MONTREAL, Jan. 30, 2024 (GLOBE NEWSWIRE) -- NanoXplore Inc. (“NanoXplore” or “the Corporation”) (TSX: GRA and OTCQX: NNXPF), a world-leading graphene company, is pleased to announce that it has increased the production capacity of its St-Clotilde, QC plant to meet an existing customer’s need for increased graphene-enhanced SMC parts in an active program.
This capacity expansion, which is part of its 5-year strategic plan and related to the SMC lightweighting initiative, begins immediately. This expansion, in two phases, will contribute $2M in incremental revenues during calendar 2024 and once fully scaled-up, is expected to contribute $8M to $10M annually beginning in calendar 2025. Moreover, a significant part of the capacity expansion costs will be assumed by the customer. Our customer has committed to purchase the additional equipment required for this program and consequently, the previously announced SMC lightweighting initiative capex of $30M to $35M will now be in a range of $25M to $30M.
Soroush Nazarpour, President and Chief Executive Officer, said: “Demand is very strong for our graphene-enhanced composite products, up to the level that customers are covering capital costs to access larger production volumes. This expansion is the first step in increasing our graphene-enhanced SMC parts manufacturing capabilities and a big step towards achieving our 5-year plan in SMC lightweighting.”
The Corporation is also pleased to announce the recent appointment of Pierre-Yves Terrisse as Vice-President of Corporate Development.
In his role Pierre-Yves will be responsible for NanoXplore’s function and strategy of investor relations, including articulating the Corporation’s growth plan, business and financial objectives to the investment community. His network of institutional investors, sell-side financial community, combined with his expertise, will reinforce the Corporation's profile and strength. Finally, Pierre-Yves will engage and evaluate M&A opportunities, as well as participate in financing structure.
Pierre-Yves has more than 25 years of experience in the investment industry in various role spanning from financial analyst to MD Investment banking. Pierre-Yves holds a Bachelor of Business Administration from Université du Québec à Montréal.
Soroush Nazarpour, President & Chief Executive Officer, said: "Pierre-Yves' career reflects his ability to play a key role to drive NanoXplore’s recognition in the capital market landscape. His knowledge and understanding of the North American capital market ecosystem will add to the strong executive team we already have in place and contribute to the firm's success. 2024 will be a busy year for NanoXplore with a solid plan for profitable growth as well as continuously look for new business opportunities."
Pierre-Yves said: "I am delighted to take on this new function and join NanoXplore’s highly dynamic team. I see this new role as an opportunity to contribute to the company’s success. NanoXplore is a leader in graphene production, and I see solid organic and inorganic growth opportunities ahead for the company.”
About NanoXplore
NanoXplore is a graphene company, a manufacturer and supplier of high-volume graphene powder for use in transportation and industrial markets. Also, the Corporation provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. The Corporation is also a silicon-graphene-enhanced Li-ion battery manufacturer for the Electric Vehicle and grid storage markets. NanoXplore is headquartered in Montreal, Quebec with manufacturing facilities in Canada, the United States and Europe.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Forward-looking statements are not facts, but only predications and can generally be identified by the use of statements that include phrases such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “foresee”, “grow”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, including the relevant assumptions and risks factors set out in NanoXplore’s most recent annual management discussion and analysis filed on SEDAR+ at www.sedarplus.ca, which may cause NanoXplore’s actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy, notably as a consequence of the Covid-19 pandemic. Any forward-looking information is made as of the date hereof and, except as required by law, NanoXplore does not undertake any obligation to update or revise any forward–looking statement as a result of new information, subsequent events or otherwise.
Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements.
No securities regulatory authority has either approved or disapproved the contents of this press release.
For further information, please contact:
Pierre-Yves Terrisse
Vice-President Corporate Development
Py.terrisse@nanoxplore.ca
Tel: 1 438 476-1965
