The Conversation (0)
NanoXplore Inc. (" NanoXplore " or the " Corporation ") (TSX-V: GRA and OTCQX: NNXPF) is pleased to announce that on September 11, 2020, through its wholly-owned affiliate RMC Advanced Technologies Inc., it acquired substantially all of the assets of Continental Structural Plastics' operations located at 1400 Burris Road, Newton, North Carolina, including land and building, equipment and machinery, inventory and customer contracts (the " Business "), for a total purchase price of US$3,500,000, subject to inventory adjustments. The Business specializes in the production of composite components molded with dicyclopentadiene (DCPD) resin.
The Business employs nearly thirty (30) individuals and operates mainly in the markets of composite products for heavy trucks and machinery. It sells products to original equipment manufacturers (OEMs) and distributors in the United States, Canada and South America. There were no interruptions to any ongoing work or customer contracts as part of the closing of the transaction.
Soroush Nazarpour, President & CEO of NanoXplore, commented:
" This acquisition gives us a footprint in the United States and provides us with an opportunity to expand our graphene sales and marketing efforts. Potential graphene-enhanced composite products could be produced at the Newton facility for the transportation market and this facility could also house a future US-based graphene production plant."
Rocco Marinaccio, COO of NanoXplore, commented:
"The acquisition of the facility and business in Newton will allow our C omposite B usiness U nit to better serve its expanding group of valued customers in the United States. The location of the plant in central North Carolina is ideal due to its proximity to many of our current and future customers. This is an excellent opportunity for NanoXplore to continue serving customers with processes that have become critical for the transportation, trucking, automo tive and construction industries, just to name a few."
Corporate Update
In addition, the Corporation is excited to welcome Mr. Vince Livoti, as Vice-President of Sales and Marketing of its Graphene Business Unit. Mr. Livoti, who has been involved in the specialty chemicals business for over 30 years in various roles such as Vice-President of Sales and Business Development for Daikin America and Head of Business Development for Ciba Specialty Chemicals, a subsidiary of BASF, brings considerable experience to NanoXplore. Mr. Livoti will lead all sales and marketing efforts of the Corporation's graphene products.
About NanoXplore Inc.
NanoXplore is a graphene company, a manufacturer and supplier of high-volume graphene powder for use in industrial markets. The company provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. NanoXplore is headquartered in Montreal, Quebec with manufacturing facilities across Canada, the United States and Europe.
Forward-looking Statements
This press release contains forward-looking statements. 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, which may cause NanoXplore's actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. Any forward-looking information is made as of the date hereof and, except as required by law, NanoXplore does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Soroush Nazarpour
President & CEO
NanoXplore Inc.
info@NanoXplore.ca
