OAKVILLE, Ontario, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Saint Jean Carbon Inc. (“Saint Jean” or the “Company”) (TSX-V: SJL) (OTCQB: TORVF), a carbon science 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 announce it has been awarded two graphene related projects from K-Technology USA Inc. (“K-Technology”). The first project is the development of superconducting wire based on Saint Jean’s provisional patent application (press release December 22nd 2015) for the development of a diamagnetic superconducting wire. The project intends to develop the necessary engineering to make a prototype wire. The second project is to develop a waste energy capture system patented by K-Technology (US patent US10,476,333B1). The project entails the rewiring of the motors (4) on a drone with Saint Jean hyper-conducting wire and engineering an alternator re capture system to recharge the batteries.
Paul Ogilvie, CEO, commented: “The opportunity to apply our developed technology into real world projects, we feel, helps us show the world that producing the very best raw materials for high tech applications can be and are being produced by the Saint Jean team.”
John Kim, CEO, K-Technology USA Inc, commented: “Our Company designs and develops very complex technology for sustainable energy systems. Working with Saint Jean is a pleasure as the team can produce the very material necessary to build out the applications. We have learned over the years that we need to work with companies that are hungry, aggressive and highly dedicated to being a part of the next wave of energy creation and storage applications.”
Both projects are moving along on time and are expected to be completed in the first half of the new year. The projects highlight the Company’s ability to produce raw materials and apply them into products as a part of a new wave of energy storage and energy creation being used in homes, cars and just about every portable devise on the market.
The Company would like to provide the following update to the recently announced acquisition of Process Research Ortech, announced on July 9th 2019, August 8th 2019, September 10th 2019, October 8th 2019 and November 7th 2019. The Company continues to work on the required documentation that is customary to a fundamental transaction. The Company hopes to have all the documents filed shortly. Specifically the financial audits of Ortech that were expected to be completed last month and have been delayed further to meet all of the filing requirements. With the goal of closing the transaction as soon as possible. Both Ortech and Saint Jean continue to work together on sales and marketing efforts as they explore global opportunities.
The shares of the Company are halted and will remain halted pending satisfaction of the requirements of Exchange Policy 5.3 for Fundamental Acquisitions.
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 claims in the province of Quebec in Canada. For the latest information on Saint Jean’s properties and news please refer to the website: http://www.saintjeancarbon.com/.
On behalf of the Board of Directors
Saint Jean Carbon Inc.
Paul Ogilvie, CEO and Director
Information Contact :
Email: info@saintjeancarbon.com
Tel: (905) 844-1200
Neither 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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Saint Jean’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, “intends” ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’. Such forward-looking statements include those with respect to the future payments required to be paid to the Vendor of the Lochaber mining property.
These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. The forward-looking statements in this news release assume, inter alia, that the Company will be able to fund the required cash payments.
Although Saint Jean believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct. There are risks which could affect Saint Jean’s future results and could cause the results to differ materially from those expressed in these forward-looking statements including closing failure or delay, the impact of general economic conditions in Canada and globally and the risk that they will deteriorate, industry conditions, including fluctuations in the price of supplies and the risk that they will increase, that required consents and approvals from regulatory authorities will not be obtained and the liabilities and risks inherent in Saint Jean’s operations.
Statements of past performance should not be construed as an indication of future performance. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement.
All of the forward-looking statements made in this press release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Saint Jean assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.
