NEO Battery Materials Signs a Strategic MOU with Automobile & PCB Inc. Listed on South Korean Exchange
June 08 2022 - 9:46AM
(
TSXV:
NBM) (
OTCQB: NBMFF)
- MOU to Jointly Pursue Strategic
Investments through NBM Korea Co. with South Korean Automotive
Parts Manufacturer, Automobile & PCB Inc. (“A&P”)
- Intention to Cooperate with
Strategic Financing, Silicon Anode Commercialization Effort, and
Global Business Network Expansion
- Yongsan, A&P’s related company,
generated CAD $600M in annual revenues and directly supplies to
Hyundai, Kia Motors, and BYD Auto
- NEO Battery Materials to Utilize
A&P and Yongsan’s Established Network in Automotive
Business
NEO Battery Materials Ltd.
(“NEO” or the
“Company”)
is pleased to announce that the Company has signed a Strategic
Memorandum of Understanding (“MOU”) with
Automobile & PCB Inc. (“A&P”) on June 7th.
The MOU establishes strategic investment and cooperation between
NEO and A&P to advance the Korean mass production facility of
NEO’s silicon anode materials for electric vehicle (EV) lithium-ion
batteries.
A&P is a public company listed on the KOSPI,
the main board of the Korea Exchange. In 2021, A&P has recorded
annual revenues of CAD $70M with its automotive parts business, and
its related company, Yongsan, generated automotive parts
manufacturing revenues of CAD $600M in 2021. Yongsan possesses 17
production sites across 5 countries including South Korea, China,
the U.S., Mexico, and India, and it employs ~3,300 workers across
the company’s global network.
Through this strategic MOU, NEO and A&P will
pursue cooperation to construct NEO’s Silicon Anode Commercial
Plant in South Korea by attracting strategic investments to NBM
Korea Co. Ltd., a wholly owned subsidiary of NEO. A&P will
actively support NEO in its commercialization efforts, and both
parties have established a top priority of pursuing strategic
investments into NBM Korea.
Both parties have also agreed to take advantage
of the reputable and recognized network of A&P’s related
companies, YSP and Yongsan, to strengthen NEO’s global business
network. Through its dominance in product quality and management,
Yongsan is a reputable vendor to Hyundai, Kia Motors, Suzuki, Geely
Auto, and BYD Auto.
Mr. Spencer Huh, President and CEO of NEO,
commented, “Through this MOU, NEO Battery Materials is closer to
completing the initial strategic financing through NBM Korea. We
are very excited to establish a practical business relationship
with A&P in South Korea. A&P has been in the automotive
industry for more than 45 years through its direct and related
companies. We strongly believe that we could secure the first and
meaningful financing shortly.”
About Automobile & PCB
Inc.Automobile & PCB Inc is a public company listed on
the Korean Exchange and currently listed on the main board, KOSPI.
A&P has annual revenues of CAD $70M with an operating income of
CAD $6.8 M from its automotive parts business. A&P also retains
a 100% subsidiary for its PCB business with yearly revenues of CAD
65M. Yongsan, another related company of A&P, has 43 years of
corporate history in the automotive industry. With annual revenues
of CAD $600M, it has 17 production sites across 5 countries (Korea,
China, US, Mexico, and India). Customers include Hyundai, Kia
Motors, Suzuki (Japan), and 4 Chinese automotive companies
including BYD Auto and Great Wall.
About NEO Battery Materials
Ltd.NEO Battery Materials Ltd.
is a Vancouver-based company focused on electric vehicle
lithium-ion battery materials. NEO has a focus on producing silicon
anode materials through its proprietary single-step nanocoating
process, which provides improvements in capacity and
efficiency over lithium-ion batteries using graphite in their anode
materials. The Company intends to become a silicon anode active
materials supplier to the electric vehicle industry. For more
information, please visit the Company’s website at:
https://www.neobatterymaterials.com/.
On behalf of the Board of DirectorsSpencer
HuhPresident and CEO604-697-2408shuh@neobatterymaterials.com
This news release includes certain forward-looking statements as
well as management's objectives, strategies, beliefs and
intentions. Forward looking statements are frequently identified by
such words as "may", "will", "plan", "expect", "anticipate",
"estimate", "intend" and similar words referring to future events
and results. Forward-looking statements are based on the current
opinions and expectations of management. All forward-looking
information is inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including the speculative
nature of mineral exploration and development, fluctuating
commodity prices, the effectiveness and feasibility of technologies
which have not yet been tested or proven on a commercial scale,
competitive risks and the availability of financing, as described
in more detail in our recent securities filings available
at www.sedar.com. Actual events or results may differ materially
from those projected in the forward-looking statements and we
caution against placing undue reliance thereon. We assume no
obligation to revise or update these forward-looking statements
except as required by applicable law.
Neither 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.
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