NewsCALGARY, Alberta, April 27, 2020 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. (the Company or Titanium) (TSX-V: TIC) today released its results for the year ended December 31, 2019. The Company also confirms that it will hold its annual and special meeting (the "Meeting") as a virtual only meeting via live audio webcast online at https://web.lumiagm.com/242557530 on Thursday, June 25, 2020 at 10:00 a.m. (Toronto time). In early 2020, two major world events, the COVID-19 pandemic and the collapse of oil prices, have introduced unprecedented uncertainties for many industries and the global economy, which are affecting commodity prices and market demand. This includes sectors directly related to the Company including Canadas oil sands industry, the global minerals sands industry and the Alberta and Canadian economies. The duration and extent of the impact of these events is not known but could affect the progress and timing of the Companys CVW Horizon Project (the Project). The Company with Canadian Natural Resources Limited ("Canadian Natural") were working towards a joint decision on the commercial project following the completion of the front end engineering design (FEED) phase of the Project. However, the Company and Canadian Natural have determined that further engineering work is required related to post-FEED optimization in areas which have the potential to reduce costs and increase efficiency. During the first half of 2020, the Company and Canadian Natural have been working to plan and execute the post-FEED engineering review for optimization of the Project. In parallel, the Company has been working with Alberta and Federal funding agencies to contract funding for the detailed engineering phase of the Project. "During 2019, our Company completed significant milestones toward commercialization of our Project including the FEED, the award of $50 million of additional government grant funding toward the engineering, procurement and construction phases of our Project and further measures to strengthen our balance sheet and add expertise to our Board. The COVID-19 pandemic and dramatic decline of world crude oil demand and prices which occurred in the first quarter of 2020, and remain ongoing, have introduced unprecedent uncertainties for many industries and in particular have had a very negative impact on the Alberta and Canadian economies and, in particular, the oil sands industry. The duration and severity of these impacts have caused the oil sands industry to reduce capital spending and will impact the timing of new projects, including the Project, commented Scott Nelson, Titaniums President and Chief Executive Officer. We believe our CVW technology will provide important environmental and economic benefits that will assist with the recovery of a resilient and sustainable energy industry in Alberta and Canada. Our team continues to work with our industry partner, Canadian Natural, and the various government funding agencies toward advancing our Project as conditions improve. Certain highlights for the three and twelve-month periods ended December 31, 2019 are set out in more detail below: During 2019, the Company conducted technical marketing programs including meeting with potential minerals processors and customers, visiting their facilities and providing minerals samples for customer testing. These activities are largely suspended due to the COVID-19 pandemic and will be resumed when the relevant countries and businesses reopen and resume normal operations. On August 1, 2019, the Company announced receipt of the final payment of $991,000 related to the $5.0 million grant from Emissions Reduction Alberta (ERA) for partial funding of the FEED phase of the CVW Horizon Project. The payment represents a 20% holdback by ERA which was subject to final Project reporting and completion of a third-party audit of Project costs. Optimization of the Project is on-going including refining capital and operating costs to achieve the most efficient and cost effective implementation of our CVW technology. On August 7, 2019, the Company announced the appointment of Bruce Griffin to the Board of Directors of the Company as an independent Director of the Company. Mr. Griffin has also been appointed to the Company's Commercialization Committee. Most recently, Mr. Griffin was the Senior Vice President Strategic Development of Lomon Billions Group, the world's third largest producer of high performance titanium dioxide products. Mr. Griffin brings a deep understanding of the global minerals industry from its key markets and customers to its leading players and has broad experience in operations, strategy, finance and capital markets. In May 2019, the Company announced the first and second closings of its non-brokered private placement of units for gross proceeds of $4,262,640 resulting in the issuance of 6,089,485 common shares and 3,044,743 warrants entitling the holder to purchase one common share of the Company at an exercise price of $1.40 expiring on May 9 or May 30, 2022. As a result, immediately following the final closing of the private placement, the Company had 88,166,359 common shares issued and outstanding. The net proceeds of $4,056,475 are being used to fund ongoing efforts to commercialize the Companys CVW technology during the Project activities post-FEED and for general operating purposes. On March 14, 2019, the Company announced $50 million in government funding toward the next phase of the CVW Horizon Project. The Federal Government awarded $45 million from two clean technology programs; Environment and Climate Change Canada, through its Low Carbon Economy Fund (LCEF) has committed to investing $40 million and NRCans Clean Growth Program (CGP) has committed to investing $5 million in Titanium's first of a kind sustainable technology designed to remediate oil sands froth treatment tailings. ERA awarded $5 million from their Partner Intake Program aimed at improving environmental performance in Albertas oil and gas sector. Funding from the LCEF and CGP programs are subject to finalizing funding agreements which will outline the conditions under which federal funding would be provided, including securing the remaining funding necessary to complete the Project, fulfilling all applicable requirements associated with the Project environmental assessments and Indigenous consultation requirements and finalizing the scope of the Project costs eligible for program funding. The Company has been meeting with other government agencies and Canadian investment banks regarding their potential participation in the structuring and financing of the Project and their support of the Company in financial markets. The Company is continuing its cash conservation programs including those under which management and directors receive all or a portion of their compensation and fees in restricted share units and deferred share units ("RSUs" and "DSUs", respectively), respectively. This program is aimed to conserve cash and further align management and the Board with shareholder interests. Since inception of the program in 2015, the program has conserved $2.1 million of management cash compensation and $1.6 million of directors' cash compensation for a total of $3.7 million. Since 2015, the Company's directors have been receiving 100% of their compensation in DSUs in lieu of cash compensation. After the fourth quarter 2019 award of DSUs, the number of DSUs available for issuance under the DSU plan has been depleted. Over the same period, management has been receiving a significant portion of incentive and retention compensation and, in certain cases, a portion of base salary, in the form of RSUs. At the end of the third quarter of 2019, the number of RSUs available for issuance under the RSU plan was almost depleted. For both the Board and management, earned compensation intended to be settled with DSUs or RSUs is being recorded as deferred compensation until such time as additional DSUs and RSUs may be issuable pursuant to the respective plans given the limits on issuances provided therein. Effective April 1, 2020, the Company has taken additional measures to protect its balance sheet, reduce costs and conserve cash over the months ahead including reducing all salaries. Titaniums President and Chief Executive Officer voluntarily reduced his salary by 20% and the other members of the management team voluntarily reduced their salaries by 15