- Initial FCL-X™ sales to a fire
station in Georgia, USA, marks
initial entry into the USA
first responder market, a new and significant market opportunity
for FCL
- Closing of previously announced non-core equipment sale
generates approximately US$1.5
million of non-dilutive financing
TORONTO, Nov. 19,
2024 /CNW/ - Full Circle Lithium Corp. ("FCL" or
the "Company") (TSXV: FCLI) (OTCQB: FCLIF), a USA-based manufacturer of innovative
lithium-ion battery firefighting agent products, reports its first
sale of FCL-X™ to a fire station in Georgia, USA. While these sales may not be
recurring, this achievement underscores the interest in
FCL-X™ within the US first responder segment of the
market. The Company is initially targeting this market as it
represents what it believes to be an essentially untapped and
significant market opportunity, as first responders look for new
and effective tools to fight a growing number of dangerous and
difficult-to-extinguish lithium-ion battery fires.
As demonstrated in several very successful tests, including the
controlled burns of charged EVs, FCL-X™ is
uniquely engineered to neutralize the chemical reactions that cause
lithium-ion battery fires. The FCL-X™ product lines
include tailored solutions such as FCL-X Pro, FCL-X
Bulk, and FCL-X Extinguisher, which are
specifically designed for diverse lithium-ion battery firefighting
scenarios.
FCL has closed the previously announced sale of non-core
equipment to an arm's length third party for approximately
US$1.5 million. The net
proceeds will be allocated to the manufacturing, marketing, and
sales of the Company's flagship product, FCL-X™, as
well as general and administrative expenses. This equipment sale
marks a key step in FCL's strategy to streamline operations and
channel resources into its core business, as it launches
commercialization of FCL-X™.
Carlos Vicens, CEO, Founder, and
Director of FCL stated, "With this successful equipment
sale and our initial first responder FCL-X™ sale, we
believe we are well positioned to accelerate our sales growth. We
are committed to expanding the reach of FCL-X™
through our current and future distribution partners, ensuring that
first responders and the general public have access to our
innovative products."
FCL has partnered with AEST Fire & Safety to facilitate
distribution, training sessions, and live burn demonstrations of
FCL-X™ products. These efforts have engaged
numerous firefighters, fire chiefs, and industry stakeholders,
driving awareness and significant interest in FCL-X™.
Discussions with additional potential end-users are underway,
which the Company believes will translate into further sales
opportunities.
Looking ahead, FCL plans to continue its USA-focused marketing and sales initiatives,
developing new products currently in research and development, and
exploring additional distribution channels both in the USA and globally.
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 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
the 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 that 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.
