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CALGARY, March 11 /CNW/ - Whitemud Resources Inc. ("Whitemud" or the "Company") (WMK - TSXV) is pleased to announce the completion of a Memorandum of Understanding (MoU) to enter into a North American Distribution Agreement with a key supplier to the concrete industry.
The terms of the MoU outline the intended role of the major supplier as the key distributor of Whitemud Resources' metakaolin, Whitemud(MK) to the North American concrete market. The parties are targeting completion of a comprehensive distribution agreement for April of this year. The MoU also provides a mechanism to commence sales immediately to certain customers. Further details will be provided upon the execution of the distribution agreement.
The two companies intend to team up to provide unique and economical solutions with metakaolin to enhance concrete performance and reduce the environmental impact of concrete.
Metakaolin is an off-white product that reacts with cement to increase strength, improve durability, resist chemical attack, reduce the effects of alkali-silica reactivity (ASR), and lower the environmental footprint of concrete. Metakaolin can enhance the performance of other cementing materials such as fly ash and slag. Whitemud has developed a low-cost process to produce and supply metakaolin to the concrete industry at one-third to one-half the price of existing supplies enabling its use in applications not previously considered economical.
Whitemud Resources Inc. is a Canadian-based corporation that is exploiting a large kaolin deposit in southern Saskatchewan. The Company produces Whitemud(MK), cement-grade metakaolin that enhances the performance of cement used in construction using a patented process that minimizes environmental impact. The Company is positioned to benefit from expanding North American infrastructure needs and growing environmental pressures facing the cement industry. Visit www.whitemudresources.com for more information.
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Forward Looking Statement
This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections and guidance or other statements that are not statements of fact, and guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements regarding the expectations that: (i) the parties will enter into of a North American Distribution Agreement as a result of the MoU and on the terms thereunder by April, 2010; (ii) the key supplier (the "Key Supplier") will act as the key distributor of Whitemud's metakaolin; (ii) the Key Supplier's distribution network will make Whitemud's metakaolin available to concrete producers across North America; (iii) the impact of the partnership between the parties will be positive; and (iv) Whitemud and the Key Supplier will team up to provided unique and economical solutions with metakaolin to the concrete industry to provide enhancement and reduce environmental impact of concrete. Actual results may vary from the forward looking information provided. The statements are made in reliance on the assumption that the parties will reach agreement on the definitive North American Distribution Agreement in the time frame targeted, the terms of the MoU will be substantially incorporated in the prospective definitive North American Distribution Agreement, and that the Key Supplier's North American distribution network will participate under the North American Distribution Agreement to be entered into. The statements are subject to risks, including risks inherent in entering into a non-binding MoU, that there is no assurance that a definitive agreement will be entered into, and if entered into, on the terms under the MoU, current economic conditions in general, industry specific risks relating to the sale, acceptance and distribution of concrete additives and those other risk factors related to the Company's business more specifically set forth in its prospectus and Annual Information Form. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
SOURCE WHITEMUD RESOURCES INC.
For further information: For further information: Burl Aycock, CEO, Whitemud Resources, Telephone: (403) 695-1012 or Kelly Babichuk, President and COO, Whitemud Resources, Telephone: (403) 517-0040