Estimated savings of $37 million for Argex.
MONTREAL, Nov. 5, 2013 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex" or the "Company") is pleased to announce that it is eligible for a 10-year provincial
income tax holiday. Last year, the Government of Quebec announced such
an incentive program for companies in certain industrial sectors that
make a minimum capital investment of $300 million in the province of
Quebec. This threshold was recently reduced by the Quebec Government to
Argex now qualifies for this 10-year income tax holiday, which is
limited to 15% of the projected eligible capital investment in the
province. This equates to approximate tax savings to Argex of $37
"The Argex team is very pleased with this change by the Government of
Quebec," commented Mark Billings, Chief Financial Officer of Argex.
"This will result in significant tax savings for Argex once we begin
production of titanium dioxide at our first industrial-sized facility
at Salaberry-de-Valleyfield. These tax savings will be realized in the
early years of production. This is very good news for the Company and
About Argex Titanium Inc.
ARGEX Titanium Inc. is a near-term producer of Titanium Dioxide (TiO2) pigment. With a primary goal of advancing rapidly towards production,
Argex has adopted a simple and low-risk strategy for the scale-up of
its proprietary process.
Argex is pleased to have selected Valleyfield, Quebec as the location
for its Research & Development centre and first industrial-sized
production facility. The location of the site can be viewed at Argex Valleyfield.
This news release contains statements that may constitute
"forward-looking information" or "forward-looking statements" within
the meaning of applicable Canadian securities legislation.
Forward-looking information and statements may include, among others,
statements regarding the future plans, costs, objectives or performance
of Argex, or the assumptions underlying any of the foregoing. In this
news release, words such as "may", "would", "could", "will", "likely",
"believe", "expect", "anticipate", "intend", "plan", "estimate" and
similar words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not be
read as guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or by
which, such future performance will be achieved. No assurance can be
given that any events anticipated by the forward-looking information
will transpire or occur, or if any of them do so, what benefits Argex
will derive. Forward-looking statements and information are based on
information available at the time and/or management's good-faith belief
with respect to future events and are subject to known or unknown
risks, uncertainties, assumptions and other unpredictable factors, many
of which are beyond Argex's control. These risks, uncertainties and
assumptions include, but are not limited to, those described under
"Risk Factors" in Argex's Annual Information Form for the fiscal year
ended December 31, 2012, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from
those projected in any forward-looking statements. Argex does not
intend, nor does Argex undertake any obligation, to update or revise
any forward-looking information or statements contained in this news
release to reflect subsequent information, events or circumstances or
otherwise, except if required by applicable laws.
Neither the TSX nor its Regulation Services Provider (as that term is
defined in the policies of the TSX) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE: Argex Titanium Inc.
For further information:
Mark Billings, Chief Financial Officer
Argex Titanium Inc.
514-843-5959 ext. 144
The Howard Group