Yahoo Finance Canadian Premium Sand Inc. Engages Green City Glass LLC as Client Technical Representative for its Solar Glass Manufacturing Facility and Provides Update on Capital Raising Initiatives
CALGARY, Alberta, April 19, 2022 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. (“CPS” or the “Company”) (TSXV: CPS) is pleased to announce it has engaged Green City Glass LLC (“Green City Glass”) to be its client technical representative for the next phase of development of its Manitoba based solar glass manufacturing facility and integrated silica sand supply quarry (the “Project”).
After concluding an in-depth selection process, the Company has retained Green City Glass to assist the Company in its selection of the key service providers needed to construct the Company’s solar glass manufacturing facility. Green City Glass will also provide oversight in vendor selection, plant design construction management, commissioning, staffing and preparation for efficient and profitable plant operations.
Green City Glass is a Pennsylvania-based technical and business consulting firm with proven expertise in solar glass manufacturing technology and operational processes. The principals of Green City Glass have over 80 years of glass manufacturing experience, with each having deep expertise in facility design, construction, operations and maintenance.
The Company and Green City Glass will initially be focused on the selection of the optimal engineering, procurement and construction contractor (the “EPC Contractor”) for the Project. Working with the EPC Contractor, the Company will complete detailed engineering and design for the Project, including a final determination of output volumes, production line configuration, forecast revenue and capital cost estimates. This process will be additive to the Company’s preliminary FEED study that was conducted by cm.project.ing GmbH, an independent glass industry consultant, which contemplated the development and operation of a 550 tonne per day patterned solar glass facility with a Class 4 cost estimate.
“We are pleased to have the professionals at Green City Glass acting as our technical representative as we proceed to the detailed engineering phase of our solar glass facility which will be the first of its kind in North America,” stated Glenn Leroux, President and CEO of CPS. “Our planned activities over the coming months will contribute to a final investment decision for a de-risked, shovel-ready and capitalized project that is expected to generate significant shareholder value.”
The Company continues to advance, with the assistance of its co-financial advisors (Fort Capital Partners and Peters & Co. Limited), its process of raising external capital to fund the development and construction of the Project. As the preliminary preparation work for this process continues to proceed, no definitive timelines or action with respect to this process have been determined at this time. The Company looks forward to reporting on material developments as the Project advances.
About Canadian Premium Sand Inc.
The Company is developing manufacturing capacity for ultra high-clarity solar glass through a Company-owned facility to be located in Selkirk, Manitoba that utilizes the high-purity, low-iron silica sand from its wholly owned Wanipigow quarry leases and renewable Manitoba hydroelectricity. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol "CPS".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Canadian Premium Sand Inc. | |
Glenn Leroux | Cam Deller |
President and Chief Executive Officer | Chief Financial Officer |
glenn.leroux@cpsmail.com | cam.deller@cpsmail.com |
Investor Relations
IR@cpsmail.com
587.355.3714
www.cpsglass.com
Forward Looking Information
Certain statements contained in this press release constitute forward-looking statements relating to, without limitation, expectations, intentions, plans and beliefs, including information as to the future events, results of operations and the Company’s future performance (both operational and financial) and business prospects. In certain cases, forward-looking statements can be identified by the use of words such as “expects”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “plans”, “seeks”, “projects” or variations of such words and phrases, or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Such forward-looking statements reflect the Company's beliefs, estimates and opinions regarding its future growth, results of operations, future performance (both operational and financial), and business prospects and opportunities at the time such statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or circumstances should change. Forward-looking statements are necessarily based upon a number of estimates and assumptions made by the Company that are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Forward-looking statements are not guarantees of future performance. In particular, this press release contains forward-looking statements pertaining, but not limited, to: the steps to be taken for the next phase of development of the Project; the anticipated benefits of engaging a client technical representative and the initial work focus and purpose of engaging such a party; the planned activities over the coming months and the contribution of such activities; the intention not to make any further comment about the matters contained in this press release unless there are material developments; future development plans; industry activity levels; industry conditions pertaining to the solar glass manufacturing industry; the ability of and manner by which the Company expects to meet its capital needs; and the Company's objectives, strategies and competitive strengths. By their nature, forward-looking statements involve numerous current assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from those anticipated by the Company and described in the forward-looking statements. The forward-looking information and statements contained in this document speak only as of the date hereof and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
