MONTREAL, Sept. 20, 2023 (GLOBE NEWSWIRE) -- NanoXplore Inc. ("NanoXplore" or the "Corporation") (TSX: GRA and OTCQX: NNXPF), a world-leading graphene company is pleased to announce that it has been awarded three programs from two existing customers, one large commercial vehicle OEM and one industrial equipment manufacturer, to supply exterior parts of vehicles. These components are used in both internal combustion engines and electric vehicles.
Production for the first program will begin in 2024 while the start of production for the other two programs is planned for 2026. These programs generally last for a period of 10 years. The Corporation estimates that these programs will generate $24M in annual sales at mature volumes along with a one-time tooling revenue of $10M. The Corporation has already secured the related manufacturing equipment to fulfill these orders and the expansion of the North Carolina facility is ongoing. These investments are part of NanoXplore's 5-year strategic plan.
Soroush Nazarpour, President and Chief Executive Officer, said: "I would like to thank our customers for their substantial commitment and continuous support of our business. These awards pave the way for further introduction of graphene in transportation and industrial equipment market. Graphene incorporation reduces the carbon footprint of these composite parts and will provide a significant improvement in surface properties which results into a cost reduction for our customers."
The Corporation is also pleased to announce the nomination of Jesse C. H. Stanley to its Board of Directors. Jesse C. H. Stanley has worked for Shell Energy North America, LLC as Chief Operations Officer since 2021. Since arriving in Houston in 2019 she has held the positions of General Manager Commercial for Shales and the Vice President of Pipeline Operations for Shell Midstream Company. Ms. Stanley has over 15 years of experience at Shell International Petroleum Company ("Shell"). Ms. Stanley started her career with Shell in Europe, working in lubricants operations based in Shell's lubricants plants and refineries in the United Kingdom and France, a role in which she served for six years, streamlining processes for logistics and leading a series of initiatives to improve cost competitiveness. Then, based in Shanghai, China, Ms. Stanley was responsible for the global sales & marketing of the Auto & Truck Sector of Shell Lubricants where she led several sales and business development efforts in that role. Following a sabbatical year where she was a Sloan Fellow at Stanford Business School, Ms. Stanley was Corporate Strategy Advisor to Shell's Chief Strategy & Portfolio Officer, based in the Netherlands.
Benoît Gascon, Lead Director of NanoXplore, stated: "I'm delighted to welcome Jesse to our Board. I have no doubt that she will play a vital role in guiding NanoXplore to achieve its goals. Her broad range of experience in strategy, sales and marketing and supply chain operations will be beneficial to NanoXplore."
About NanoXplore
NanoXplore is a graphene company, a manufacturer and supplier of high-volume graphene powder for use in industrial markets. The Corporation provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. The Corporation is also a silicon graphene-enhanced Li-ion battery manufacturer for the Electric Vehicle and grid storage markets. NanoXplore is headquartered in Montreal, Quebec with manufacturing facilities in Canada, the United States and Europe.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. 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, including the relevant assumptions and risks factors set out in NanoXplore's most recent annual management discussion and analysis filed on SEDAR+ at www.sedarplus.com, which may cause NanoXplore's actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy. Any forward-looking information is made as of the date hereof and, except as required by law, NanoXplore does not undertake any obligation to update or revise any forward-looking statement as a result of new information, subsequent events or otherwise.
Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements.
No securities regulatory authority has either approved or disapproved the contents of this press release.
For further information, please contact:
Pedro Azevedo
Chief Financial Officer
pedro.azevedo@nanoxplore.ca
Tel: 438.476.1973
