TORONTO, ONTARIO--(Marketwired - Nov. 11, 2016) - Great Lakes Graphite Inc. ("GLK" or the "Company") (TSX VENTURE:GLK)(OTC PINK:GLKIF)(FRANKFURT:8GL) today announces that the Company has received two (2) new purchase orders for 40 tons of micronized graphite. These orders increase the total quantity of graphite ordered to date by this customer, a US-based industrial company, to three hundred and forty (340) tons. The previously announced orders for 300 tons have been delivered. These latest purchase orders are scheduled to be fulfilled by the end of the year.
Mike Coscia, Senior Vice President of Sales said, "This success with our first large customer validates our approach and provides a model for replicating that success in other targeted markets. We recently had in depth discussions with our customer about their long term requirements for graphite products. Now we are in the process of formulating a supply agreement that provides our customer with assurance of product supply and provides ourselves with visibility into future revenues and the ability to develop a production schedule."
CEO Paul Gorman added, "Based on these discussions, we believe there is excellent potential to continue growing this relationship. Our customer reports that the products are being well received and intend to expand their use now to additional geographies in which they operate, the US being the largest. They are also in the process of qualifying additional products, which represents even more potential to grow this account further."
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focused on bringing value-added carbon products to a well-defined market.
The Company is party to an agreement for shared use of a portion of an industrial facility located in Matheson, Ontario owned by Northfil Resources Limited, as well as for supply of high quality natural graphite concentrate (see news release dated 03/23/15), which have positioned Great Lakes Graphite to become an emerging domestic manufacturer and supplier of micronized products to a growing regional customer base where pricing and demand continue to rise.
Further information regarding Great Lakes can be found on the Company's website at: www.GreatLakesGraphite.com.
Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and currently has 117,561,978 shares outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward Looking Information: Certain statements in this press release may constitute "forward looking information" which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this press release, such forward looking information may use such words as "may'', "will'', "expect'', "believe'', "plan'' and other similar terminology. Forward looking information is provided for the purpose of presenting information about management's current expectations relating to the future events and the operating performance of the Company, and readers are cautioned that such information may not be appropriate for other purposes. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the ability of the Company to fulfill the orders and future orders, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Great Lakes operates. The foregoing list of factors is not exhaustive. Please see the Company's financial statements, MD&A and other documents available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.