TORONTO, ONTARIO--(Marketwired - Oct. 3, 2016) - Great Lakes Graphite Inc. ("GLK" or the "Company") (TSX VENTURE:GLK)(OTC PINK:GLKIF)(FRANKFURT:8GL) today announces that the Company has received eight (8) new purchase orders from its US industrial customer. A total of 160 tons of micronized graphite have been ordered, doubling the amount of material requested by this customer, bringing the total quantity to date up to three hundred (300) tons.
Mike Coscia, Sr. VP of Sales added, "After several months of working together, we have built a strong relationship with this customer that is translating into a steady flow of repeat business. Based on recent discussions and an assessment of their ongoing requirements, we are moving as quickly as possible to formulate a supply agreement that will provide the customer with assurances of product quality and long term supply and provide GLK with an improved production planning and scheduling capability as well as visibility into on-going ramped up revenues."
GLK CEO Paul Gorman commented on the new orders by saying, "With realized sales, Great Lakes Graphite is clearly distinguishing itself within the sector by executing a business model that has provided a fast path to revenue by obtaining customers, purchase orders and sustained micronized production. To date, GLK has delivered 240 of the 300 tons which have been ordered. Payment has been received for five of the fifteen purchase orders. At present, we are continuing to work with our partners to fulfill these orders by the end of November, or earlier."
New Product Sample Requests Indicate Strong Potential For Additional Sales
In addition to the micronized material that this customer has been ordering from Great Lakes Graphite, the Company has also recently provided samples for two additional graphite products for qualification. Guidance from the customer has indicated a high degree of confidence that these new products will meet their qualification requirements and the customer has requested that the Company prepare to begin fulfilling orders for these new products in the near term.
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.