VANCOUVER, British Columbia, March 19, 2024 (GLOBE NEWSWIRE) -- HUDSON RESOURCES INC. ("Hudson" or the "Company") (TSX Venture Exchange "HUD"; OTC "HUDRF") is pleased to announce that effective March 21, 2024, the Company's name will change to AnorTech Inc. to reflect its ongoing focus on creating innovative and sustainable technologies from anorthosite (aluminum calcium silicate), including waste-free alumina and CO2 free cement for global markets.
The new CUSIP for the Company's common shares will be 03634T104 and the new ISIN number will be CA03634T1049. The Company's common shares are expected to begin trading under the Company's new name and ticker symbol ANOR at the opening of trading on March 21, 2024. A new corporate website will also be launched on the same day under the domain www.anortechinc.com.
Green alumina made from anorthosite is a revolutionary zero waste product that minimizes the environmental impact traditionally associated with alumina production from bauxite, which produces almost four tonnes of caustic tailings waste for every tonne of aluminum. The Company is aiming to provide the aluminum industry with an alumina feed product that is not only high-quality but also zero waste with the added benefit of saleable byproducts.
The CO2 free cement made from anorthosite eliminates the need for clinker which releases over 800kg of CO2 for every tonne of cement produced. Initial studies indicate a white refractory (heat resistant) cement can be produced which will be a premium product.
The Company currently has R&D programs underway in Canada and Denmark on the alumina and cement products. The Company will provide an update on these programs shortly. The company owns 100% of the Gronne Bjerg (Green Mountain) anorthosite project which is located near the capital of Nuuk on open tidewater and adjacent to some of the best hydroelectric potential in Greenland (see NR2023-02).
Jim Cambon, President, commented: We are excited to be launching AnorTech which better reflects our goals and considerable efforts over the past 10 years in creating green products which have the potential to revolutionize several global markets. Our work to date has shown that anorthosite is a mineral of the future and can play a key role in making greener, more sustainable products. Our plan is to utilize results from our 2024 R&D programs to attract global partners in key industries to further advance the applications to commercialization as quickly as possible.
The Company has relinquished its 31% interest in the White Mountain anorthosite project in Greenland to allow the Company to focus all efforts on its 100% owned, and debt free, Gronne Bjerg anorthosite project. The carrying value of the White Mountain investment was reduced to $nil on the Company's financial statements since the fiscal year ended March 31, 2022.
The Company has a 5% carried interest in the advanced Sarfartoq rare earth element project in Western Greenland which was sold to Neo Performance Materials in 2022 (see NR2022-02). A significant field program including drilling was undertaken on the Sarfartoq project in 2023.
Shareholders will not be required to take any action in connection with the name change. Issued certificates representing common shares of the Company will not be affected by the name change and will not need to be exchanged. There is no consolidation of capital associated with the name change. The name change does not affect the rights of the Company's shareholders.
Hudson is well funded with $3.5M cash on hand.
About AnorTech Inc.
AnorTech is a Canadian based technology company focused on the development of game changing green technologies made from anorthosite (aluminum calcium silicate) rock. The company is focused on three global markets: green alumina, CO2 free cement and concrete thermal energy storage systems. AnorTech has over 10 years experience in anorthosite R&D and marketing. The Company owns 100% of the Gronne Bjerg Anorthosite project in Greenland, which is on open tide water near the capital of Nuuk.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Cambon"
President and Director
For further information:
Ph: 778-373-2164
Neither the 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.
