MONTREAL, Jan. 10 /CNW Telbec/ - 5N Plus Inc. (TSX:VNP) a leading
producer and provider of high-purity metals, compounds and wafers for
electronic applications, announced today that it has agreed to convert
the US$3 million debenture provided to Sylarus Technologies, LLC of
Saint George, Utah on June 21, 2010 into a 66.67% majority interest.
5N Plus has also agreed to provide additional funding of US$766,000 in
the form of secured debt to enable the repayment of short term debt
contracted by Sylarus. In addition, 5N Plus intends to support Sylarus
capital expenditures, working capital requirements and development
expenses as needed. Sylarus is a leading producer of germanium
substrates for solar cells and an important customer of 5N Plus'
subsidiary Firebird Technologies that provides high-purity germanium
feedstock and corresponding recycling services for various germanium
containing residues. 5N Plus' Jean Bernier will act as General Manager
of Sylarus until further notice.
5N Plus President and Chief Executive Officer Jacques L'Écuyer said, "We
are excited by the opportunities that Sylarus brings to the group
through their unique product offering. They are one of the very few
germanium substrate manufacturers qualified for space applications and
are well positioned to take advantage of the anticipated growth in
concentrator photovoltaics for terrestrial applications. 5N Plus is
now one of the leading producers of germanium with a full range of
related products for the infrared optics, LED and photovoltaic markets
as a result of Firebird's product portfolio and supply agreements with
Teck Metals. Although the acquisition of Sylarus is not expected to be
immediately accretive, as Sylarus gradually ramps up production and
completes its development work, we expect that within a 24 month-period
it will have a positive impact on the earnings of the group. We welcome
the Sylarus employees into the 5N Plus group and assure them of our
support as they strive to bring Sylarus to the next level."
About 5N Plus Inc.
5N Plus Inc. draws its name from the purity of its products, 99.999% and
higher (five nines or 5N). The head office is located in Montreal,
Québec, and 5N Plus owns three material subsidiaries which are 5N PV
GmbH (Eisenhüttenstadt, Germany) Firebird Technologies Inc. (Trail, BC)
and 5N Plus Corp. (Deforest, Wisconsin). 5N Plus is a fully integrated
producer and closed-loop recycler of highly purified metals, compounds
and wafers. We use a range of proprietary and proven technologies to
produce metals such as tellurium, cadmium, germanium, indium, antimony,
selenium and related compounds such as cadmium telluride, cadmium
sulphide and indium antimonide. Our products are critical precursors
that customers use in a number of electronic applications, including
the rapidly-expanding solar (thin-film photovoltaic) market, for which
we are a major supplier of CdTe, as well as the radiation detector and
About Sylarus Technologies, LLC
Located in Saint George, Utah, Sylarus Technologies, LLC supplies low
cost, premium quality germanium wafers to the manufacturers of
multi-junction, compound semiconductor photovoltaics. These
high-efficiency solar cells are used for both space and terrestrial
solar power generation.
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
SOURCE 5N PLUS INC.
For further information:
President and Chief Executive Officer
5N Plus Inc.