LAS VEGAS, NV--(Marketwired - Jun 24, 2013) - American Graphite Technologies Inc. ("AGIN" or the "Company") (
The Company is pleased to announce the completion of a recent funding totaling $145,000 of which $50,000 was a draw down under our financing agreement and $95,000 was by way of a units private placement offering.
The Company is also currently negotiating another round of equity financing and hopes to have terms agreed to shortly.
The Company has been informed that its 3-D printing project ("P600") should be finalized for all regulatory approvals in the next short while and expects to start the project shortly. P600 is a project funded by AGIN and administered by the Kharkiv Institute of Physics and Technology in Kharkiv, Ukraine. The project will look at the possibility of using graphene as a source for 3-D printing. The 3-d printing market is expected to rapidly expand to 5.2 billion by 2020 (http://www.forbes.com/sites/tjmccue/2012/03/27/3d-printing-industry-will-reach-3-1-billion-worldwide-by-2016/).
The Company expects to complete some early exploration work to define drill targets on its 100% owned mineral property, in a known graphite area of Quebec, Canada. The Company hopes to undertake the work this fall subject to funding.
The Company's licensing partner, CTI Nanotechnologies LLC ("CTI") is progressing with its graphene/bucky paper ("paper") project and hopes to have information out shortly with respect to some recent tests completed on its paper. CTI is also working to get its production line setup and preliminary testing completed in the next 2-3 months.
About the American Graphite Technologies Inc. and CTI Technologies LLC Agreement
On January 25th, 2013, the Company announced it has entered into a licensing agreement with a private US company CTI Nanotechnologies LLC ("CTI") to further the development and commercialization of Graphene Paper. American Graphite has provided its initial funding as laid out in the agreement with CTI and will provide updates as they occur. CTI is working on the development and commercialization of Graphene/Bucky Paper. The initial funding received by CTI from the Company will be used to acquire test and manufacturing equipment to enhance CTI's existing facility located in Vermont with the goal of developing a prototype production machine that makes Graphene Paper in larger and more affordable sizes than currently available.
For more information visit the website at www.americangraphitetech.com
About American Graphite Technologies Inc.
American Graphite Technologies Inc. (
Safe Harbor: Pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934, any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals and assumptions of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this release may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions such as "may," "could," or "might" occur. Such statements reflect the current views of CTI with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. American Graphite Technologies Inc. does not undertake any responsibility to update the "forward-looking" statements contained in this news release.