CALGARY, Alberta, June 07, 2022 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. ("CPS" or the "Company") (TSXV: CPS) is pleased to comment on a meaningful development in the North American solar industry. The Biden administration announced yesterday that any potential tariffs on solar panel imports from four Southeast Asian nations currently under investigation by the Department of Commerce will be waived for two years in order to maintain near-term solar panel installation growth. Simultaneously, the Defense Production Act will be invoked to spur domestic solar panel manufacturing in order to foster a North American supply chain that can accommodate the continent’s longer-term demand profile without being dependent on traditional Asia-Pacific sources.
This policy announcement is consistent with the overall US Federal Government’s goal of accelerating renewable energy installations to meet the objective to have 100% of electricity coming from zero-carbon sources by 2035. This announcement also reflects growing concerns that there is an inadequate supply of solar panels in the near-term to support the strong growth forecasts the industry has for solar panel installations including the Solar Energy Industry Association’s (SEIA) forecast for a 21% compound annual growth in solar installations in the US over the next 8 years.
CPS believes it is well positioned to be a beneficiary of the initiative to establish a robust North American solar panel manufacturing supply chain. This initiative will expand market demand for its locally manufactured patterned solar glass, 100% of which is currently imported from the Asia-Pacific region.
Since the Company’s announcement of its intention to develop North America’s only patterned solar glass manufacturing facility, CPS has received enthusiastic support from existing solar panel manufacturers, as well as certain global entities that are planning to establish a North American presence. To date, the Company has secured Expressions of Interest for the purchase of solar glass in excess of the first phase of planned facility output, which is strong evidence of industry support for the project.
"We are excited to participate in a rapidly-growing solar panel manufacturing market with a first-mover advantage in North America," said Glenn Leroux, President & CEO of CPS. "This announcement provides increased visibility into the trajectory of solar panel installation growth and offers clear support for the domestic solar panel manufacturing industry. Our plan to be the only North American supplier of patterned solar glass is a timely and required element of establishing a North American supply chain for solar panel manufacturing. We look forward to continued discussion with our solar panel manufacturing customers with regards to how our future supply of low-carbon ultra-clear, patterned solar glass will help to accelerate the growth in their business plans.”
About Canadian Premium Sand Inc.
The Company is developing manufacturing capacity for ultra high-clarity patterned solar glass through a Company-owned facility to be located in Selkirk, Manitoba that utilizes the high-purity, low-iron silica sand from its wholly owned Wanipigow quarry leases and renewable Manitoba hydroelectricity. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol "CPS".
Neither the 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.
CONTACT INFORMATION:
| Canadian Premium Sand Inc. |
|
| Glenn Leroux |
Cam Deller |
| President and Chief Executive Officer |
Chief Financial Officer |
| glenn.leroux@cpsmail.com |
cam.deller@cpsmail.com |
|
|
Investor Relations
IR@cpsmail.com
587.355.3714
www.cpsglass.com
Forward Looking Information
Certain statements contained in this press release constitute forward-looking statements relating to, without limitation, expectations, intentions, plans and beliefs, including information as to the future events, results of operations and the Company’s future performance (both operational and financial) and business prospects. In certain cases, forward-looking statements can be identified by the use of words such as "expects", "estimates", "forecasts", "intends", "anticipates", "believes", "plans", "seeks", "projects" or variations of such words and phrases, or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Such forward-looking statements reflect the Company's beliefs, estimates and opinions regarding its future growth, results of operations, future performance (both operational and financial), and business prospects and opportunities at the time such statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or circumstances should change. Forward-looking statements are necessarily based upon a number of estimates and assumptions made by the Company that are inherently subject to significant business, economic, competitive, political and social uncertainties, risks and contingencies including the risk factors outlined in CPS’s most recent Management’s Discussion and Analysis which is available on SEDAR at www.sedar.com . Forward-looking statements are not guarantees of future performance. In particular, this press release contains forward-looking statements pertaining, but not limited, to: the belief that CPS is well positioned to be a beneficiary of the initiative to establish a North American solar panel manufacturing supply chain and the benefits of such initiatives; the Company's plan to be the only North American supplier of patterned solar glass; future development plans; industry activity levels; industry conditions pertaining to the solar glass manufacturing industry; the ability of and manner by which the Company expects to meet its capital needs; and the Company's objectives, strategies and competitive strengths. By their nature, forward-looking statements involve numerous current assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from those anticipated by the Company and described in the forward-looking statements. The forward-looking information and statements contained in this press release speak only as of the date hereof and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Market, Independent Third Party and Industry Data
Certain market, independent third-party and industry data contained in this press release is based upon information from government or other independent industry publications and reports or based on estimates derived from such publications and reports. Government and industry publications and reports generally indicate that they have obtained their information from sources believed to be reliable, but the Company has not conducted its own independent verification of such information. This press release also includes certain data derived from public filings made by independent third parties. While the Company believes this data to be reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. The Company has not independently verified any of the data from independent third-party sources referred to in this press release or ascertained the underlying assumptions relied upon by such sources.
