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Attention Business/Financial Editors
5N Plus provides financing to Sylarus Technologies, LLC and enters into a germanium supply and recycling agreement
MONTREAL, June 21 /CNW Telbec/ - 5N Plus Inc. (TSX:VNP), a leading
producer and provider of high-purity metals and compounds for electronic
applications, announced today that it has agreed to subscribe convertible debt
of Sylarus Technologies, LLC of Saint George, Utah a leading producer of
germanium substrates for solar cells. The financing is designed to help fund
Sylarus' expansion plans. Concurrently, 5N Plus and Sylarus have also entered
into a long-term supply and recycling agreement under which 5N Plus will
provide high-purity germanium feedstock to Sylarus and will recycle various
germanium containing residues originating from Sylarus' crystal growing and
wafer manufacturing activities.
5N Plus President and Chief Executive Officer Jacques L'Ecuyer said, "We
welcome the opportunity to provide financing to Sylarus and are excited about
Sylarus' potential for significant growth. Sylarus is one the very few
germanium substrate suppliers used for high- efficiency solar cells in both
space and terrestrial applications. This is an area of the solar market that
we were not addressing through our existing product offering. Together with
the supply and recycling agreement we entered into with Sylarus, this
financing further strengthens our germanium related activities and provides a
valuable outlet for our subsidiary Firebird's line of products."
"We are equally delighted by this agreement" commented Sylarus President,
Scott Mitchell, "as 5N Plus' financing will enable us to more effectively
implement our expansion plans. In addition, Sylarus will be provided with a
reliable and high-quality germanium feedstock and cost effective recycling
options. 5N Plus is a leading provider of material solutions to the solar
industry and we expect a positive impact on our business from working with 5N
Plus."
About 5N Plus Inc.
5N Plus draws its name from the purity of its products, 99.999% (five
nines or 5N) and more. 5N Plus, which has its head office in Montreal, Québec,
develops and produces high-purity metals and compounds for electronic
applications and provides its customers with recycling solutions. The Company
is an integrated producer with both primary and secondary refining
capabilities. 5N Plus focuses on specialty metals such as tellurium, cadmium
and selenium and on related compounds such as cadmium telluride and cadmium
sulphide. The Company's products are critical precursors in a number of
electronic applications, including the rapidly-expanding solar (thin-film
photovoltaic) market, for which 5N Plus is a major supplier of cadmium
telluride, and the radiation detector and thermoelectric markets.
About Sylarus Technologies, LLC
Located in Saint George, Utah, Sylarus Technologies, LLC supplies low
cost, premium quality germanium wafers to the manufacturers of multi-junction,
compound semiconductor photovoltaics. These high-efficiency solar cells are
used for both space and terrestrial solar power generation.
Notice Regarding Forward-Looking Statements
Certain matters discussed in this release are forward-looking statements
that involve risks and uncertainties, and actual results may be different.
Forward-looking statements are based on the best estimate available to 5N Plus
at the time and involve known and unknown risks, uncertainties or other
factors that may cause 5N Plus' actual results, performance or achievements to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.
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/For further information: Jacques L'Ecuyer, President and Chief Executive
Officer, 5N Plus Inc., 514-856-0644, jacques.lecuyer@5nplus.com/
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