Saint Jean Carbon no longer acquiring Process Research Ortech
OAKVILLE, Ontario, July 14, 2020 (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. With reference to the News Release dated July 9th, 2019, the Company wishes to announce that it is not proceeding with the previously announced acquisition of Process Research Ortech (“Ortech”). As of the date of this announcement, the Company has not received documentation that is both required and customary for a fundamental acquisition of this nature. In addition, the Company believes that the market would not support the proposed transaction during these trying times. The Company and Ortech are committed to continue working together on their ongoing projects. The Company looks forward to providing an update with respect to the ongoing projects in the coming weeks.
Corporate Update
On January 23rd, 2019 the company announced that it was “building graphene gel salt water batteries” with a goal of having production ready batteries by the spring of 2020. Due to the covid-19 pandemic, the Company now expects to be production ready in late 2020 through to the first quarter 2021. On January 31st, 2019 the Company announced, that it “expands mill and starts new division”. The new division to build both anode and cathode materials have been working hard pitching companies and quoting on projects. The expansions to the mill have not been completed due to funding issues.
With reference to the News Release dated June 27th, 2019, the Company wishes to provide an update and clarification with respect to the intention to “spin off five companies over the next 12 to 18 months”. The Company’s intention was and continues to be to enter into five strategic joint ventures or partnerships with industry participants and depending upon the success of each new venture determine if or when it will “spin-off” the new venture. The first of the five new ventures has been incorporated, SJC Wiretech Inc. (“Wiretech”), and has started operations www.sjcwiretech.com. The Company owns 50% of the issued and outstanding shares of Wiretech and subject to regulatory approval, intends to transfer certain of its intellectual property to Wiretech at a future date. Certain personnel of the Company are providing approximately 20% of their time to Wiretech to get the company up and running, with a goal that a new team will step-in shortly. Wiretech does not require funding from SJC. Depending on market conditions the Company will attempt to set up the next new venture over the next six months.
On December 20th, 2019 the company announced that it has been awarded two graphene related projects”. One of these projects, production of the superconducting wire, has been delayed by a change in specifications, while the other project, rewiring the motors on a drone, has been put on hold due to covid-19.
On December 22nd, 2015 the company announced a provisional patent application for “superconducting wire”, the Company is pleased to update that United States Provisional Patent Application No. 62/950,387 has been refiled with the United States Patent Office and covers subject matter related to a novel Superconductive Cable Conductor And Method Of Manufacture Thereof. More specifically, the subject matter deals with superconducting cables contain multiple wires made of superconductors. When cooled below its transition temperature, the wire has zero electrical resistance. Presently known superconducting cables are not cost effective, and are easily damaged, among other problems. The invention disclosed in the provisional patent application uses graphene in more than one manner to produce a superconductor wire. The method of manufacture employed is also novel.
On November 13th, 2018 the company a provisional patent application for “plant based watering system”, the Company is pleased to update that United States Provisional Patent Application No. 63/042,462 has been refiled with the United States Patent Office and covers subject matter related to a novel Plant Watering System With Mineral Control. More specifically, the subject matter deals with a system that is designed to control the amount and type of mineral(s) that are contained in water from a base water supply to feed growing plants through the growth cycle. The need for control at the source of the water is imperative to the control of the vital makeup of the growing plants and the ability to create the same plant to 100% accuracy, or at least nearly, 100% accuracy, during every production run. This level of control of minerals is particularly important for particular plants.
With reference to the News Release dated November 9, 2018, the Company confirms that it completed its work and satisfied its obligations under the agreement with Curtiss Motorcycles in 2019. As of yet, the Company, its partners and suppliers have not received the agreed upon Five Million 5,000,000 unvested shares of Curtiss Motorcycles. The Company is hoping to reach an amicable resolution to this situation. In the meantime, the Company is assessing its legal rights and carefully considering its next steps given the Company’s need for working capital.
The company has requested resumption to trade with the TSX Venture Exchange. Trading will be resumed once the review by the Exchange is concluded.
Annual General Meeting
The company is pleased to announce that it will be holding its annual general meeting of shareholders (the "AGM") on Monday September 28th, 2020 at 11:00am EST 1-768 Westgate Rd. Oakville, ON L6L 5N2.
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: (i) the belief that the market would not support the acquisition at this time; (ii) the expectation that the Company will have production ready batteries ready in late 2020 through to the first quarter 2021; (iii) the Company’s intention to enter into five strategic joint ventures or partnerships with industry participants and to “spin-off” the new ventures; (iv) the hope that the graphene related projects will re-start as the country begins reopening after the first wave of Covid-19; and (v) the date when the shares of the Company will commence trading. 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.
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.
