MONTREAL, June 21 /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 agreed to subscribe convertible debt of Sylarus Technologies, LLC of Saint George, Utah a leading producer of germanium substrates for solar cells. The financing is designed to help fund Sylarus' expansion plans. Concurrently, 5N Plus and Sylarus have also entered into a long-term supply and recycling agreement under which 5N Plus will provide high-purity germanium feedstock to Sylarus and will recycle various germanium containing residues originating from Sylarus' crystal growing and wafer manufacturing activities.
5N Plus President and Chief Executive Officer Jacques L'Écuyer said, "We welcome the opportunity to provide financing to Sylarus and are excited about Sylarus' potential for significant growth. Sylarus is one the very few germanium substrate suppliers used for high- efficiency solar cells in both space and terrestrial applications. This is an area of the solar market that we were not addressing through our existing product offering. Together with the supply and recycling agreement we entered into with Sylarus, this financing further strengthens our germanium related activities and provides a valuable outlet for our subsidiary Firebird's line of products."
"We are equally delighted by this agreement" commented Sylarus President, Scott Mitchell, "as 5N Plus' financing will enable us to more effectively implement our expansion plans. In addition, Sylarus will be provided with a reliable and high-quality germanium feedstock and cost effective recycling options. 5N Plus is a leading provider of material solutions to the solar industry and we expect a positive impact on our business from working with 5N Plus."
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.
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 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