- Sales of FCL-X™ reach over US$300,000 through the past few weeks
- FCL agrees to sell non-core equipment for approximately US$1.5MM to assist with FCL-X™manufacturing, marketing, and sales efforts
TORONTO, Nov. 11, 2024 /PRNewswire/ - Full Circle Lithium Corp. ("FCL" or the "Company") (TSXV: FCLI) (OTCQB: FCLIF), a USA-based lithium-ion firefighting agent product manufacturer, reports that sales for the past few weeks of FCL-X™, in all of its product lines (FCL-X Pro, FCL-X Bulk and FCL-X Extinguisher), were over US$300,000. While these sales are non-recurring, it indicates a significant potential demand for FCL's proprietary and innovative products, which is uniquely designed to neutralize the reactions that cause lithium-ion battery fires.
Carlos Vicens, CEO, Founder and Director of FCL stated, "We are very pleased to see that we achieved meaningful non-recurring sales of FCL-X™ in all product lines in the past few weeks even though we have just begun our marketing and sales efforts, including signing up with US specialty fire safety distributor AEST Fire & Safety."
The public interest in FCL-X™ has started to develop and crystallize since our successful EV burn test results in October and the signing of the AEST Fire & Safety ("AEST") distribution agreement. FCL will continue to market and sell all its products (including newly developed products that are currently in research and development) globally and may pursue additional distribution agreements worldwide and, in the USA, provided these do not conflict with our AEST agreement.
FCL has signed an agreement to sell certain non-core equipment to an arm's length third-party for approximately US$1.5 million, which will be used to fund manufacturing, marketing, and sales of FCL-X™ and G&A. The closing is expected to occur later in November.
Following its year-end of October 31, and in accordance with its shareholder approved stock option plan, FCL's board granted annual incentive stock options ("Options") to key personnel, and to its directors and officers to acquire an aggregate of 2,050,000 common shares at $0.27 per share, for a period of 5 years, subject to standard vesting provisions.
About Full Circle Lithium Corp.
FCL has developed an innovative lithium-ion battery fire-extinguishing agent - FCL-X™, to address the increasing number of difficult to extinguish and hazardous lithium-ion battery-based fires. A PCT patent application has been filed by the Company to protect its FCL-X™ invention. Additional information regarding FCL is available on SEDAR at www.sedar.com under the Company's profile and on its website www.fullcirclelithium.com.
For further information:
Full Circle Lithium Corp.
Carlos Vicens - CEO & Director
ir@fullcirclelithium.com
+1.416.977.3832
Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements within the meaning of securities legislation in the Canada and which are based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stated. Forward-looking statements are generally identifiable by use of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "could", "believe", "plans", "intends" or the negative of these words or other variations on these words or comparable terminology. More particularly, and without limitation, this news release contains forward-looking statements and information concerning expectations on the effectiveness of the marketing and sales of FCL-X™ through distribution agreements, the viability, effectiveness, safety and additional commercialization related to FCL-X™ which is at an early stage of commercialization (which is very difficult for a start-up venture like FCL as there are much larger and better capitalized established companies that can potentially quickly enter the lithium-ion battery fire-fighting market and create strong competition against FCL), initial sales are not indicative of future sales of product, on receiving patent protection for FCL-X™ and related inventions and processes, the ability of FCL, a start-up venture, to successfully commercialize its FCL-X™ including ramping-up production of the agent to meet potential demand, continue raising capital, upgrading and refurbishing its plant, and sourcing feedstock for this and its other lines of business (if reinitiated in the future). Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the uncertainties and risk factors related to the technical elements in a processing and refining business, loss of key technical and other staff, the battery fire-extinguishing agent functioning as expected to meet safety requirements and fire-fighting related government regulations and potential client product specifications, and applicable environmental requirements and issues – see additional risks described in FCL's public filings. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. FCL disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law. Additionally, FCL undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of FCL, its financial or operating results or its securities.
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SOURCE Full Circle Lithium Corp.
