(TheNewswire)
Vancouver, B.C., Canada / TheNewswire / January 23, 2019 – Mag One
Products Inc. (CSE: MDD) (the “Company” or “Mag One”) is pleased
to announce that the Company has finalized an agreement with Tech Magnesium (the “Agreement”), creating the roadmap for Mag One’s
acquisition of its silicothermic and aluminothermic reduction processes for low cost, environmentally-friendly production of
primary magnesium metal (the “Tech Mag Technology”). The Agreement outlines three phases of development and demonstration
work with the final phase involving the design, construction and start-up of Mag One’s first 5,000 tonne per year primary Mg metal
module with additional modules being brought online to coincide with market pull. During the term of the Agreement Mag One
has an exclusive, worldwide license to the Tech Mag Technology as well as the exclusive right to acquire full ownership of
the Tech Mag Technology and all associated intellectual property (IP).
Tech Magnesium is an Ontario-based company, founded by Dr. Douglas Zuliani.
Dr. Zuliani has nearly forty years of experience in metals production and processes. From 1985 to
2000, he held a number of senior management positions with Timminco Ltd., the most recent being Vice President – Manufacturing and
Technology. In this position, he had responsibilities for Timminco’s magnesium and specialty metals facilities as well as for the
company’s R&D, market development and capital/engineering programs. Between 2007 and 2013, Dr. Zuliani collaborated with Gossan
Resources on the initial development of the Zuliani Process. After completion of the Gossan contract, Dr. Zuliani decided to pursue
other partnership options and subsequently brought the process and the other technologies back under the Tech Magnesium
umbrella.
Gillian Holcroft, President & CEO of Mag One, said: “This agreement is the product of months of discussions
with Dr. Zuliani, one of Canada’s foremost magnesium production experts. We both agree that the successful deployment of the
Tech Mag Technology, coupled with our game-changing, serpentinite mine tailings-to-magnesium oxide (MgO) production technology,
could result in the lowest-cost, greenest primary magnesium metal in the world. Our team looks forward to closely
collaborating with Dr. Zuliani in the coming months to make this deployment a reality and to charting an aggressive path to
commercial rollout of magnesium production.”
Dr. Douglas Zuliani, President and Founder of Tech Magnesium said, “The absence of a process that is capable of
producing clean Mg at an operating cost that is competitive with other light-weight materials is a huge barrier to wide adoption of
the metal for light weighting in vehicles, despite Mg typically providing weight savings of 20-30% over aluminum and 45-50% over
HSLA steels in structural applications. Using MgO from mine tailings as a feedstock for our Mg metal production process is
highly innovative, cost-effective, and will ultimately be hugely disruptive for the transportation industry. Mag One has put
together a solid technical and business team in Quebec to move toward environmentally-sustainable Mg metal production, and I look
forward to building this business together with Mag One.”
This Agreement follows on the May 15, 2018 press release which announced the initiation of the relationship
between Tech Magnesium and Mag One. Technical and commercial data between the two parties were exchanged in 2018, and terms
negotiated, leading to the Agreement announced today.
On behalf of the Board, “Gillian Holcroft”, President and
CEO.
Neither the Canadian Securities Exchange nor CNSX Markets accepts responsibility for the adequacy or
accuracy of this news release.
About Mag One
Mag One is a technology, processing & production company. Using its
game-changing technology, Mag One aims to be the most environmentally friendly & sustainable producer of magnesium (Mg) metal,
ultrapure Mg compounds, by-products and vertically integrated co-products. For further information or questions
respecting the Company kindly contact the Company via email at: info@MagOneProducts.com. Additional information
can be found on the Company’s website at www.MagOneProducts.com or by viewing the Company’s filings at
www.sedar.com.
Forward-Looking Information
Information set forth in this press release may involve forward-looking statements.
Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking
statements often address a company’s expected future business and financial performance, and often contain words such as
“anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”,
“should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future
events, to be materially different from any future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of
securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain
officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking
statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and except as
required by law, the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions
or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
For further information on risk, investors are advised to see the Company’s MD&A and other disclosure
filings with the CSE regulators which are found at www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE
COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE
IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY
MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH
APPLICABLE SECURITIES LEGISLATION.
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