MONTREAL, March 19, 2015 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex"), an emerging producer of high-grade titanium dioxide (TiO2) used as white pigment in paint, plastic, paper, cosmetics and other applications, has signed a letter of intent ("LOI") with PVS Chemicals a global manufacturer, distributor and marketer of chemicals, and PVS's wholly owned subsidiary, Fanchem Ltd. ("PVS"), to distribute 100% of Argex's iron by-products to be produced at Argex's first industrial scale titanium dioxide (TiO2) plant to be located in Valleyfield, Quebec.
This LOI will act as a guideline for the negotiation of a definitive off-take and distribution agreement between Argex and PVS, which shall be negotiated over the next several months on an exclusive basis.
"PVS looks forward to negotiating a definitive agreement with Argex and growing this valuable strategic business partnership in the years to come," stated Jeff Inkes, Vice President and General Manager of Fanchem Ltd.
"A significant portion of Argex's cost advantage comes from the sale of our iron by-products," stated Roy Bonnell, president and CEO of Argex Titanium. "Recent test results for Argex's iron products indicate that they surpass the current technical requirements of the industry. We are pleased to work with PVS, a proven market leader as we grow our business."
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high grade titanium dioxide (TiO2) for use in high quality paint, plastics, cosmetics and other applications. The company's unique proprietary process takes relatively inexpensive and plentiful source material from a variety of potential vendors, and produces TiO2 along with other valuable by-products. Argex's process provides a significant cost and environmental advantage over current legacy TiO2 production methods. The company's primary near term goal is to rapidly advance toward a 50,000 tonne per annum production module as a first step in its goal to transform the 5.7 million tonne per annum TiO2 market.
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 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, 2013, 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: Company Contact: Sophy Cesar, Manager, Investor Relations, Corporate Communications, Argex Titanium Inc., 514-843-5959 Ext. 128, [email protected]; U.S. Investor Relations: Liolios Group Inc., Chris Tyson, Tel 949-574-3860, [email protected]; Canadian Investor Relations: The Howard Group, Dave Burwell, 1-888-221-0915, [email protected]