DATA ENVIRO CORPORATE DATA

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Company Name

Enviro Refinery Calgary Inc.

Incorporation Date

October 25, 2017

Incorporation Number

2020766628

Telephone

+1 (403) 836-2774

Website

Envirorefinery.com

Legal Counsel

Dentons LLP

Board of Directors

Chad M. Chaban, Corey Handle, Jeff Mouland, Marco Simonelli (Emcor)

CEO

Quinten G. Chaban

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2.4 CORPORATE STRUCTURE Enviro Refinery is the distribution holder. Enviro Refinery Group Inc. (“Enviro Refinery Group”) has a subdistribution agreement with Enviro Refinery for all of North America and Europe. Enviro Refinery Group will own Enviro Refinery Calgary, as well as any and every other city where an Enviro Refinery facility is developed. (For example, Enviro Refinery Group will own Enviro Refinery Vancouver or Enviro Refinery Winnipeg if an Enviro Refinery is developed in either Vancouver or Winnipeg.)

With a clear strategy of replicating its services across Alberta, Enviro Refinery is well underway in establishing its initial project in Calgary, having solidified:    

Proven existing operational equipment acquisition, Land acquisition, Long-term feedstock agreements, and Fuel purchase agreements.

2.5 MANAGEMENT The Company has an experienced management team that brings best-in-class managerial, financial and technical expertise. Key managerial roles are highlighted below. With the subsequent build-out to other locations, Enviro will proactively recruit personnel to ensure operations are managed effectively.

Quinten G. Chaban | Chief Executive Officer Mr. Chaban has a career spanning more than 24 years in the construction, oilfield and environmental reclamation industry, and has been honoured with many accolades and accomplishments. He has created profitable ventures with Husky Oil, CNRL, Syncrude and Total Resources, and has developed business relationships across the globe. CSA (Canadian Standard Association) approval process for a modular production line, etc., as well as the safety approval to meet the requirements like Suncor & Syncrude Oilsands. His focus has been major projects in the United Arab Emirates, Asia and North America, including First Nations relations.

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From the start-up of an oilfield company to the management of the finer details of a corporation and its employees’ profitability, Mr. Chaban has successfully experienced all aspects of environmental reclamation and commodities trading in the Oil & Gas industry. He is a global procurement specialist. Mr. Chaban’s greatest asset is seeing the potential profitability in an organization and bringing that profitability to fruition.

Chris Q. Mao, P.Eng., M.A.Sc., M.Eng. | Senior Process Engineer Chris Mao has over 25 years of extensive engineering experience and knowledge in process design and de-bottlenecking of heavy oil production, as well as upgrading, refining, gas processing, syngas treating, hydrogen and CO2 capture, gasification, Waste-to-Energy (“WTE”), bio-refinery, petrochemical plant, cogen, IGCC, LNG, and U&O projects.

Brad Kopas, CPA, CA | Chief Financial Officer Brad Kopas is a Chartered Professional Accountant and member of the Chartered Professional Accountants of Alberta. He was a senior finance consultant to Canexus Corporation from March 2015 to March 2016, providing professional assistance to the Chief Financial Officer’s team on finance projects, financial reporting, significant transactions and board/audit committee presentations. Prior thereto, Mr. Kopas was a partner in the Assurance & Advisory Practice of Deloitte LLP since 2006, with 21 years of experience in public accounting at Deloitte LLP and previously with Arthur Andersen LLP. Brad Kopas worked with boards and audit committees on finance, risk management and financial reporting matters.

Chad M. Chaban | Director Chad M. Chaban has a career spanning more than 20 years in the Oil & Gas industry. Chad has honed and mastered his skills in Project Management, specializing in Civil & Structural works, QA & QC, Estimating and Facilities, environmental reclamation, pipelines, as well as supporting drilling and completions through various projects. Chad has succeeded in high level positions with some of the world’s largest international Oil & Gas producers, including Glencore, CNRL, Cenovus Energy, Suncor Energy, and Kinder Morgan, where he worked on multi-billion-dollar projects from conception to completion.

Mark Jette | VP Recycling Mark Jette, owner of Recycling Worx, brings a vast and extensive work history to Enviro. His career has taken him from waste and recycling to real estate, safety, loss prevention and company management. Mr. Jette is a pioneer in the recycling industry and was named one of the top movers and shakers by Alberta Construction Magazine in 2010. Mr. Jette. has developed numerous relationships with major waste companies such as GFL, Waste Connections, Super Save and Waste Management in the Alberta market place, which ensures an opportunity to start off with immediate sources of feedstock for Enviro’s recycling and refinery systems. In addition to day-to-day management, Enviro has engaged an industry veteran to serve as a board adviser in structuring an optimal capital structure, based on project costs and overall risk mitigation.

Jeff Mouland, P.Eng., MBA | Executive Director & Head of Infrastructure With a global energy and infrastructure career that has spanned over 25 years, Jeff Mouland brings a strong background in investing & asset management track that includes more than 100 transactions with a total in excess of $6 billion of invested capital.

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2.6 STRATEGIC ALLIANCES AND PARTNERSHIPS Acero Engineering Inc. | Calgary-based International Engineering Company Acero Engineering is a Calgary-based Oil & Gas company focused on facilities engineering, procurement and construction management (EPCM).

Acero has recently entered into an agreement with Enviro Refinery regarding the specialty waste-to-fuel work that the Company is optimizing and putting into operation. While Acero has been primarily, historically involved in conventional Oil & Gas facility engineering work, this shift is well within the company’s technical capability and furthermore, presents an opportunity for Acero to add to its growing repertoire of work to a green, renewable energy aspect. This presents an opportunity not only for Acero, but for the local communities as well. For these reasons, Acero has provided a significantly discounted, advantageous commercial offering to help assist with the initial stages of project development.

Recycling Worx Inc. | Partnership & Offtake Agreement (Feedstock/Supply) Recycling Worx is a Calgary-based privately-held company focusing on the recycling of heavy industrial waste, in addition to processing MSW (Municipal Solid Waste). Recycling Worx has been in operations since 2000, and Enviro has secured the right of first refusal to all of its products, thus ensuring ample supply for the Company’s 400 mt per day facility.

2.7 OFFTAKE AGREEMENTS Gas Plus Inc. | Fuel Offtake – LOI Secured Enviro has secured an LOI with Gas Plus Inc., who currently sells approximately 100,000,000 liters of fuel per year – more than double of what Enviro Refinery will be able to produce in its first 2 years of business.

Gas Plus anticipates significant improvement to its bulk fuel sales and service station fuel markets with the addition of Enviro fuels. Gas Plus Inc. has requested the first right of refusal to all the fuel Enviro Refinery can produce. The company is also an investing partner in Enviro Refinery Calgary Inc. Gas Plus has the necessary trucks for distributing fuel to its service stations and bulk service clientele. The company, as an Enviro Refinery distributor, anticipants marketing EELSD’s (Enviro Extreme Low Sulfur Diesel’s) as a premium petroleum product.

GP Fuels Inc. | Fuel Offtake – LOI Secured GP Fuels sells ultra-low sulphur diesel fuel for on-road use for those passenger cars, heavy-duty pickups, and commercial trucks that have diesel engines. The company has expressed interest in purchasing Enviro’s diesel fuel, with particular consideration of jet-fuels. Following the commencement of Enviro Refinery project facility and construction, both companies will be engaged in joint sales and marketing efforts, to ensure the success of GP Fuels’ sales of Enviro products.

4Refuel LP | Potential Buyer of Enviro Fuels 4Refuel LP is the leader in Total Fuel Management: a closed-loop system for measuring and managing fuel consumption across national organizations. 4Refuel is already the system of choice for leading businesses in trucking, construction, rail, marine, airports, seaports and mining. Fully integrated and fully automated, 4Refuel is the leading system of fuel cost containment, fuel efficiency, equipment productivity and theft control and security. 4Refuel has expressed interest in purchasing Enviro Refinery fuels.

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2.7.1 Existing and Potential Financial Partners The Company has commenced commercial discussions with equity and debt providers for the initial Calgary facility and, based on projected revenues, anticipates the same investment group to be part of the platform build-out across Alberta.

The $40,000 per acre for ten inches of crushed concrete (gravel improvement) for the total gravel price of $600,000 for the 15 acres of crushed concrete required for Enviro operation, will be provided by Recycling Worx. This will also act as a down payment on the acquisition of Recycling Worx operation, excluding land. Gas Plus, Enviro’s fuel buyer, has also requested to be a significant shareholder. Corey Handle, owner of Gas Plus, will be on Enviro’s Board of Directors. GMP Securities has also expressed interest in investing in Enviro. After several discussions, meetings and review, Greystone Managed Investments has expressed interest in both debt and equity funding for the Company. Enviro is looking to begin selling shares in Q1 2019.

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3 ENVIRO PROPRIETARY TECHNOLOGY

3.1 THE FUTURE OF EMISSIONS REDUCTION Enviro Refinery’s primary objective is the removal of as many carcinogens in the environment as possible, which can be achieved by the combined processes of pyrolysis and cracking. The independent pyrolysis and cracking method developed by Enviro takes recycled waste (by-products of petroleum, such as used oil, rubber tires, used plastics) and chemically reverses it into extremely low emissions petroleum products.

Enviro will also be separating and recycling Industrial Solid Waste (ISW), better known as Construction Site Containers or Bins. The ISW will be separated into salable goods, while the essential petroleum byproducts will be transformed into 5PPM EELSD fuel.

Within this process, Enviro will also be separating Mass Solid Waste (MSW), better known as household garbage. The MSW will be separated into salable goods, while the essential petroleum by-products will be transformed into 5PPM EELSD fuel. Enviro’s seventh generation, fully-automated recycling refining facilities are state of the art and fully operational in various countries around the world.

3.2 THE TECHNOLOGY 3.2.1 Pyrolysis Pyrolysis has been used for turning wood into charcoal since ancient Egyptian times. Many important chemical substances, such as phosphorus and sulfuric acid, were first obtained by this process. In their embalming process, the ancient Egyptians used methanol, which they obtained from the pyrolysis of wood.

The dry distillation of wood remained the major source of methanol into the early 20th Century.

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Pyrolysis is the thermal decomposition of materials at elevated temperatures in an inert atmosphere.7 It involves the change of chemical composition and is irreversible. The process is used heavily in the chemical industry to produce ethylene, many forms of carbon, and other chemicals from petroleum, coal, and even wood. Ambitious applications of pyrolysis, as executed by Enviro, convert waste plastics back into usable oil or waste into safely disposable substances.

Synthetic diesel fuel by pyrolysis of organic materials is not economically competitive on its own, and low quality of oils produced through the process can be substantially improved by combined physical and chemical processes.8

3.2.2 Distillation Prior to World War II in the early 1940s, most petroleum refineries in the United States consisted simply of crude oil distillation units (often referred to as atmospheric crude oil distillation units). Some refineries also had vacuum distillation units as well as thermal cracking units such as vis-breakers (viscosity breakers, units to lower the viscosity of the oil). All of the many other refining processes discussed below were developed during the war or within a few years after the war.

In petrochemistry and organic chemistry, cracking is the process whereby complex organic molecules, such as kerogens or hydrocarbons, are broken down into simpler molecules by the breaking of carboncarbon bonds in the precursors. The rate of cracking and the end-products are strongly dependent on the temperature and presence of catalysts. Cracking is the breakdown of a large alkane into smaller, more useful alkenes.

3.2.3 Hydrotreating The 1950s and ’60s brought a large-scale demand for jet fuel and high-quality lubricating oils. The continuing increase in demand for petroleum products also heightened the need to process a wider variety of crude oils into high-quality products. Catalytic reforming of naphtha replaced the earlier thermal reforming process and became the leading process for upgrading fuel qualities to meet the needs of higher-compression engines. Hydrocracking, a catalytic cracking process conducted in the presence of hydrogen, was developed to be a versatile manufacturing process for increasing the yields of either gasoline or jet fuels.

Hydrotreating is an established refinery process for reducing sulphur, nitrogen and aromatics in crude oil.

The refining industry’s efforts to meet the global trend for clean fuels specifications, the growing demand for transportation fuels and the shift toward diesel mean that hydrotreating has become an increasingly important refinery process in recent years.

7 8

"Compendium of Chemical Terminology." International Union of Pure and Applied Chemistry. 2014.

"Pyrolysis and Other Thermal Processing". US Department of Energy. 2007.

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3.3 INTELLECTUAL PROPERTY The Company’s utilization of current technology (pyrolysis, distillation and hydrotreating) allows for this commercially proven technology to work as the catalyst in converting urban waste to reusable biofuels, thus mitigating the adverse environmental footprint around landfills, gas exploration and extraction.

Enviro has accelerated the pyrolysis process by combining hydrotreating technology, allowing an endproduct that has 5PPM sulfur content, Enviro Extreme Low Sulfur Diesel (EELSD)™. This is extremely efficient, relative to the North American Standard of 15PPM, ULSD (Ultra Low Sulfur Diesel) or the Euro Mark 6 (Euro Diesel) standards of 10PPM sulfur content diesel.

Enviro’s end fuels technology exists and is operational in Alberta. The balance of technology exists operationally on a global scale, specifically in relation to the cracking and hydrotreating phases of the proposed operation. Enviro Refinery will license the intellectual property held by one of two publicly traded corporations whose intellectual property is confirmed effective via SGS reports of feedstock. In each case, both companies’ technologies currently meet all Alberta Environment and Parks (AEP) standards and are operational within the Province of Alberta, However, each operation utilizes crude oil as feedstock.

Enviro Refinery has two quotations from each of the aforementioned century old, publicly traded companies. Part of Enviro’s quotation includes the cost of licensing this intellectual property, permitting and, the licensor’s assistance in the process with AEP. Enviro Refinery Calgary Inc., established 2017, will be the first to break ground in spring 2019 and combine both technologies under one roof, utilizing toxic wastes, as the feedstocks that are currently causing extremely harmful emissions in landfills across our country.

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Both companies have verified via SGS report that their Hydrotreating technology can achieve cleaning Enviro Refinery’s pyrolysis distillation and cracked fuels to the 5 ppm sulfur content fuels that Enviro considers its standard.

3.3.1 Current Technology State of Development The underlying biofuel technology is commercially proven, operational and has been successfully operating for many years. It has undergone multiple improvements through the years, and Enviro will be utilizing the latest technology generation. Likewise, the hydrotreating process is an established operational process and by incorporating these technologies in a sequential manner, the company has the ability to convert common feedstock into high value low emissions 5PPM fuel.

3.4 GHG BENEFITS 3.4.1 Reduction of Greenhouse Gas Emissions The fuel produced through this process has a lower sulfur content that has been verified and tested at 5PPM.

As such, the implementation of Enviro’s process will mitigate pollutants and hazardous gases frequently found in landfills.

3.4.2 GHG Reductions on a CO2 Basis Upon Commercialization Within Enviro Refinery Calgary alone, the Company’s impact on GHG reduction in the Canadian city will be significant. From the perspective of carbon dioxide output, a standard passenger vehicle emits about 4.6 metric tons of CO2 per year – this assuming the average gasoline vehicle on the road today has a fuel economy of about 9.35 kilometers per liter and drives around 18,508 kilometers per year. 9 Every gallon burned creates about 8,887 grams of CO2, and every liter of gasoline burned creates about 2,348 grams of CO2. In Calgary alone, Enviro Refinery will reduce approximately two-thirds of the emissions that presently come out of the tailpipe on an average passenger vehicle.

Enviro Refinery will produce approximately 215,415 liters of bio-diesel per day, or approximately 78,626,475 liters per year. Those vehicles are presently causing 184,615 metric tons of carbon dioxide per year. Enviro Refineries conservatively projects that its fuels would reduce those emissions out of the tailpipe by baseline two thirds or 123,076 metric tons of carbon dioxide removed from Alberta’s environment per year, not including front-end emissions void of the landfills as a direct result.

9

“Greenhouse Gas Emissions from a Typical Passenger Vehicle.” US Environmental Protection Agency. 2018.

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Enviro Refinery plans to triple its Calgary operation volume within the 5 years, thus removing approximately 369,228 metric tons of CO2 from Alberta’s environment per year.

Within the next 10 years, Enviro projects to match Calgary production in Edmonton and do approximately half of Edmonton or Calgary production in at least 4 other major cities in Alberta. This would allow an approximate total reduction of 1,476,916 metric tons of carbon dioxide removed from Alberta’s environment per year.

3.5 NON-GHG BENEFITS 3.5.1 Enhancement of Carbon and Cost Competitiveness Enviro’s waste-to-fuel projects will create a ripple effect as the Company expands across Canada and North America. The Company’s fuels will cut two thirds of the emissions out of the tailpipes of Alberta vehicles, and fuel companies across North America and the world will potentially be inspired to do the same, thus reducing fuel emissions globally. Enviro Refinery will likely be the first competitor to the fuel industry, with the Company’s low-emission products serving as catalysts to lower engine emissions across the globe. Enviro inspires automobile manufacturers to reutilize emissions in automobiles as an additional power source for the automobile.

3.5.2 Job Creation and Export Potential During the construction phase, Enviro Refinery estimates it will add approximately 280 full-time jobs.

During Enviro’s first year of production, the Company estimates to have approximately 12 office staff and management, as well as approximately 143 facility employees (plus additional training staff for Enviro’s highly-qualified personnel) within the first year for production. Because of Enviro’s direct access to the CN Rail spur, the Company also has the unique ability to export biofuels to the United States and/or overseas via the Vancouver port in British Columbia.

3.5.3 Other Benefits of Technology Lowering CO2 emissions by recycling toxic waste and converting it into fuels that help lower the global carbon footprint will innovate the recycling, waste management and fuel industries. There are also many other pollutants that can also be eliminated and converted by the combined technologies that Enviro has developed and made operational. This will significantly enhance the innovation of Alberta’s ecosystem.

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4 OPERATIONS & LOGISTICS

4.1 ENVIRO REFINERY CALGARY 4.1.1 Scope of Project The Company is currently proceeding with the development and construction of an initial 400mt per day fully indoor Calgary facility. This work consists of:   







Site has been identified and a purchase agreement has been structured with value pricing in the range of $160,000 per acre.

Initial site will be approximately 40 acres. This provides optimal land availability for logistics and future expansion.

The site is adjacent to rail connectivity (rail spur) and major truck routes, allowing for a collection area of approximately 1km up to 5,000km, cost-effectively giving Enviro the ability to import feedstock and export EELSD. The site is also adjacent to the off ramp access of future triple lane Peigan Trail, freeway expansion for easy access. Currently comparable land neighboring our property is being offer in a semi developed state at $500,000 per acre.

Because of Calgary’s current economic state and Enviro’s alignment with Emcor Development’s, Prefab building buying skill and power. Upon completion of land and building construction Enviro is projecting a pre-oil boom and pre-freeway completion, net equity position of approximately $15,000,000 in land and building alone.

One closed structure housing the technology equipment is to be built.

Please note, the property is adjacent to GFL approved location via EMCOR developments.

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4.1.2 Project Timeline The Company anticipates the Calgary facility will be built per the following timeline:

* Acero Engineering and Emcor Developments.

4.2 TARGET AREAS The Enviro Refinery management team has identified multiple cities in Canada that could benefit from the environmental impact that the Company will provide. These include the 300km+ radius around each of the remote city locations and their surrounding communities, which is the added benefit of being located near a rail spur.

Management believes that due to Alberta’s economic and employment crisis, Calgary is the ideal environment for Enviro Refinery. Land prices, skilled labour and management are abundant, and at lower costs than other major Canadian cities. Enviro’s management team has gained the opportunity to make the acquisition of undervalued raw land. With the management team’s expertise in construction and development, Enviro Refinery anticipates coming out with a substantially increased equity position for its investors.

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As Enviro expands across Canada, North America and Europe, the ripple effect will be remunerative for years to come. Management’s expertise will allow a tailoring of each development to maximize production and efficiency for each Enviro Refinery’s needs. This will provide strong value for shareholders immediately upon acquisition. Furthermore, through the expertise of the management team, strategies will be implemented to maximize production and consistently monitor efficiency, while working closely with manufacturers to improve and refine technologies as new developments arise – Enviro highly values its competitive edge and intends to remain up-to-date on all technological advancements.

4.3 FEEDSTOCK & SUPPLY Enviro has secured enough feedstock to supply the 400 tons per day facility with Recycling Worx Solutions Inc. Recycling Worx provides construction waste bins to multiple major Calgary construction companies.

In doing so, the Company has access to the necessary feedstocks: plastics, rubber tires and used oil that is required to feed the facility.

4.4 RACK PRICING FOR DISTRIBUTORS The daily rack, also known as “daily posted rack” or “unbranded rack” has a price set each business day, effective the next day, for Freight on Board (“FOB”) or pick-up of product at terminals listed. Prices are posted to third-party information services along with other Canadian competitor rack prices.

Enviro Refinery’s pricing for its distributors will be based on the latest terminal rack pricing for re-sellers and wholesale customers. Enviro’s modest projections are based on $0.85 per liter (approximately $40$50 per barrel price of oil) to show how profitable the Company is during an oil crisis.

4.5 LOGISTICS Enviro’s distribution facility will be located at the front of the operation. The Company, like most refineries and bulk petroleum terminals/rack-fuel terminals, are not required to have distribution. Distribution is a part of the buyers’, wholesalers’ or retailers’ business model.

Gas Plus Inc. will focus on Enviro Refinery providing fuels for its existing fuel stations throughout Alberta and Saskatchewan, as well as supplying Gas Plus’s existing bulk clientele. With the help of Enviro Extreme Fuels, Gas Plus plans to expand its business exponentially.

In the event that Enviro Refinery did require logistics to and from its operation, Enviro’s will be located adjacent to a railway, as well as to Calgary’s future (triple lane) Peigan Trail Freeway, positioned directly on the offramp.

4.6 ENVIRO REFINERY MANUFACTURING 4.6.1 Overseas Manufacturing Enviro Refinery will provide the overseas pyrolysis manufacturer a 30% deposit to commence the construction of the first facility in conjunction with the CSA (Canadian Standards Association) approval.

The CSA approval can be applied to all future projects as Enviro expands its operations.

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Upon completion of a successful CSA-approved facility, a 67% deposit will be paid for each of 100-200 tons per day consumption facilities built. A pilot facility will be completed in a covered facility in one of the manufacturer’s operations in China. After this process, Enviro’s refinery will be dismantled, steamcleaned and prepared for shipping – the process taking about 2-3 months. The final 3% payment will be due upon completion and full operation of the facility in Canada.

MANUFACTURING TIMELI NE

Manufacturing ~ 6 Months

Pilot Testing ~ 3 Months

Shipping ~ 3 Months Facility Construction Complete and is Operational ~ 1-3 Months

4.6.2 United States Manufacturing By the popular request of Enviro Refinery funding groups, the Company has chosen to utilize worldwiderecognized, publicly-traded technology that is already operational in the United States. Enviro has secured quotations for two separate manufacturers with proven technology within currently operating facilities, to reduce the sulfur content in Enviro fuels to 5PPM, or under sulfur content fuels. Enviro Refinery requires this in order to produce Enviro Extreme Low Sulfur fuels.

Payment terms for the project are: MONTH 1 Down payment

MONTH 3 On receipt of basis of design document

MONTH 10 Upon receipt of the major equipment components at CML’s facility

20% 30% 40%

MONTH 16 At completition of fabrication prior to shipment (includes 5% held in escrow for performance guarantee

10%

The USA manufacturer of choice must have the manufacturing process Enviro’s facility witnessed monitored by CSA or SGS in order to achieve a CSA-approved manufacturing facility. Enviro Refinery has invited US manufacturers to bring their own crews to construct the first facility in Canada in accordance with CSA standards.

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5 BUSINESS MODEL & STRATEGY

5.1 ENVIRO REFINERY CALGARY STRATEGY Enviro Refinery seeks to complete its first fully operational facility within 12-18 months from date of Enviro Refinery share monetization. After the first Enviro Refinery goes into production, the Company will have ample cash flow to self-finance if desired, the second of three 400 mt per day expansion to its facilities in Calgary. Upon the success of the first Enviro Refinery facility in Calgary, Enviro may choose to finance a multi-city expansion. All preferred investors will be welcomed.

5.2 GROWTH STRATEGY AND LONG-TERM GOALS Enviro Refinery seeks to maintain a disciplined growth strategy and while utilizing cost-effective manufacturing to Canadian standards (CSA), allowing the Company to maintain consistent growth amid the expanding global need for recycling, emissions reductions and environmental improving solutions.

With the Company’s profitable waste conversion technology and the unaddressed concerns presented by governments, environmentalists and concerned citizens around the world, Enviro can become a pillar in the industry and leader in waste-to-energy initiatives.

Enviro will continuously increase production and cash flow by:    

 

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Meeting target growth and maintaining a healthy cash flow within each refinery in every city. This stacked growth strategy will enable lowered construction costs.

Upon completion of the second, third or 30th facility, Enviro Refinery will have the option to go public.

Enviro will utilize a high-quality manufactured end-product.

The Company will target market wholesale fuels (sold at rack pricing), to the public works division etc., of the City of Calgary via distribution partners, thus eliminating delivery costs through phases 1-3 of Enviro’s growth strategy.

Enviro will deploy effective risk management practices and financial controls.

Enviro will demonstrate financial flexibility through a strong balance sheet.

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6 MARKET & INDUSTRY ANALYSIS

6.1 WHY CANADA? EXAMINING ECONOMIC & SOCIAL FACTORS Canada’s economy continues to outperform those of most other industrialized countries. Driving this remarkable performance are a series of competitive advantages, such as low business costs and corporate tax rates, ready access to markets, a highly-skilled and educated workforce, strong public support for R&D and stable, robust financial institutions. Furthermore, Canada’s hunger for profitable green businesses that do not require subsidization by the government is exceptional. This makes Canada the ideal country to begin Phase 1 of the Enviro Refinery Calgary’s business model.

Among the G20 countries, Canada is the 5th best country for business according to Forbes.10 For seven consecutive years, the World Economic Forum had rated Canada’s banking system as the world’s soundest.11 Moreover, both the International Monetary Fund and the Organisation for Economic Cooperation and Development expect Canada to be among the strongest growing economies in the G-7 over this year and next. Finally, a 2016 KPMG report showcased Canada as the most tax competitive country for business globally.12 Canada's top international ranking is attributed to low corporate tax rates combined with moderate statutory labour costs, as well as low goods and services tax/harmonized sales tax.

6.2 ENVIRONMENTAL ANALYSIS Enviro Refinery’s distribution rights to this patented pyrolysis technology will be setting the stage for Enviro Refinery Calgary business model. The City of Calgary, as outlined in its 2017 climate program, plans to achieve a 20% lower emission than recorded in 2005 by 2020.

“Best Countries for Business.” Forbes. 2018.

“Canada has world's soundest bank system: WEF.” The Globe & Mail. 2018.

12 “Competitive Alternatives 2016: Focus on Tax.” KPMG. 2016.

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6.3 CALGARY EMISSIONS GOALS In order to achieve its goals, Calgary will need ambitious, efficient and effective emissions solutions – which Enviro was designed to achieve. The goal of the Calgary Community Greenhouse Gas Reduction Plan is to significantly reduce GHG emissions in Calgary while realizing other environmental, economic and social benefits. The proposed project involves citizens, organizations and governments alike.

6.3.1 Reduction Targets The plan outlines the actions and roles required to reduce emissions, meet the Calgary Climate Change Accord and imagine Calgary targets. These targets are also in line with the federal reduction target for 2020 and are similar to what other Canadian cities have committed themselves to achieve.

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6.4 CANADA’S LOW-EMISSIONS MANDATE Canada's annual greenhouse gas (GHG) emissions are expected to be between 697 and 790 megatonnes of carbon dioxide equivalent (mt CO2 eq) in 2030, without taking into account the contribution of the land use, land-use change and forestry sector. According to Canada's 2016 Greenhouse Gas Emissions Reference Case,

GHG emissions are projected to be 742 mt CO2 eq in 2030.13 These projections are based on historical data and actions taken by governments, consumers and businesses up to 2014, as well as the future impacts of policies and measures put in place as of November 1, 2016. Oil & Gas prices, as well as economic growth are key drivers of GHG emissions trends in Canada.

Because these drivers can be quite volatile, sensitivity analysis is presented through alternative scenarios (Low and High), reflecting different assumptions about oil and natural gas prices and production as well as different rates of economic growth.

HISTORICAL GREENHOUS E GAS EMISSIONS AND PROJECTIONS TO 2030 with policies and measures as of November 1, 2016, Canada, 2005 to 2030 850 800 750 700 650 600 550 CANADA’S TARGET

500 2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

MEGATONNES OF CARBON DIOXIDE EQUIVALENT

High emissions

Reference

Low emissions

The future level of GHG emissions in Canada depends on a number of factors, including the pace of expected economic and population growth, the development of energy markets and their influence on prices, technological change, consumer behaviour, and policies aimed at emissions reductions.

13

“Progress Towards Canada's Greenhouse Gas Emissions Reduction Target.” Environment and Climate Change Canada. 2018.

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6.5 MANAGEMENT OF WASTE PRODUCTS 6.5.1 Used Tires Tires are among the most problematic sources of waste. Used tires are highly durable, non-biodegradable and can consume valued space within landfills. Almost 300 million used tires are discarded annually in the United States alone.14 Tire stockpiles pose a great health and safety risk. Tire fires can occur easily, burning for months, creating substantial pollution in the air and ground. Recycling helps to reduce the number of tires in storage. An additional health risk, tire piles provide is harborage for vermin and a breeding ground for mosquitoes, that may carry diseases.

Tires are not desired at landfills due to their large volumes and 75% void space which quickly consumes valuable land space. Tires can trap methane gases, causing them to become buoyant, or bubble to the surface. This bubbling effect can damage landfill liners that have been installed to help keep landfill contaminants from polluting local surface and ground water. Most current used tire recycling facilities require subsidization, taking money out of the pockets of hard-working tax payers.

6.5.2 Plastics Plastic is composed of major toxic pollutants and has the potential to cause great harm to the environment in the form of air, water and land pollution.

HOW LONG UNTIL THEY’ RE GONE? Estimated Time Taken to Biodegrade

Simply put, plastic pollution is when plastic has gathered in an area and has begun to negatively impact the natural environment. It creates problems for plants, wildlife and even the human population. This often includes killing plant life and posing dangers to local animals. Plastic is an incredibly useful material, but it is also made from toxic compounds known to cause illness, and because it is meant for durability, it is not biodegradable.

Plastics upset the food chain, causing groundwater pollution, air pollution, and the death of wildlife. Land pollution occurs when plastic is dumped in landfills, interacting with water and in turn forming hazardous chemicals. When these chemicals seep underground, they degrade the water quality.

In recent years, plastics have greatly plagued the environment and the life it sustains. In a 2017 paper published in the journal Science Advances, industrial ecologist Dr. Roland Geyer, et al. calculated the total volume of all plastic ever produced to be 8.3bn tonnes.15 14 15

“Tire Recycling: Let's Burn Some Rubber!” The Spruce. Mar 2018.

“Production, use, and fate of all plastics ever made.” Science Advances. Jul 2017.

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Of this, nearly 6.3 billion tonnes is now waste, and 79% of that is in landfill or the natural environment.

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PLANET OR PLASTIC? The miracle material has made modern life possible. But more than 40% of it is used only once, and it is choking the world’s waterways.

In what many are calling a “waste crisis,” Canadian municipalities are already funding they have no place for their mounting trash to go – but into the landfill.

6.5.3 Used Motor Oil Motor oil picks up a variety of hazardous contaminants when used in engines and transmissions. These contaminants include: lead, cadmium, chromium, arsenic, dioxins, benzene and polycyclic aromatics. If used motor oil and the contaminants it contains are disposed of inappropriately and later released into the environment, they can harm humans, plants, animals, fish and shellfish.

In water, oil is a visible pollutant, floating as a scum on the surface. This oil scum can stop sunlight and oxygen from getting into the water, affecting fish and water plants. It can kill fish, amphibians (frogs, etc.) and other animals that breathe from the water's surface. Low temperature burning of used oil can create airborne pollutants that when inhaled into people's lungs can have adverse health effects.

Enviro Refinery lowers emissions while reducing unnecessary landfill overflow of products that can be toxic to both our above-ground and underground water supply.

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6.6 MSW PROFITABILITY AND WASTE MANAGEMENT 6.6.1 MSW Profitability In simplest terms, MSW (Mass Solid Waste) equates to everything inside the black garbage bag under the kitchen sink that gets filled throughout the house from day-to-day living. Enviro Refinery will be purchasing two 400 mt per day MSW separators. Enviro Refinery gets paid, a modestly averaged $100 per ton for accepting the MSW in replacement of landfill. These costs are regularly incurred by waste management companies. During the separation process, approximately 20% of waste plastics will be recycled into Enviro Extreme Petroleum products.

The balance of recyclable products in MSW are not included in the financial projections (available in Chapter 9 of this Business Plan), though they are a viable business on their own. For example: card board waste pays approximately $60 per metric ton and tins and other metals pay between $130-150 per metric ton – the balance of which is sold as compost. Compost retails in Calgary for approximately $40-$65 per cubic yard. There are approximately .40 tons (800 lb.) per cubic yard of compost and one imperial ton is equal to 0.907185 metric tonnes. As such, compost would then retail at $90-$150 per metric ton, allowing Enviro Refinery a wholesale sale amount of approximately $5-$15 per metric ton. This would enable Enviro Refinery to all but eliminate the need for landfills.

6.6.2 Waste Management Profits in the USA This statistic represents the revenue of the solid waste industry in the United States between 2000 and 2016. In 2016, the U.S. solid waste industry generated around 60 billion U.S. dollars in revenue.16 REVENUE OF THE SOLID WAST E INDUSTRY IN THE UNITED STATES FROM 2000 – 2016 (in Billion U.S. Dollars)

47.8

49.8

51.8

53.4

51.1

52.4

2009

2010

55

56.7

57.9

2013

2015

60

39.4

2000

16

2005

2006

2007

2008

2011

2016

“Revenue of the solid waste industry in the United States from 2000 to 2016 (in billion U.S. dollars).” Statista. 2017.

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6.6.3 Waste Collection Industry in Canada

$5Bn

2.8%

17,064

1,504

REVENUE

ANNUAL GROWTH

EMPLOYMENT

BUSINESSES

2013-2018

6.6.4 Gasoline Consumption in the United States In 2017, about 143.85 billion gallons (or about 3.40 billion barrels) of finished motor gasoline were consumed in the United States, resulting in a daily average of about 391.40 million gallons (or about 9.32 million barrels per day).17 The Energy Information Administration is forecasts gasoline consumption to be essentially unchanged in 2018, down from predicted growth of around 30,000 barrels per day (bpd) at the start of the year.18 If the prediction proves accurate, it will be the second year of little or no growth, after gasoline use surged by 140,000 bpd in 2016 and 257,000 bpd in 2015, corresponding with the slump in oil prices.

6.6.5 The US Moves to Diesel Lack of growth in gasoline contrasts with distillate fuel oil, where consumption in Q3 2018 was up by almost 75,000 bpd compared with 2017, spurred by rising industrial output and strong growth in freight.19 Manufacturing output was up by 2.8% in the year to July while mining output, which includes oil and gas drilling, rose by 12.9%.20 Distillate fuel oil and jet fuel accounted for essentially all the growth in fuel consumption in the United States in the Q3 period.

6.6.6 Alberta’s Diesel Consumption

Type of fuel sales

2013

2014

Net sales of gasoline Gross sales of gasoline Net sales of diesel oil Net sales of liquefied petroleum gas

41,449,632 42,902,507 17,893,224 510,168

41,418,428 42,651,789 18,118,660 635,009

Canada 2015 Litres 42,559,552 44,576,655 17,993,880 598,095

2016

2017

42,780,095 45,085,270 17,017,242 530,171

43,616,892 44,931,111 18,016,829 343,358

6.7 THE ENVIRO DIFFERENCE: THE RIGHT SOLUTION AT THE RIGHT TIME There are a number of key differentiating factors that give Enviro a competitive edge. In the context of Enviro Refinery Calgary: the city’s current technology (City of Calgary’s Green Fleet) utilizes 80% petroleum diesel to 20% biodiesel in the winter months and 95% petroleum diesel to 5% biodiesel in warmer summer months. This service fleet can now be replaced with 100% Enviro Extreme Low Sulfur Diesel fuel, while still maintain 100% biofuel status. Utilizing Enviro’s end-product will lower Calgary’s overall total emissions substantially, assisting the city and North America at large achieve their 2020 and 2050 emissions goals and targets.

“How much gasoline does the United States consume?” US Energy Information Administration. 2017.

“Short Term Energy Outlook.” US Energy Information Administration. Aug 2018.

19 “U.S. gasoline consumption flat, growth switches to diesel.” Reuters. Aug 2018.

20 Industrial production and capacity utilization.” Federal Reserve. August 2018.

17 18

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ENVIRO REFINERY BUSINESS PLAN

Enviro Refinery fills a market void in Alberta as it pertains to the utilization of waste products for biofuels.

While other organizations are producing biofuels from agricultural feedstock, e.g. (Canola Oil), Enviro is focused on utilizing previously petro-based waste products, such as rubber tires, plastics and used oil to produce low emissions fuel. This provides a combined environmental benefit of using inert waste material that is detrimental to the environment to produce new fuel, as well as reducing the landfill footprint and benefiting waste disposal challenges of municipalities.

6.8 HYDROGEN GENERATION AND EFFICIENCIES OF SCALE Enviro’s by-products are salable fertilizers (also not included in our modest projections). The Company also managed to regenerate the majority of its emissions back into Enviro’s facilities as a power source.

In the event that excess power is required, the Company’s power generators would run off EELSD – This makes Enviro Refinery self-sustainable. The natural gas line that runs adjacent to the property will not only be converted into energy for Enviro’s facility, it is also converted to hydrogen that is required by the hydrotreating facility.

Enviro’s facilities are fully automated, achieved by the Company’s unique recycling/refining process. This will ensure that all Enviro Refinery facilities have the ability to recycle its heat and emissions as a power source, making Enviro Refinery essential to environmental goals of the future. This also enables Enviro to receive carbon credits from existing government programs.

Enviro Refinery will assist in forever reversing the negative environmental impacts that human nature has attributed to globally.

The Company will provide each community/city with the choice of making a difference in their recycling/environmental processes, so that they may achieve the green standards they could previously only dream of.

By utilizing nano-carbon reduction, energy regeneration, oil purification, oil crash catalysts, microemulsion fuel, ethanol gasoline, diesel oil, base oil, lube oil, shale oil and ethyl alcohol, Enviro’s dedicated research development team will be behind the Company’s cutting-edge environmental recycling facilities.

Enviro’s facilities will be a constant source of self-improvement, consistently improving how emissions can be converted into efficient energy sources. Later adding solar power to the roof of every Enviro building & wind turbines, thus allow Enviro to provide power to the City Grid, and again allowing an additional revenue stream for Enviro.

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6.9 ENVIRO’S FUTURE IS A CARBON NEGATIVE FOOTPRINT 6.9.1 Enviro’s Hydrogen Generation Facility

Enviro’s Modular Constructed Steam Reforming Hydrogen Gas Generating Plant that will generate 2190Nm³/hr (2.0MMSCFD) of hydrogen gas from a Natural Gas feedstock. The plant incorporates the latest design technology and more than forty years' experience in design, construction and operation of hydrogen plants. Emphasis has been placed on the system’s design, material selection and construction methods to ensure minimum maintenance and downtime, to maximize plant life and to meet and/or exceed industry standards and governmental codes and regulations. The PSA System is fully integrated into the hydrogen plant and is designed and optimized to meet required flow and purity requirements.

Utilizing natural gas as raw material ensures low prices and high production rate of hydrogen gas. Through PSA for H2 purification, the production cost is further lowered. Meanwhile, PSA technology is featured with a simple process, high level of automation and high purity of hydrogen product (99.999% volume.)

This enables Enviro to meet and or exceed all governmental hydrogen fuel cell requirements.

6.9.2 Carbon Capture and Removal By 2050, the transportation industry will run on an energy mix unlike that of today: low-carbon energy sources, renewable fuels and innovative technologies are going to be required to power the sector, preserve affordable mobility, and meet the emissions reductions targets agreed to in the COP21 Paris Accord in an effort to avoid climate risk.

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ENVIRO REFINERY BUSINESS PLAN

Carbon Engineering’s (CE’s) Air to Fuels™ technology provides a tool to significantly reduce the carbon footprint of the transportation sector by recycling atmospheric CO₂ into liquid fuel and displacing crude oil. It gives an ability to harness low-carbon electricity such as Solar Photovoltaic (PV) and material inputs of water and air to generate fuels that are compatible with today’s infrastructure and engines.

This technology significantly complements electric vehicles in the quest to deliver carbon-neutral 21st century transportation. While short-haul transportation is amenable to electrification, longer-haul transport, as well as marine and air travel, require the high energy density of liquid fuels (liquid fuels such as diesel have an energy density 30 times greater than today’s best batteries.)

6.9.3 The Benefits of Fuel Carbon Engineering’s technology has several intrinsic advantages to offer in eliminating fossil carbon dioxide emissions from the transportation sector.

“A commercial negative-emissions plant by Carbon Engineering would occupy 30 acres of land and scrub one megaton of CO2 from the atmosphere per year, which is equivalent to planting 40 million trees.”

– CE, 2019.

Through the latest funding round, Carbon Engineering is adding Thomvest Asset Management, chaired by Canadian billionaire Peter Thomson, as well as several Silicon Valley venture capital funds to its shareholder list, which had previously included Microsoft founder Bill Gates21.

21

“Billionaires back Canadian company to build first ‘negative emissions’ plant.” Financial Post, Mar. 2019.

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6.9.4 Carbon Capture and Use: Global Thermostat Another revolutionary technology is that of Global Thermostat (GT), in that it works equally well at capturing CO2 from power plants and industrial flues as it does capture CO2 directly from the air anywhere.

Other carbon capture technologies generally only work economically when sucking on the rich CO 2 streams emitting from an industrial smokestack. But GT can also economically extract CO2 directly from the air, making it affordable, reliable, and abundantly available for use practically anywhere.

PURE AIR EMBODIMENT In a pure air embodiment, GT plants capture CO2 directly from the atmosphere at low concentrations. They can also be carbon negative.

They co-locate with industrial facilities, or solar farms, to utilize their residual process heat to run the carbon capture operations.

CARBURETED EMBODIMENT In a carbureted embodiment, GT plants co-locate with industrial facilities to utilize their residual heat, and capture concentrated CO2 from those facilities’ smoke stacks. GT blends that CO2 with atmospheric air, and can capture significantly more CO2 than is being emitted. By capturing this additional atmospheric CO2, the system can be carbon negative. This model produces the lowest cost CO2 per tonne.

SELF-CARBURETED EMBODIMENT Self-carbureted embodiments are truly stand-alone: they burn fuel in GT’s own gas turbines, generating the heat and electricity needed to capture their own emissions while also capturing CO2 from the atmosphere, remaining carbon negative.

6.9.5 Global Thermostat Cost per Ton Global Thermostat is positioned to be one of the first companies in the world to demonstrate how carbon capture can be done practically and profitably. While GT’s current plant produces carbon dioxide at $150 per ton, the company is getting ready to build its next iteration, which is said to reduce the cost to $100, a mere factor of two above its goal of $5022. Considering that the costs of solar cells have come down by a factor of 100 since 1977, one can see why the company is confident that they’ll hit their target.

6.9.6 The United Nations Targets Climate Change The United Nation’s (UN’s) Intergovernmental Panel on Climate Change convened in South Korea to present a special report on the climate situation on the planet, stating that the world needs to spend US$2.4 trillion every year until 2035 to slow down the effects of climate change23.

22 23

“The Fizzy Math of Carbon Capture.” Grist, Oct. 2018.

“UN Puts $2.4 Trillion Annual Price Tag On Mitigating Climate Change.” Oilprice.com, Oct 2018.

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ENVIRO REFINERY BUSINESS PLAN

6.9.7 Enviro’s Opportunity to Achieve a Negative Carbon Footprint A key factor in Enviro’s ability to convert its carbon from its carbon capture facility, into emissions neutral biofuels is the hydrogen produced by the company’s onsite natural gas to hydrogen generation facility. By utilizing the Fischer–Tropsch process created in 1925 (a series of chemical reactions that convert a mixture of carbon monoxide and hydrogen into liquid hydrocarbons), Enviro is able to convert its carbon into carbon neutral biofuels. Enviro operations that are located closer to waterways will be utilizing water to hydrogen generation technology to produce its hydrogen. This same Enviro hydrogen will fuel hydrogen fuel-celled vehicles that emit zero emissions.

Simultaneously, the Company’s hydrogen generation facility will economically feed Enviro’s hydrotreater that helps produce Enviro’s waste to low emissions biofuels or Enviro Extreme Low Sulfur Diesel (EELSD™.)

As such, the process will enable a negative carbon footprint for Enviro’s future.

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7 GOVERNMENTAL TAX CREDITS, GRANTS AND INCENTIVES

7.1 ALBERTA BIO-ENERGY PRODUCERS’ PROGRAM In addition to Enviro’s already profitable fuel sales margins, the Government of Alberta reaffirmed its support of biodiesel. Enviro Extreme Low Sulfur Diesel fits the qualification for this program, which will pay the Company CAD $0.13 per litre, improving Enviro’s bottom line.

7.2 EMISSIONS REDUCTION ALBERTA (ERA) Emissions Reduction Alberta (“ERA”) is making $70 million in funding available to help accelerate the deployment and adoption of leading technologies that reduce greenhouse gas (GHG) emissions and improve cost competitiveness across Alberta’s industrial sectors. This funding will support Alberta’s large emitters subject to the Carbon Competitiveness Incentive Regulation (CCIR). ERA is offering up to $10 million per project, and as much as 50% of a project’s eligible expenses.

7.3 ENVIRO UNIQUE ADVANTAGES

1

2

1

Advanced Technology

Locational Advantage

2

3

4

3 4

Low OPEX

Low Capital Cost

Enviro is not dependent on incentives or subsidies, given the Company’s unique advantages, including:  Multi-feedstock capability, as well as advanced technological capabilities;  Site is adjacent to rail spur, close proximately to land fill;  Seventh-generation Pyrolysis in combination with cutting-edge technology operating in Alberta; and  Low capital cost infrastructure and qualified talent, due to current economic conditions in Alberta.

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ENVIRO REFINERY BUSINESS PLAN

8 BUDGET RISK MITIGATION STRATEGIES

8.1 DELAYED START-UP INSURANCE Currently, Cover Premiums are a work in progress, but will be significantly less than anticipated. The new program will allow Enviro up to a 6-month construction delay, safeguarding the Company from any potential delays into production:  Builders’ Risk Policy: covers the typical insured insurable loss while the facility is being built (i.e. fire, etc.);  Equipment Breakdown Coverage: attached to the Builders Risk policy;  Testing & Commissioning Coverage: attached to the Equipment Breakdown policy;  Delayed Start Up Income Coverage: tied to the Builders’ Risk, Equipment Breakdown & Testing/Commissioning coverage;  Project Professional (E&O) Liability Coverage: this would cover the professional exposures related to items such as design failures. There are a number of issues with relying solely on the contracted engineers E&O coverage (i.e. their liability may well be limited to the value of the contract, may not cover resulting damages and/or losses including income loss, having to deal with thirds party insurers, etc.) As such, having a Project E&O wraps up all the Professional exposures into one policy for the project as whole;  Wrap-Up Liability Policy: This is essentially a Commercial General Liability policy, designed to cover physical bodily injury & property damages to third parties due to the project as a whole.  Performance, Labor & Materials Surety Bond: should be placed to cover off the contractor delay exposure (i.e. contractor hired complete the build doesn’t complete or can’t complete for some reason.)

8.2 OPERATING LINE OF CREDIT Upon completion of Enviro’s Land Earthworks, Enviro will be requesting a $6,000,000 operating line of credit from its financial partners for risk mitigation purposes.

8.3 BUDGETARY CUSHION Multiple quotations where received by Enviro’s team. The Company chose to input the highest quotations amounts into its financials for overage allowances. Because of this modest budgeting, Enviro has $6,000,000 beginning cash for operating purposes. This excludes the early cash flow from used oil production or storage revenues. The Company’s burn rate upon Month 18, after construction completion allowing full production, is approximately $2,000,000 per month. Enviro has again a mitigated risk plan as well as a phased burn rate plan in place.

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8.4 EARLY CASH FLOW Aside from Enviro’s modest projections, during Month 12 of 18, Enviro intends to start producing EELSD from a used oil feedstock, to offset any unforeseen manufacturing costs and move itself into an early cash flow position. This will enable the Company to earn an approximate $1,500,000 per month in net profit.

8.5 BUILDERS’ MORTGAGE Builders’ Mortgage will be interest only. The first payment is due three months after the facility is completed and in production.

8.6 OPERATING COSTS, SCALED BASED ON PRODUCTION Due to the Mortgage Builder Interest Only phase in Month 12, Enviro is able to start producing EELSD from high yielding used oils, earning itself an approximate $1.5 million per month in net profits. The balance of production increase and need for operating capital will be phased with Enviro’s growth requirements, thus allowing the Company to be safeguarded from running out of operating cash flow as the balance of production is ramped up.

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ENVIRO REFINERY BUSINESS PLAN

9 ENVIRO CASH FLOW

9.1 PURCHASE OF UNDERVALUED LAND Enviro’s purchase of additional undervalued raw land provides early revenue stream. This land purchase also improves the Company’s net equity position by approximately $10-$15 including building. Enviro only needs to utilize approximately 15 of its 40 acres prior to tripling its production.

Cost of land development for the 15 acres would be approximate $1.25 million with ten inches of compacted gravel. The balance of the property will only require compaction of approximately 1 inch of gravel, increasing Enviro’s budget by only an additional $750,000 with fencing and enabling the Company to take on a revenue stream by Month 3-4 by operating a storage facility on its other 25 acres. This operation will eventually move due to Enviro’s production expansion within the first year of cash flow.

Other land within a reasonable proximity will be purchased in the same fashion, and allocated for the storage facility phased growth and/or transitioned move of storage operation, allowing for a continued revenue stream.

9.1.1 Comparable Calgary Outdoor RV, Boat & Vehicle Storage Land Area (L x W)

Monthly Rate

Ideal For:

11’ x 20’

$49.00

Small and Medium Vehicles & Boats, Small Trailers and RV’s

11’ x 30’

$59.00

Medium Vehicles & Boats, Medium Trailers and RV’s

11’ x 40’

$69.00

Large Vehicles & Boats, Large Trailers and RV’s

9.1.2 Comparable Calgary Residential & Commercial Self-Storage Containers Container Size (L x W)

Monthly Rate

Interior Dimensions (L x W x H)

Storage Volume

Ideal For:

8’ x 10’

$99.00

9’4” x 7’5” x 7’10”

570 ft.3

Household Goods, Sporting Goods, Extra Storage

8’ x 20’

$149.00

19’5” x 7’8” x 7’10”

1,150 ft.3

8’ x 40’

$249.00

39’5” x 7’8” x 7’10”

2,350 ft.3

Storage for Small Households, Oversize Furniture Documents, Industrial Supplies, Marketing & Trade Show Materials Storage for Large Households Retail Goods Warehousing, Industrial Supplies, Construction Materials

ENVIRO REFINERY BUSINESS PLAN

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9.2 SCALED SITE PLAN The site plan is approximately 1/10 of the size projected.

UNIT MIX Label B D E Q O NK OFF Total

Unit Size 8 x10 8 x 20 8 x 40 11 x 20 11 x 30 11 x 40 30 x 300

# of Units 41 47 42 2 25 27

Square Feet 3,300 ft.2 7,520 ft.2 13,440 ft.2 8,400 ft.2 15,000 ft.2 900 ft.2

Monthly Revenue $4,059 $7,003 $10,483 $99 $1,475 $1,863

184

48,560 ft.2

$24,957 (x10 – scale)

9.3 ENVIRO STORAGE FOR EARLY CASH FLOW     

10% Capacity: $24,957/month 20% Capacity: $49,914/month 30% Capacity: $74,871/month 40% Capacity: $99,828/month 50% Capacity: $124,785/month

Enviro storage income assists in offsetting monthly mortgage payments. Once the Company is in full production, the storage income will assist in paying the total monthly Builders’ Mortgage.

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ENVIRO REFINERY BUSINESS PLAN

10 FINANCIAL PROJECTIONS

10.1 ASSUMPTIONS Revenue Assumptions 2019 Total Sales

$

Total Sales

-

$

Cost of Goods Sold Direct Labor Production Costs Feedstock @ .25/ltr Total Cost of Goods Sold Gross Margin

$ $ $

$

-

$

-

$ $

2020 61,528,486 61,528,486

$ $ $ $

385,800 4,008,999 4,394,799

$

57,133,686

$ $

2021 92,292,728 92,292,728

$ $ $ $

925,920 9,621,598 10,547,518

$

81,745,210

$ $

2022 115,365,910 115,365,910

$ $ $

$ $

2023 184,585,457 184,585,457

$

925,920 9,621,598 10,547,518

$ $ $ $

925,920 9,621,598 10,547,518

$

104,818,393

$

174,037,939

Ongoing Business Expenses Expenses Marketing Overseas Mfg - Annual Spare Parts Cost USA Mfg - Annual Spare Parts Cost CSA & Travel - Expenses Plant Operations & Maintenance - O-MFG Plant Operations & Maintenance - U-MFG Plant Operations Security Waste Management Insurance - Equipment Insurance Safety / HSE SG&A Accounting Fees Office Management Benefits WCB Legal Fees Pre-Cash Flow (salary & Oper Exp) Site Utilities Catalyst Hydrogen Total Operating Costs

2019

$

$ $ $

-

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

-

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2020 23,113 297,917 159,534 3,102,500 182,318 91,250 54,400 6,250 150,000 120,833 76,673 75,000 500,000 175,000 53,852 80,000 500,000 200,000 13,131,596

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2021 55,471 715,000 382,883 7,446,000 437,562 219,000 130,560 15,000 360,000 290,000 184,015 180,000 1,200,000 420,000 129,245 192,000 1,200,000 480,000 21,319,692

2022 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

55,471 715,000 382,883 7,446,000 437,562 219,000 130,560 15,000 360,000 290,000 184,015 180,000 1,200,000 420,000 129,245 192,000 1,200,000 480,000 21,319,692

2023 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

55,471 715,000 382,883 7,446,000 437,562 219,000 130,560 15,000 360,000 290,000 184,015 180,000 1,200,000 420,000 129,245 192,000 1,200,000 960,000 21,799,692

ENVIRO REFINERY BUSINESS PLAN

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10.2 CAPITAL REQUIREMENT AND USE OF PROCEEDS USE OF PROCEEDS

Capital Requirement 2018-2019

Office & Admin $1,020,000

2020

Building & Equipment Total Major Purchases $ 48,776,427 Subtotal $ 48,776,427

$ 12,331,733 $ 12,331,733

Office & Admin CSA & TRAVEL EXPENSES $ Pre-Cash Flow (salary & Oper Exp) $ Subtotal $

120,000 900,000 1,020,000

Total $ 49,796,427

$

-

Building & Equipment $48,776,427

$ 12,331,733

10.3 REVENUE SUMMARY Revenue Summary 2019 Total Revenues Total COGS Operating Expenses Operating Income

2020

$ $ $ $

-

2021

$ 61,528,486 $ 4,394,799 $ 13,131,596 $ 44,002,090

$ $ $ $

2022

92,292,728 10,547,518 21,319,692 60,425,519

$ $ $ $

2023

115,365,910 10,547,518 21,319,692 83,498,701

$ $ $ $

184,585,457 10,547,518 21,799,692 152,238,247

10.4 RETURN ON INVESTMENT Profitability and ROI 2019 Revenue Gross Margin Gross Margin (%) Net Income Net Profit Margin (%) Initial Investment 5-Year ROI 5-Year Annualized ROI

$ $

-

$ $

$

-

$

$

2020 61,528,486 57,133,686 93% 33,572,121 55%

62,128,160 0% 34%

54%

$ $ $

2021 92,292,728 81,745,210 89% 46,710,864 51% 75%

$ $ $

2022 115,365,910 104,818,393 91% 65,169,410 56%

$ $ $

105%

193%

5-YEAR ROI 193%

105% 54%

75%

0% 2019

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2020

ENVIRO REFINERY BUSINESS PLAN

2021

2022

2023 184,585,457 174,037,939 94% 120,161,047 65%

2023

10.5 INCOME STATEMENT Income Statement 2019

2020

2021

2022

2023

Revenues Total Sales Total Revenues

$ $

-

$ $

61,528,486 61,528,486

$ $

92,292,728 92,292,728

$ $

115,365,910 115,365,910

$ $

184,585,457 184,585,457

Direct Labor Production Costs Feedstock @ .25/ltr Total Cost of Goods Sold

$ $ $ $

-

$ $ $ $

385,800 4,008,999 4,394,799

$ $ $ $

925,920 9,621,598 10,547,518

$ $ $ $

925,920 9,621,598 10,547,518

$ $ $ $

925,920 9,621,598 10,547,518

$

-

$

57,133,686

$

81,745,210

$

104,818,393

$

174,037,939

Marketing Overseas Mfg - Annual Spare Parts Cost USA Mfg - Annual Spare Parts Cost CSA & Travel - Expenses Plant Operations & Maintenance - O-MFG Plant Operations & Maintenance - U-MFG Safety / HSE SG&A Accounting Fees Office Management Benefits Catalyst Hydrogen Debt Repayments Operating Expenses

Gross Profit

$ $ $

-

$ $ $ $ $ $ $ $ $

-

$ $ $ $ $ $ $ $ $ $ $ $ $

23,113 297,917 159,534 3,102,500 182,318 120,833 76,673 75,000 500,000 175,000 200,000 7,282,956

$ $ $ $ $ $ $ $ $ $ $ $ $

55,471 715,000 382,883 7,446,000 437,562 290,000 184,015 180,000 1,200,000 420,000 480,000 7,282,956

$ $ $ $ $ $ $ $ $ $ $ $ $

55,471 715,000 382,883 7,446,000 437,562 290,000 184,015 180,000 1,200,000 420,000 480,000 7,282,956

$ $ $ $ $ $ $ $ $ $ $ $ $

55,471 715,000 382,883 7,446,000 437,562 290,000 184,015 180,000 1,200,000 420,000 960,000 7,282,956

$

-

$

13,131,596

$

21,319,692

$

21,319,692

$

21,799,692

Operating Income

$

-

$

44,002,090

$

60,425,519

$

83,498,701

$

152,238,247

Depreciation Pre-tax Income Income Tax Net Income

$ $ $ $

-

$ $ $ $

2,036,939 41,965,152 8,393,030 33,572,121

$ $ $ $

2,036,939 58,388,580 11,677,716 46,710,864

$ $ $ $

2,036,939 81,461,762 16,292,352 65,169,410

$ $ $ $

2,036,939 150,201,308 30,040,262 120,161,047

GROSS REVENUES & NET INCOME Total Revenues

Net Income

$200,000,000 $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $2019

2020

2021

2022

2023

ENVIRO REFINERY BUSINESS PLAN

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10.6 BALANCE SHEET Balance Sheet Pre-Launch Cash

2019 $

-

$

2020 35,609,060

2021 84,356,863

$

$

2022 151,563,211

2023 273,761,196

$

Accounts Receivable

$

-

$

-

$

-

$

-

$

-

$

Inventory

$

-

$

-

$

-

$

-

$

-

$

Other Operating Total Current Assets Capital Expenditures Depreciation Total Fixed Assets Other Assets Amortization Total Intangible Assets Total Assets

$ $ $ $ $ $ $ $ $

Accounts Payable Total Current Liabilities

$ $

Long-Term Liabilities

$

34,170,488

$

34,170,488

$

34,170,488

$

34,170,488

$

34,170,488

$

34,170,488

Total Long-Term Liabilities Total Liabilities

$ $

34,170,488 34,170,488

$ $

34,170,488 34,170,488

$ $

34,170,488 34,170,488

$ $

34,170,488 34,170,488

$ $

34,170,488 34,170,488

$ $

34,170,488 34,170,488

$ $ 27,957,672 $ $ $ 27,957,672 $62,128,160

$ $ $ $ $ $

27,957,672 27,957,672 62,128,160

$ $ $ $ $ $

27,957,672 33,572,121 61,529,793 95,700,281

$ $ $ $ $ $

27,957,672 80,282,985 108,240,657 142,411,145

$ $ $ $ $ $

27,957,672 145,452,395 173,410,067 207,580,555

$ $ $ $

27,957,672 265,613,442 293,571,113 327,741,601

Shareholders' Equity APIC Capital Stock Other Financing Retained Earnings Total Equity Total Liability & Equity

1,020,000 1,020,000 61,108,160 61,108,160 62,128,160 -

$ $ $ $ $ $ $ $ $

1,020,000 1,020,000 61,108,160 61,108,160 62,128,160

$ $

-

$ $ $ $ $ $ $ $ $

1,020,000 36,629,060 61,108,160 2,036,939 59,071,221 95,700,281

$ $

-

$ $ $ $ $ $ $ $ $

1,020,000 85,376,863 61,108,160 4,073,877 57,034,282 142,411,145

$ $

$ $ $ $ $ $ $ $ $

-

1,020,000 152,583,211 61,108,160 6,110,816 54,997,344 207,580,555

$ $

$ $ $ $ $ $ $ $ $

-

1,020,000 274,781,196 61,108,160 8,147,755 52,960,405 327,741,601

$ $

$ $

-

BALANCE SHEET OVERVIEW

44 |

ENVIRO REFINERY BUSINESS PLAN

$293,571,113

$173,410,067

$207,580,555

$327,741,601

Total Equity

$34,170,488

$34,170,488

$108,240,657

$142,411,145

2020

$61,529,793

$95,700,281

$34,170,488

$27,957,672

$34,170,488

2019

Total Liabilities

$34,170,488

PRE-LAUNCH

$62,128,160

$27,957,672

$34,170,488

$62,128,160

Total Assets

2021

2022

2023

10.7 CASH FLOWS Cash Flow Statement 2019

2020

2021

Operating Activities Net Income Depreciation Amortization Subtotal Operating Cash flow

$ $ $ $ $

-

$ $ $ $ $

Capital Expenditures Other Assets Spending Cash after Investing

$ $

-

$ $

-

$ $ $

-

$ $ $

-

$ $

-

$ $

-

$ $ $

-

$ $ $

Other Long-Term Debt Dividends Paid Increases in APIC Capital Stock Other Financing Cash after Financing Beginning Cash Cash Flow Year End Cash

33,572,121 2,036,939 35,609,060 35,609,060

$ $ $ $ $

35,609,060 35,609,060

2022

46,710,864 2,036,939 48,747,803 48,747,803

$ $ $ $ $

2023

65,169,410 2,036,939 67,206,348 67,206,348

$ $ $ $ $

120,161,047 2,036,939 122,197,985 122,197,985

$ $ $

-

$ $ $

-

$ $ $

-

$ $ $ $ $ $

-

$ $ $ $ $ $

-

$ $ $ $ $ $

-

$ $ $

35,609,060 48,747,803 84,356,863

$ $ $

84,356,863 67,206,348 151,563,211

$ $ $

151,563,211 122,197,985 273,761,196

10.8 BENCHMARKS AND BREAKEVEN ANALYSIS Benchmarks & Break Even Analysis 2019 Revenues COGS Fixed Costs Variable Costs EBIT BE % Break Even

$ $ $ $ $

2020 -

2021

$ 61,528,486 $ 4,394,799 $ 9,220,565 $ 3,911,031 $ 44,002,090 17.32% $10,659,509

2022

$ 92,292,728 $ 10,547,518 $ 11,933,216 $ 9,386,475 $ 60,425,519 16.49% $15,220,679

$ $ $ $ $

2023

115,365,910 10,547,518 11,933,216 9,386,475 83,498,701 12.50% $14,425,849

$ $ $ $ $

Average

184,585,457 10,547,518 12,413,216 9,386,475 152,238,247 7.54% $13,916,058

$ 90,754,516 $ 7,207,471 $ 97,961,987 $ $ 68,032,911 13.46% $12,220,043

BREAK EVEN ANALYSIS

2019

2020

2021

$115,365,910

$184,585,457

Break Even

2022

$13,916,058

$14,425,849

$15,220,679

$92,292,728 $10,659,509

$0

$-

$61,528,486

Revenues

2023

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10.9 RATIOS ANALYSIS Ratio Analysis 2019 Working Capital Current Ratio

$

Net Profit Margin Return On Assets (ROA) Operating Income Margin Return On Equity Gross Profit Margin Debts To Assets Capitalization Debt To Equity Debt To Working Capital Cash Turnover Sales To Assets Fixed Asset Turnover

1,020,000

0.00% 0.00%

55.0% 55.0% 122.2% 3350.0%

0.0 0.0

2020 Liquidity Ratios 36,629,060 $

$

2021

2022

85,376,863

Profitability Ratios 54.6% 35.1% 71.5% 54.6% 92.9% Financial Leverage Ratios 35.7% 35.7% 55.5% 93.3% Efficiency Ratios 1.7 0.6 1.0

$

2023

152,583,211

$

274,781,196

50.6% 32.8% 65.5% 43.2% 88.6%

56.5% 31.4% 72.4% 37.6% 90.9%

65.1% 36.7% 82.5% 40.9% 94.3%

24.0% 24.0% 31.6% 40.0%

16.5% 16.5% 19.7% 22.4%

10.4% 10.4% 11.6% 12.4%

1.1 0.6 1.5

0.8 0.6 1.9

0.7 0.6 3.0

10.10 SENSITIVITY ANALYSIS Sensitivity Analysis 1 Revenue COGS Operating Expenses Revenue COGS Operating Expenses Operating Income

Sensitivity Analysis 2

110% 100% 100% $ $ $ $

Revenue COGS Operating Expenses -

Operating Profit %

Revenue COGS Operating Expenses Operating Income

-

Sensitivity Analysis 4

100% 90% 90% $ $ $ $

Operating Profit %

46 |

$ $ $ $

Operating Profit %

Sensitivity Analysis 3 Revenue COGS Operating Expenses

Revenue COGS Operating Expenses Operating Income

100% 110% 110%

ENVIRO REFINERY BUSINESS PLAN

Revenue COGS Operating Expenses -

Revenue COGS Operating Expenses Operating Income Operating Profit %

110% 90% 90% $ $ $ $

-

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