Sale to US-based Lubricants Manufacturer Represents First Foray Into New Market
March 6, 2017, Toronto: Great Lakes Graphite Inc. (“GLK” or the “Company” TSX-V:GLK, OTC-PINK:GLKIF, FWB:8GL) today announces fulfillment of the first purchase order, for one ton of synthetic graphite, from a privately-held company that is a leading manufacturer and marketer of lubricants and greases to customers both in the United States and globally.
Senior Vice President of Sales Mike Coscia said, “We can now add lubricants to the markets for which we have qualified, or are qualifying our products, including drilling fluids, industrial foams, biomedical, conventional battery, lithium-ion battery and energy storage applications. Over the coming months we will continue to qualify our products for new markets and will also begin driving deeper into the markets and applications for which our products have been successfully qualified.”
Update on International Orders
Great Lakes Graphite is also pleased to confirm that the two recently-announced international purchase orders from customers in the Middle East and Western Europe have been shipped. The order for 400 kilograms of micronized flake graphite for the Western European customer was air freighted while the 20 tonne shipment of synthetic graphite is being delivered to the Middle East by container ship.
Great Lakes Graphite Chief Executive Officer Paul Gorman said, “With the addition of every account we expand our knowledge base and begin to establish ourselves as a trusted supplier to our customers. As a new supplier, we work hard every day to build our credibility and to grow our reputation for reliability. Over and over prospects and customers state that quality, consistency and reliability of these products is essential and that a solid supply chain is absolutely critical to enable these companies to manage their businesses.”
US Industrial Continues Purchasing, Placing First Order For 2017
The large US-based industrial company that purchased hundreds of tons of synthetic graphite from Great Lakes Graphite in 2016 has continued ordering from the Company with their first purchase order of 2017 for twenty tons of synthetic graphite. Now that Great Lakes has been established as an approved vendor providing material for the Canadian market, the US-based customer is preparing to introduce the product in the US markets where it has significant operations.
None of the graphite used to fulfill any of these orders originated from the Company’s own properties.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focused on bringing value-added carbon products to a well-defined market.
The Company is party to an agreement for shared use of a portion of an industrial facility located in Matheson, Ontario owned by Northfil Resources Limited, as well as for supply of high quality natural graphite concentrate (see news release dated 03/23/15), which have positioned Great Lakes Graphite to become an emerging domestic manufacturer and supplier of micronized products to a growing regional customer base where pricing and demand continue to rise.
Further information regarding Great Lakes can be found on the Company’s website at: www.GreatLakesGraphite.com.
Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and currently has 123,444,330 shares outstanding.
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Caution Regarding Forward Looking Information: Certain statements in this press release may constitute “forward looking information” which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this press release, such forward looking information may use such words as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. Forward looking information is provided for the purpose of presenting information about management’s current expectations relating to the future events and the operating performance of the Company, and readers are cautioned that such information may not be appropriate for other purposes. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the ability of the Company to fulfill the orders and future orders, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Great Lakes operates. The foregoing list of factors is not exhaustive. Please see the Company’s financial statements, MD&A and other documents available on www.sedar.com , for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.