TORONTO, July 12, 2017 (GLOBE NEWSWIRE) -- IC Potash Corp. (TSX:ICP) (OTCQB:ICPTF) (“IC Potash” or
the “Company”) is pursuing a lawsuit in the state of Colorado to unwind a very dilutive financing undertaken by Cartesian
Capital (“Cartesian”) which IC Potash believes was done solely in order to gain full control of the Ochoa Deposit at a price
significantly below fair market value. The Company believes this matter will come before the Colorado courts within the next
month.
IC Potash also announces that it was recently served with a lawsuit commenced by Cartesian and two of its
Principals, Peter Yu and Paul Hong, on behalf of Cartesian investors in the State of New York.
Mehdi Azodi, President of IC Potash said, "Notwithstanding that the lawsuit is frivolous in and of itself, the
board of IC Potash believes that commencing the lawsuit in New York rather than Colorado shows a certain desperation and
concern on Cartesian's part to distract attention from the Colorado proceedings, which we believe could have a significant
deleterious effect on Cartesian and its investors."
The New York lawsuit, which will be vigorously defended by IC Potash, alleges on the most general of grounds and
without a great deal of specificity that, among other things, IC Potash withheld certain information from Cartesian and
delayed contractual decisions. IC Potash and its board will continue to take all necessary measures to protect its investment in
the Ochoa Deposit and to prevent it from being seized at below market prices.
About IC Potash Corp.
IC Potash has previously demonstrated a method to make Sulfate of Potash (“SOP”) from the Ochoa polyhalite deposit
in Southeast New Mexico in which it has an interest and is currently examining ways to become a low-cost fertilizer producer. The
current review of the Ochoa project’s existing feasibility study is being extended to determine a viable positive economic path to
the production of direct application polyhalite. The Ochoa project has access to excellent local labor resources, low-cost
electricity and natural gas, water, rail lines, and the Port of Galveston, Texas. The Ochoa project’s land holdings consist of
nearly 90,000 acres of potassium prospecting permits and mining leases issued by the U.S. Bureau of Land Management and State of
New Mexico. For more information, please visit www.icpotash.com.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial
known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of IC
Potash to be materially different from any future results, performance or achievements expressed or implied by such forward-looking
statements. Forward-looking statements include statements that use forward-looking terminology such as “may”, “will”, “expect”,
“anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology.
Such forward-looking statements include, without limitation, statements regarding trends in the markets for Sulfate of Potash and
polyhalite, the timing for completion of an updated feasibility study by the Company, the Company’s intention to investigate the
feasibility of polyhalite product production, the potential value of water resources and other statements that are not historical
facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of
IC Potash, including, but not limited to, changes in market trends, the completion, results and timing of studies undertaken by IC
Potash, risks associated with mineral exploration and mining activities, the impact of general economic conditions, commodity
prices, industry conditions, dependence upon regulatory and environmental approvals, the uncertainty of obtaining additional
financing, and risks associated with turning reserves into product. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking statements.
For More Information, Please Contact: IC Potash Corp. Mr. Mehdi Azodi, +1-416-779-3268 Chief Executive Officer MAZODI@ICPOTASH.ORG
