MONTREAL, Aug. 29, 2022 (GLOBE NEWSWIRE) -- NanoXplore Inc. (“NanoXplore”) (TSX: GRA and OTCQX: NNXPF), world-leading graphene company, is pleased to announce today that it was the winning bidder for a significant portion of the assets of XG Sciences Inc. (“XG Sciences”, “XG”, or the “Company”) in a sale conducted by XG’s senior secured creditor pursuant to Article 9 of Michigan’s enactment of the Uniform Commercial Code. NanoXplore and the senior creditor have entered into an asset purchase agreement pursuant to which NanoXplore is acquiring XG’s mechanical milling platform, research and development lab and all issued and pending patents and trademarks, among other items. The payment of this transaction is paid in cash without any share issuance.
Founded in 2006, XG Sciences specialized in the production of graphene nanoplatelets and the formulations of advanced materials that amplify product performance across diverse applications such as Lithium-ion battery anode materials, automotive, packaging, composites, concrete, and other industrial markets. The Company ceased operations in July. While operating, the Company worked with leading companies such as Ford for noise reduction and light-weighting using graphene-enhanced PU foam as well as Callaway Golf Company for graphene-enhanced golf balls.
“XG has been a respected competitor of ours for years, and the integration of their assets will further support the growth of NanoXplore. This acquisition accelerates our participation in the battery material space and significantly increases our intellectual property related to graphene and graphene-enhanced battery materials,” said Soroush Nazarpour, President and CEO, NanoXplore.
XG Sciences has a high-quality patent portfolio in strong end-markets and their additives have attractive features and performance in the battery anode material, particularly in next generation solid-state battery chemistries. As a result of the transaction, NanoXplore now owns all patents and patent applications including a portfolio of 7 patents (6 issued and 1 pending) of silicon-graphene battery materials and all XG trademarks.
NanoXplore is planning to move all the assets from Lansing, Michigan to Canada to establish a dedicated battery material R&D facility. Moreover, NanoXplore is planning to use these assets to build a silicon-graphene anode material facility with a production capacity of 100-200 tons per year during 2023.
As demonstrated by the XG Sciences asset purchase transaction, NanoXplore is seeking to expand and accelerate its downstream market access in the attractive battery anode material market.
About NanoXplore Inc.
NanoXplore is a graphene company, a manufacturer and supplier of high-volume graphene powder for use in transportation and industrial markets. The Company provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. NanoXplore is headquartered in Montreal, Quebec with manufacturing facilities across North America and Europe. Please visit www.nanoxplore.ca.
This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Forward-looking statements are not facts, but only predications and can generally be identified by the use of statements that include phrases such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “foresee”, “grow”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause NanoXplore’s actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. Any forward-looking information is made as of the date hereof and, except as required by law, NanoXplore does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
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Director, Investor Relations
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