5E Advanced Materials Signs Letter of Intent With Corning Incorporated
June 06 2022 - 4:05PM
5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) (“5E,” “We,”
“Our,” or the “Company”) has entered into a non-binding letter of
intent (“LOI”) with Corning Incorporated (NYSE: GLW) (“Corning”) to
supply boron specialty materials. Under the terms of the LOI, 5E
and Corning will work towards a binding agreement for the supply of
boron specialty and advanced materials, which are used in the
manufacture of Corning’s products. 5E and Corning will also
collaborate and share technical know-how for the purpose of
developing and enhancing boron advanced materials.
Corning is a Fortune 300 company that draws upon
materials science expertise and manufacturing process leadership to
transform industries. Corning is one of the largest technical glass
manufacturers in the world, supplying precision glass to leading
consumer electronics manufacturers. Corning’s other glass, ceramic,
and optics solutions serve other global markets, including but not
limited to, flat panel displays, life sciences, semiconductor
equipment optics and consumables, aerospace and defense optics, and
telecommunications components.
Commenting on the LOI with Corning,
President and CEO, Mr Henri Tausch noted:
“We look forward to
working with Corning, an industry leader in the global technical
glass markets and a trusted partner to many marque brands.
Corning’s leadership in the markets it serves offers a strong end
use for our boron specialty and advanced materials. We are also
pleased to support Corning’s sustainability commitments, as they
align well with our environmental light-touch extraction and
processing methods. We intend to have a long-term partnership with
Corning as we focus on continuous innovation as technologies
evolve.
Today’s announcement
marks another key milestone for the Company as we have now secured
an LOI with one of the largest technical glass manufacturers in the
world. We continue to experience strong market dynamics as we
progress towards target construction completion of our Small-Scale
Boron Facility in calendar fourth quarter 2022.”
About 5E Advanced Materials,
Inc.
5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX:
5EA) is an exploration stage company focused on becoming a
vertically integrated global leader and supplier of boron specialty
and advanced materials, complemented by lithium production
capabilities. Our mission is to become a supplier of these critical
materials to industries addressing global decarbonization, food
production, and domestic security. We anticipate boron and lithium
products will target applications in the fields of electric
transportation, clean energy infrastructure such as solar and wind
power, fertilizers, and domestic security. Our business strategy
and objectives are to develop capabilities ranging from upstream
extraction and product sales of boric acid, lithium carbonate and
potentially other co-products, to downstream boron advanced
material processing and development. Our business is based on our
large domestic boron and lithium resource, which is located in
Southern California and designated as Critical Infrastructure by
the Department of Homeland Security’s Cybersecurity and
Infrastructure Security Agency, and we intend to leverage this
asset once commercially operational to internally supply our
proposed downstream advanced material development activities over
time.
Forward Looking Statements
The information herein contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, and
as described in securities legislation in Australia and other
jurisdictions. Forward-looking statements generally are identified
by the words “believe,” “project,” “expect,” “anticipate,”
“estimate,” “intend,” “may,” “could,” and other similar
expressions, although not all forward-looking statements contain
these identifying words. All forward-looking statements reflect a
number of assumptions, which are subject to numerous risks and
uncertainties many of which are beyond the control of 5E, and which
may cause actual results to be materially different from those
described in the forward-looking statements. These risks and
uncertainties include, but are not limited to, our limited
operating history in the borates industry with no revenue from our
properties; our need for substantial additional financing to
execute our business plan and our ability to access capital and the
financial markets; our status as an exploration stage company with
no known mineral reserves and the inherent uncertainty in estimates
of mineral resources; risks and uncertainties relating to the
development of the Fort Cady project; risks related to the demand
for end use applications that require borates and related minerals
and compounds that we expect to produce; risks related to
compliance with environmental and regulatory requirements;
unanticipated costs or delays associated with our Small-Scale Boron
Facility; and the completion and outcome of future technical and
economic studies related to our project. For additional information
regarding these various risks and uncertainties, you should
carefully review the risk factors and other disclosures in our
amended Form 10 filed with the U.S. Securities and Exchange
Commission (SEC) on March 7, 2022, and our Form 10-Q filed with the
SEC on May 12, 2022. Additional risks are also disclosed by 5E in
its filings with the Securities and Exchange Commission (SEC)
throughout the year, including its Form 10-K, Form 10-Qs and Form
8-Ks, as well as in its filings under the Australian Securities
Exchange. Any forward-looking statements are given only as of the
date hereof. Except as required by law, 5E expressly disclaims any
obligation to update or revise any such forward-looking statements.
Additionally, 5E undertakes no obligation to comment on third party
analyses or statements regarding 5E’s actual or expected financial
or operating results or its securities.
Authorized for release by:
Henri Tausch, President and Chief Executive Officer
For further information contact:
Chance PipitoneInvestor Relations –
U.S.info@5Eadvancedmaterials.comPh: +1 (346) 433-8912 |
Elvis JurcevicInvestor Relations – Australiaej@irxadvisors.comPh: +
61 408 268 271 |
Chris SullivanMediachris@macmillancom.comPh: +1 (917) 902-0617 |
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