Canadian Premium Sand Inc. Announces Second Quarter 2024 Results

CALGARY, Alberta, May 23, 2024 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. (“CPS” or the “Company”) (TSXV: CPS) is pleased to announce its second quarter 2024 financial results. The Company’s interim financial statements and notes thereto and Management’s Discussion and Analysis for the three and six months ended March 31, 2024, are available under CPS’s SEDAR+ profile.

Highlights

The Company devoted its time and resources during the three-month period ended March 31, 2024, to advancing its integrated patterned solar glass manufacturing facility in Selkirk, Manitoba (the “Project”). Specifically, the Company:

• Continued discussions with certain debt and equity capital investors that have expressed interest in financing the Project;
  
• Announced on February 15, 2024 an acknowledgement of the support it received from the Province of Manitoba for its Project; and
  
• Remained engaged with both the Province of Manitoba and the Government of Canada to progress potential financial incentive packages.
  

“We look forward to successfully financing our Project in 2024 and to moving the Company from development to operational with the start of construction and subsequent operation of our integrated patterned solar glass manufacturing facility. The opportunity to establish this project in Selkirk offers significant economic development benefits to the Province of Manitoba and to Canada and aligns well with stated government initiatives for Canada to support the North American clean energy supply chain. The demand profile for clean energy in North America continues to accelerate with current electrification trends being bolstered by rapidly growing AI and datacentre power demand that typically carry net zero commitments which are increasingly being satisfied through solar energy generation. We remain focused on establishing North America’s first source of patterned solar glass and to facilitating our customers’ stated goal of securing a low-risk and low-carbon solar energy supply chain,” stated Company President & CEO, Glenn Leroux.

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:

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 and contingencies. Forward-looking statements are not guarantees of future performance. In particular, this press release contains forward-looking statements pertaining, but not limited, to: the expectation that the Project will be funded in 2024 and the transition of the Company activities from development to operational; the potential economic benefits of the Project and the expected demand of solar energy; the anticipated market for the Company's patterned solar glass and the ability to achieve the goals of the Company's customers; 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 document 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.