MGX Minerals Announces Intent to List Zinc-Air Fuel Cell Division; Issue Dividend to Shareholders
April 03 2018 - 9:30AM
InvestorsHub NewsWire
MGX Minerals Announces Intent to List Zinc-AirFuel Cell Division;
Issue Dividend to Shareholders
Vancouver, BC -- April 3,
2018 -- InvestorsHub NewsWire -- MGX Minerals Inc.
(“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) is pleased to
announce its intention to publicly list its wholly owned subsidiary
ZincNyx Energy Solutions Inc. (“ZincNyx”) and pay
a partial share dividend of ZincNyx directly to MGX shareholders of
record. The planned result will be a separate publicly-traded
company (the “Transaction”) primarily owned by MGX and its
shareholders of record. The Transaction is aimed at realizing the
full value of ZincNyx and the unique opportunity of replacing or
augmenting diesel generators globally with zinc-air mass storage
systems in addition to backup and load balancing applications. The
opportunity to replace marine diesel engines with electric engines
and zinc-air fuel cells is now being evaluated due to the ability
to refuel the systems in a method similar to traditional refueling,
from onshore refueling tanks, but using the environmentally benign
charged zinc electrolyte.
“The scale of the opportunity and the value of the intellectual
property, now in excess of 20 issued patents developed by ZincNyx,
has setup an ideal scenario for a spinoff transaction and return of
value to shareholders through partial dividend of shares,” stated
MGX’s CEO Jared Lazerson. Adding, “This is an important standalone
technology that needs to grow unbridled on the global stage, a
public listing creates this platform.”
As part of the Transaction, MGX has immediate plans to dividend a
portion of shares in the current privately held subsidiary as part
of a one-time distribution to existing shareholders. The date of
record for the share dividend distribution will be announced
shortly.
Overview of Technology
ZincNyx has developed a patented regenerative zinc-air flow battery
that efficiently stores energy in the form of zinc particles and
contains none of the traditional high cost battery commodities such
as lithium, vanadium, or cobalt. The technology allows for low cost
mass storage of energy and can be deployed into a wide range of
applications.
Unlike conventional batteries, which have a fixed energy/power
ratio, ZincNyx’s technology uses a fuel tank system that offers
flexible energy/power ratios and scalability. The storage capacity
is directly tied to the size of the fuel tank and the quantity of
recharged zinc fuel, making scalability a major advantage of the
flow battery system. The system can operate as a traditional engine
in the sense that the zinc electrolyte of the fuel and can be
stored and used in the same way other fuels are used. The system
can be self-contained but can also be filled with charged
electrolyte just as a car is filled at a gas station. The
electrolyte is stable and environmentally benign. In addition, a
further major advantage of the zinc-air flow battery is the ability
to charge and discharge simultaneously and at different maximum
charge or discharge rates since each of the charge and discharge
circuits is separate and independent. Other types of standard and
flow batteries are limited to a maximum charge and discharge by the
total number of cells as there is no separation of the charge and
discharge components.
Figure 1. Typical 5kW
Modular System
To watch a short video
outlining ZincNyx technology, please visit http://www.zincnyx.com/technology/
About ZincNyx Energy Solutions
To learn more about ZincNyx technology visit www.zincnyx.com.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with
interests in advanced material and energy assets throughout North
America. Learn more at www.mgxminerals.com.
Contact Information
Jared Lazerson
President and CEO
Inquiries: info@mgxminerals.com
Web: www.mgxminerals.com
Neither the Canadian Securities Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking
Statements
This press release
contains forward-looking information or forward-looking statements
(collectively "forward-looking information") within the meaning of
applicable securities laws. Forward-looking information is
typically identified by words such as: "believe", "expect",
"anticipate", "intend", "estimate", "potentially" and similar
expressions, or are those, which, by their nature, refer to future
events. The Company cautions investors that any forward-looking
information provided by the Company is not a guarantee of future
results or performance, and that actual results may differ
materially from those in forward-looking information as a result of
various factors. The reader is referred to the Company's public
filings for a more complete discussion of such risk factors and
their potential effects which may be accessed through the Company's
profile on SEDAR at www.sedar.com.
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