Saint Jean Carbon Announces Results of AGM and Off-Take Agreement

OAKVILLE, Ontario, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Saint Jean Carbon Inc. (“Saint Jean” or the “Company”) (TSX-V: SJL) (OTCQB: TORVF) is pleased to announce that the shareholders of the Company elected four (4) directors: Dr. William Pfaffenberger, Dr. David Madill, Glen Nursey and V-Bond Lee at the Annual General and Special Meeting of the Shareholders held on Sept 28, 2020 (the “Meeting”).

The Board of Directors has met and wishes to announce that William Pfaffenberger has been appointed President and Chairman of the Board. We would like to thank Mr. Douglas Windsor for his past service to the Company.

The Board is also appointing Mr. Stewart Delion as the new Chief Operating Officer. Mr. Paul Ogilvie will continue in the position of CEO, until such time as an orderly transition has taken place. The Board has decided to have the position of CEO have the same corporate powers as that of CEO of any public company. That is, the CEO will be under direction and control of the Board.

The Company also wishes to announce that it has entered into an off-take agreement with Ameca Ltd, a B.C. Company, the essential terms of the contract include: (1) the Company will buy graphite from Ameca Ltd., (2) the Company will buy a minimum of 7,500 tonnes of graphite per year, (3) prices for the graphite shall be negotiated every 6 months based on market rates, and (4) the date of the contract is Dec. 30, 2019. Ameca Ltd controls the development of graphite in Sri Lanka and plans to be in production at 15,000 tonnes per year in 2021.

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 and lithium 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.
William Pfaffenberger, Chairman 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.

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’’, ‘‘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’’ or similar expressions and includes suggestions of future outcomes, including statements about the approval and acceptance of the Share Consolidation and number of Common Shares outstanding following the Share Consolidation. 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. These risks include, but are not limited to receiving acceptance from the TSX Venture Exchange for the Share Consolidation. 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.