MONTREAL, March 26 /CNW Telbec/ - 5N Plus Inc. (TSX:VNP), a leading producer and provider of high-purity metals and compounds for electronic applications, announced today that it has promoted Nicholas Audet to Vice President, with operational and commercial responsibility for all of 5N Plus' activities, excluding those of its subsidiary Firebird Technologies. 5N Plus also announced that it has sold its entire interest in ZT Plus, which had been headed by Mr. Audet, to its partner in this venture BSST LLC, a subsidiary of Amerigon Incorporated. Financial terms of the transaction are not being disclosed.
5N Plus President and Chief Executive Officer Jacques L'Écuyer said, "We are pleased to promote Nicholas Audet and provide him with additional responsibilities and the ability to further contribute to the growth of our corporation. Nicholas has been instrumental in our success through his leadership of our R&D activities, which included the development of our cadmium telluride technology. More recently Nicholas was acting as managing director of our joint venture ZT Plus. Unfortunately the commercial progress of ZT Plus was slower to develop than anticipated. In addition, there were differences over the future business strategy between the two partners that could not be reconciled. Accordingly, it was mutually agreed that 5N Plus would sell its entire interest in the venture, which we have done today."
About 5N Plus Inc.
5N Plus draws its name from the purity of its products, 99.999% (five nines or 5N) and more. 5N Plus, which has its head office in Montreal, Québec, develops and produces high-purity metals and compounds for electronic applications and provides its customers with recycling solutions. The Company is an integrated producer with both primary and secondary refining capabilities. 5N Plus focuses on specialty metals such as tellurium, cadmium and selenium and on related compounds such as cadmium telluride and cadmium sulphide. The Company's products are critical precursors in a number of electronic applications, including the rapidly-expanding solar (thin-film photovoltaic) market, for which 5N Plus is a major supplier of cadmium telluride, and the radiation detector and thermoelectric markets.
Notice Regarding Forward-Looking Statements
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Forward-looking statements are based on the best estimate available to 5N Plus at the time and involve known and unknown risks, uncertainties or other factors that may cause 5N Plus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE 5N Plus Inc.
For further information: For further information: Jacques L'Écuyer, President and Chief Executive Officer, 5N Plus Inc., (514) 856-0644, firstname.lastname@example.org