OAKVILLE, Ontario, March 20, 2017 (GLOBE NEWSWIRE) -- Saint Jean Carbon Inc. (“Saint Jean” or the “Company”) (TSX-V:SJL) (OTCQB:TORVF), a carbon sciences company engaged in the design and build of green energy storage, green energy creation and green re-creation through the use of carbon materials. The Company is pleased to provide an update with respect to the anode material order (the “Order”) described in the press releases dated February 28, 2017 (the “February 28 Press Release”) and March 3, 2017 (the “March 3 Press Release”). The Company has received numerous requests for details regarding the Order and the offtake agreement described in the February 28 Press Release and the March 3 Press Release.
The February 28 Press Release announcing the Order included a comment by Paul Ogilvie, CEO, stating among other things, that, “After more than two years of working on material specifications, sampling and reworking, we could not be more pleased than to finally ship finished material to our customer. The order is part of an offtake agreement to supply multiple tonnes of anode material monthly for a number of years.” The March 3 Press Release clarified that the proposed offtake agreement had not been entered into with Panasonic, the Order is nominal in size and value, and that the reference to the Order being a “part of an offtake agreement” was referring to the fact that the supply of the re-engineered carbon material (the “Anode Material”) pursuant to the Order was based upon the procedures and timelines contained in a proposed offtake agreement.
At the time of the March 3 Press Release, the Company was proceeding on the basis that Panasonic and Saint Jean were working together to finalize the proposed offtake agreement. The Company was informed by regulatory authorities on March 8, 2017 that Panasonic had advised them that it was considering cancelling the Order and that Panasonic did not intend to enter into the Company’s proposed offtake agreement. This information was inconsistent with the Company’s understanding of the business relationship with Panasonic at the time. The trading of Saint Jean’s stock was promptly halted and the Company took steps to seek clarification from Panasonic with respect to its intentions in this regard. On or about March 15, 2017, Panasonic confirmed the Order, requesting that the Company provide a 5 kg (approximately 11 lbs) sample of Anode Material for testing of its suitability for use in batteries. The Company has already sourced the raw carbon material from a third party supplier, has completed the necessary milling and refining of the raw carbon material to make the Anode Material, and is in the process of completing the certification and analysis of the Anode Material required to meet Panasonic’s specifications under the Order. The Company anticipates that the Anode Material will be shipped to Panasonic on or about April 17, 2017.
On or about March 13, 2017, Panasonic advised the Company that it will not sign the Company’s proposed form of offtake agreement. When Panasonic reconfirmed its Order by email dated March 15, 2017, it also confirmed that in case of mass purchase of Anode Material from Saint Jean, Panasonic will do so under its own form of standard purchasing agreement. Even though Panasonic is proceeding with the Order, there can be no assurance that Panasonic will proceed with a large purchase of Anode Material from the Company, nor that Panasonic will enter into any other type of commercial agreement or arrangement with Saint Jean.
Trading of the Company’s shares was halted on March 9, 2017 and has remained halted since then. The Company is in discussions with the TSX Venture Exchange regarding the date that trading will resume.
About Saint Jean Carbon
Saint Jean is a publicly traded carbon science company, with specific interests in energy storage and green energy creation and green re-creation, with holdings in graphite mining and lithium claims in the province of Quebec in Canada. For the latest information on Saint Jean’s properties and news, please refer to the website: http://www.saintjeancarbon.com/
On behalf of the Board of Directors
Saint Jean Carbon Inc.
Paul Ogilvie, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Saint Jean’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, “intends”, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’.
These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. Such forward-looking statements include those with respect to the Company’s intention to ship and complete the order by April 17, 2017, the expectation that the supplied Anode Material will meet Panasonic’s specifications for such material, and the nature of any continuing relationship with Panasonic. There can be no assurance that even if the Anode Material meets Panasonic’s specification, Panasonic will enter into any commercial agreement or arrangement with Saint Jean.
These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. There are risks which could affect Saint Jean’s ability to satisfy the requirements of the order, and the future results of the Company which could cause actual results to differ materially from those expressed in these forward-looking statements including negotiation failure or delay, the impact of general global economic conditions and the risk that they will deteriorate, industry conditions, including fluctuations in the price of raw materials and the risk that they will increase, that required consents and approvals from regulatory authorities will not be obtained, liabilities and risks inherent in Saint Jean’s operations, technical problems and equipment failure.
Statements of past performance should not be construed as an indication of future performance. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement.
All of the forward-looking statements made in this press release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Saint Jean assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.
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