Altair Enters Binding Agreement for Advanced Lithium Extraction and Processing Technologies
PITTSBURGH, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Altair International Corp. (the “Company” or “Altair”) (OTC: ATAO) is pleased to announce that it has signed a Binding Agreement (the “Agreement”) with St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) (“St-Georges”) a Canadian public company on the cutting edge of developing new technologies to solve some of the most common environmental problems in the mining industry. Under the terms of the Agreement, St-Georges has agreed to provide access to its patent pending lithium processing technology for lithium mineral deposits and to jointly develop with Altair a patentable electric vehicle battery recycling industrial process.
Altair recognizes that global Electric Vehicle (EVs) market is accelerating and that batteries are the heart of this powerful economic engine. The battery marketspace is projected to reach over US$90 Billion by 2025 and Altair is rapidly positioning itself within the exploration, development, end use and the recycling of the most important element of the new array of battery technologies, Lithium.
The Stonewall Lithium Project
Under the Agreement, the Company has agreed that St-Georges will be granted a 5% royalty stream for the use of St-Georges unique extraction technology for the optimized commercial output of Altair’s Nevada Lithium property during the production phase. St-Georges had previously signed a similar agreement with the nearby project of Iconic Minerals and a portion of the royalty stream will also be assigned under that active agreement.
The Stonewall Lithium Project covers 1,260 acres strategically located within Nye County and Esmeralda County just within the neighboring valley southeast to Clayton Valley, the only Lithium producer in Nevada.
At the heart of this Agreement, the parties will establish a mutually beneficial partnership for the commercial implementation and output of battery recycling technology.
The race to develop newer and better batteries is still ongoing, but even with new batteries and better Lithium-ion efficiency for electronics and EVs, there is a limit to battery life and the Lithium battery recycling market is a key opportunity. Expected to grow to over 12 Billion in 2025, the North American recycling market is viewed by analysts to experience massive growth.
St-Georges technical team have already advanced their techniques in purification and selective Lithium recovery and now, with Altair, are ready to create a pilot program for Lithium in Battery recovery. Both companies will contribute equally to the battery recycling research & development effort and to the design and construction of a battery recycling industrial pilot-plant circuit in a contracted installation in Québec, Canada.
Conditions of the Agreement
In return for the access to the lithium processing technology and as part of their contribution in the development of patentable intellectual property in regard to Lithium Battery Recycling, Altair will issue 2,000,000 shares to St-Georges at signature of this Binding Agreement. The Company has further committed to 2 subsequent shares issuance of 2 million shares each, the first at the filing of a joint patent application in regards to the battery recycling R&D effort and the second issuance at the start of an Industrial Pilot Plant demonstrator of the battery recycling process. If all milestones are completed, a total of 6 million common shares of Altair will be issued in favor of St-Georges.
Altair will also make a total of US $300,000 cash payments to St-Georges towards the construction and development of the battery recycling pilot program, comprised of a first payment of US $150,000 on or before April 1st 2021 and a second payment of US $150,000 on or before August 1st 2021.
The parties have agreed to enter into a long form Definitive Agreement on or before February 5, 2021 and both companies expect to issue additional information in the coming weeks regarding the joint battery recycling technology development effort.
Leonard Lovallo, President of Altair, commented that “We believe that the lithium extraction and purification processes which St. Georges has developed has the potential to reshape the economics of the lithium mining sector, and we are incredibly excited to have partnered with them on this endeavor. As the demand and marketplace for lithium continues to expand with the ever-increasing popularity of EV vehicles across the globe, the scope and applications of the technologies which we are partnering with St. Georges on will only increase.”
About Altair: Altair International Corp (OTC Markets: ATAO) is a diversified holding company whose strategy is to acquire interests in a range of profitable ventures within the Energy and Minerals sector.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission.