Saint Jean Carbon Provides Update on Anode Material Order
OAKVILLE, Ontario, March 20, 2017 (GLOBE NEWSWIRE) Saint Jean Carbon Inc. (Saint Jean or the Company) (TSX-V:SJL) (OTCQB:TORVF), a carbon sciences company engaged in the design and build of green energy storage, green energy creation and green re-creation through the use of carbon materials. The Company is pleased to provide an update with respect to the anode material order (the Order) described in the press releases dated February 28, 2017 (the February 28 Press Release) and March 3, 2017 (the March 3 Press Release). The Company has received numerous requests for details regarding the Order and the offtake agreement described in the February 28 Press Release and the March 3 Press Release.
The February 28 Press Release announcing the Order included a comment by Paul Ogilvie, CEO, stating among other things, that, After more than two years of working on material specifications, sampling and reworking, we could not be more pleased than to finally ship finished material to our customer. The order is part of an offtake agreement to supply multiple tonnes of anode material monthly for a number of years. The March 3 Press Release clarified that the proposed offtake agreement had not been entered into with Panasonic, the Order is nominal in size and value, and that the reference to the Order being a part of an offtake agreement was referring to the fact that the supply of the re-engineered carbon material (the Anode Material) pursuant to the Order was based upon the procedures and timelines contained in a proposed offtake agreement.
At the time of the March 3 Press Release, the Company was proceeding on the basis that Panasonic and Saint Jean were working together to finalize the proposed offtake agreement. The Company was informed by regulatory authorities on March 8, 2017 that Panasonic had advised them that it was considering cancelling the Order and that Panasonic did not intend to enter into the Companys proposed offtake agreement. This information was inconsistent with the Companys understanding of the business relationship with Panasonic at the time. The trading of Saint Jeans stock was promptly halted and the Company took steps to seek clarification from Panasonic with respect to its intentions in this regard. On or about March 15, 2017, Panasonic confirmed the Order, requesting that the Company provide a 5 kg (approximately 11 lbs) sample of Anode Material for testing of its suitability for use in batteries. The Company has already sourced the raw carbon material from a third party supplier, has completed the necessary milling and refining of the raw carbon material to make the Anode Material, and is in the process of completing the certification and analysis of the Anode Material required to meet Panasonics specifications under the Order. The Company anticipates that the Anode Material will be shipped to Panasonic on or about April 17, 2017.
On or about March 13, 2017, Panasonic advised the Company that it will not sign the Companys proposed form of offtake agreement. When Panasonic reconfirmed its Order by email dated March 15, 2017, it also confirmed that in case of mass purchase of Anode Material from Saint Jean, Panasonic will do so under its own form of standard purchasing agreement. Even though Panasonic is proceeding with the Order, there can be no assurance that Panasonic will proceed with a large purchase of Anode Material from the Company, nor that Panasonic will enter into any other type of commercial agreement or arrangement with Saint Jean.
Trading of the Companys shares was halted on March 9, 2017 and has remained halted since then. The Company is in discussions with the TSX Venture Exchange regarding the date that trading will resume.
About Saint Jean Carbon
Saint Jean is a publicly traded carbon science company, with specific interests in energy storage and green energy creation and green re-creation, with holdings in graphite mining and lithium claims in the province of Quebec in Canada. For the latest information on Saint Jeans properties and news, please refer to the website: http://www.saintjeancarbon.com/