Argex Titanium- PVS Fanchem Letter of Intent
MONTREAL, Québec (FSCwire) - Argex Titanium Inc. (TSX: RGX) (“Argex”) and Fanchem Ltd, a subsidiary of PVS Chemical Inc., a Michigan-based private corporation, are pleased to announce the execution of a Letter of Intent for the marketing of products to be manufactured in the commercial Argex titanium dioxide (TiO2) process. The agreement addresses a long-term arrangement for the sale and marketing of iron chloride, iron sulfate, iron oxide and magnesium sulfate which result from the optimized process for manufacture of pigment grade TiO2. The total volume of by-products from the Argex 100,000 tonnes TiO2 facility will exceed 190,000 tonnes per year.
“This is an important agreement for Argex as it secures an essential commercial outlet for products that are created in our production of titanium dioxide in our commercial facilities. It demonstrates that the Argex technology is environmentally friendly as the output is saleable to established users. It gives Argex access to established market demand which will accelerate our ability to gain advantage for our commercial facilities. We look forward to a long-term relationship with PVS Fanchem Ltd, which will be beneficial to both companies” said Mazen Alnaimi, Chairman and CEO of Argex.
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high-grade titanium dioxide (TiO2) for use in high-quality paint, plastics, cosmetics and other TiO2 applications. The Corporation’s unique proprietary process uses relatively inexpensive and plentiful source material from a variety of potential vendors to produce TiO2, along with other valuable by-products. Argex’s process provides a significant cost and environmental advantage over current legacy TiO2 production methods.
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This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of Argex, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including additional closings of the private placement referred to above, or if any of them do so, what benefits Argex will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Argex's control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in Argex’s Annual Information Form for the fiscal year ended December 31, 2017, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. Argex does not intend, nor does Argex undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Chairman and Chief Executive Officer | Argex Titanium Inc.
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