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INCLINE VILLAGE, NV / ACCESSWIRE / March 11, 2021 / American Battery Metals Corporation (OTCQB:ABML) (the "Company"), an American-owned lithium-ion battery recycling technology and advanced extraction company with extensive mineral resources in Nevada, which is in the process of changing its name to American Battery Technology Company ("ABTC"), became aware of false and defamatory information posted on March 9 and March 10, 2021. The Company believes that "reports" and videos were released as part of a coordinated campaign by short sellers to release false and misleading statements in order to lower the price of the Company's common stock.
The Company believes that the recent decrease in the Company's common stock can be attributed to the false allegations and misinformation recently posted about the Company. Company shareholders are cautioned against reacting to the false statements that have been posted. The Company urges investors to review public filings for material information that pertains to its technology and business operations.
ABTC intends to defend itself vigorously against these false allegations and is reviewing all legal options at its disposal to hold the author(s) and sponsor(s) of these ‘reports' and videos responsible for the baseless attacks. ABTC is in the process of hiring a nationally recognized law firm to investigate this matter and take all available legal recourse to protect our shareholders.
Of course, the Company categorically denies the allegations. Responses to the material inaccuracies identified in the report are below. The personal attacks on Company executives and officers made by the short sellers are neither material nor factual, but are a defamatory distraction from the Company's achievements and progress.
Market Potential: Authoritative and credible third parties unrelated to the Company have highlighted that the market potential for lithium battery recycling and battery metal demand is significant. For example, reporting from Bloomberg highlights the significant increase in demand for lithium and nickel, as well as the growth of the lithium cathode market that is expected to jump by nearly $60 billion by 2024. ABTC's proprietary extraction and recycling processes will produce battery-grade lithium and nickel that can be sold directly to cathode manufacturers to tackle the growing consumer demand for EVs, cell phones, personal computers, and electronics such as power tools - that use lithium battery technology as power sources. ABTC remains focused on the exciting progress we continue to make towards the opening of our first-of-kind lithium battery recycling pilot plant in Fernley to meet the growing demand for battery materials.
Pilot Plant Permitting: Allegations that "the City of Fernley, Nevada affirmatively stated that no applications or permits have been submitted to date on the parcel of land owned by ABML" are false and defamatory. In fact, the Company has submitted a Conditional Use Permit application to the City. Here is the City of Fernley's community development report outlining ABTC's Conditional Use Permit (CUP) application that is currently undergoing public review. ABTC anticipates going before the City's Planning Commission and City Council in the coming months.
False Connections: The "report" suggests mis- or malfeasance by linking the Company to LODE and Comstock Mining Inc. While it is true that one ABTC employee previously worked at Comstock Mining Inc., ABTC maintains no financial or operational connection to either Comstock Mining Inc. or LODE. Any suggestion to the contrary is false and potentially defamatory.
ABTC Technology: The "report" ignores third-party endorsements by the government and large private companies that ABTC has received for the substantive potential of its technology:
BASF, one of the largest cathode manufacturers in North America, selected ABTC as the sole winner, from a pool of over 100 applicants, of the Battery Recycling portion of its Circularity Challenge. Purpose of this global competition was to identify the most promising lithium-ion battery recycling technologies in the world.
Department of Energy's Advanced Manufacturing Office (DOE) selected ABTC and partners for a $4.5MM grant to evolve the Company's first-of-kind lithium extraction system design from bench scale validations to construction, commissioning, and operation of a multi-ton per day integrated system that receives lithium-rich claystone material as the feedstock and manufactures battery cathode specification lithium hydroxide as the final commercial product. The purpose of DOE's investment is to reduce American dependence on imported critical materials by both diversifying the sources of materials needed for energy technologies and establishing domestic capabilities to refine materials used in manufacturing.
About American Battery Metals Corporation
American Battery Technology Company is uniquely positioned to supply battery metals through its three divisions: lithium-ion battery recycling, extraction technology, and primary resources. The Company recently announced the groundbreaking of its lithium-ion battery recycling facility in Fernley, NV, and issued a public statement outlining its principled approach to executing its ambitious business plan.
American Battery Technology Company has built a clean technology platform that increases production of primary metals used in the batteries that power electric cars, grid storage applications, consumer electronics and tools. The green platform creates a circular economy for battery metals that champions ethical and environmentally sustainable sourcing of critical materials.
For more information, please visit: www.americanbatterytechnology.com
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the expected project economics for Western Nevada Basin (Railroad Valley), including estimates of life of mine, average production, cash costs, AISC, initial CAPEX, sustaining CAPEX, pre-tax IRR, pre-tax NPV, net cash flows and recovery rates, the impact of self-mining versus contract mining, the timing to obtain necessary permits, the submission of the project for final investment approval and the timing of initial gold production after investment approval and full financing, metallurgy and processing expectations, the mineral resource estimate, expectations regarding the ability to expand the mineral resource through future drilling, ongoing work to be conducted at the Western Nevada Basin (Railroad Valley), and the potential results of such efforts, the potential commissioning of a Pre-Feasibility study and the effects on timing of the project, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended June 30, 2020. The Company assumes no obligation to update any of the information contained or referenced in this press release.
SOURCE: American Battery Metals Corporation
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