- Sales of FCL-X™ reach
over US$300,000 through
the past few weeks
- FCL agrees to sell non-core equipment for approximately
US$1.5MM to assist with
FCL-X™ manufacturing,
marketing, and sales efforts
TORONTO, Nov. 11,
2024 /CNW/ - Full Circle Lithium Corp. ("FCL" or
the "Company") (TSXV: FCLI) (OTCQB: FCLIF), a USA-based lithium-ion firefighting
agent product manufacturer, reports that sales for the
past few weeks of FCL-X™, in all of its product lines
(FCL-X Pro, FCL-X Bulk and FCL-X
Extinguisher), were over US$300,000. While these sales are non-recurring,
it indicates a significant potential demand for FCL's proprietary
and innovative products, which is uniquely designed to neutralize
the reactions that cause lithium-ion battery fires.
Carlos Vicens, CEO,
Founder and Director of FCL stated, "We are very
pleased to see that we achieved meaningful non-recurring sales of
FCL-X™ in all product lines in the past few weeks
even though we have just begun our marketing and sales efforts,
including signing up with US specialty fire safety distributor AEST
Fire & Safety."
The public interest in FCL-X™ has started to
develop and crystallize since our successful EV burn test results
in October and the signing of the AEST Fire & Safety
("AEST") distribution agreement. FCL will continue to market and
sell all its products (including newly developed products that are
currently in research and development) globally and may pursue
additional distribution agreements worldwide and, in the
USA, provided these do not
conflict with our AEST agreement.
FCL has signed an agreement to sell certain non-core equipment
to an arm's length third-party for approximately US$1.5 million, which will be used to fund
manufacturing, marketing, and sales of
FCL-X™ and G&A. The closing is expected to
occur later in November.
Following its year-end of October
31, and in accordance with its shareholder approved stock
option plan, FCL's board granted annual incentive stock options
("Options") to key personnel, and to its directors and officers to
acquire an aggregate of 2,050,000 common shares at $0.27 per share, for a period of 5 years, subject
to standard vesting provisions.
About Full Circle Lithium Corp.
FCL has developed an innovative lithium-ion battery
fire-extinguishing agent - FCL-X™, to address the
increasing number of difficult to extinguish and hazardous
lithium-ion battery-based fires. A PCT patent application has been
filed by the Company to protect its FCL-X™ invention.
Additional information regarding FCL is available on SEDAR at
www.sedar.com under the Company's profile and on its website
www.fullcirclelithium.com.
For further information:
Full Circle Lithium Corp.
Carlos Vicens - CEO &
Director
ir@fullcirclelithium.com
+1.416.977.3832
Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking statements within
the meaning of securities legislation in the Canada and which are based on the
expectations, estimates and projections of management of the
parties as of the date of this news release unless otherwise
stated. Forward-looking statements are generally identifiable by
use of the words "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should",
"could", "believe", "plans", "intends" or the negative of these
words or other variations on these words or comparable
terminology. More particularly, and without limitation, this
news release contains forward-looking statements and information
concerning expectations on the effectiveness of the marketing and
sales of FCL-X™ through distribution agreements, the
viability, effectiveness, safety and additional commercialization
related to FCL-X™ which is at an early stage of
commercialization (which is very difficult for a start-up venture
like FCL as there are much larger and better capitalized
established companies that can potentially quickly enter the
lithium-ion battery fire-fighting market and create strong
competition against FCL), initial sales are not indicative of
future sales of product, on receiving patent protection
for FCL-X™ and related inventions and processes, the
ability of FCL, a start-up venture, to successfully commercialize
its FCL-X™ including ramping-up production of the agent
to meet potential demand, continue raising capital, upgrading and
refurbishing its plant, and sourcing feedstock for this
and its other lines of business (if reinitiated in
the future). Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the uncertainties and risk factors
related to the technical elements in a processing and refining
business, loss of key technical and other staff, the battery
fire-extinguishing agent functioning as expected to meet safety
requirements and fire-fighting related government regulations and
potential client product specifications, and applicable
environmental requirements and issues – see additional risks
described in FCL's public filings. Actual results, developments and
timetables could vary significantly from the estimates presented.
Readers are cautioned not to put undue reliance on forward-looking
statements. FCL disclaims any intent or obligation to update
publicly such forward-looking statements, whether as a result
of new information, future events or otherwise, unless
required by law. Additionally, FCL undertakes no obligation to
comment on analyses, expectations or statements made by third
parties in respect of FCL, its financial or operating results or
its securities.
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SOURCE Full Circle Lithium Corp.
