VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/26/15 -- Canada Rare Earth Corp. ("Canada Rare Earth" or the "Company") (TSX VENTURE: LL) is pleased to announce signing of a distribution agreement with Ganzhou Zhanhai Industrial and Trade Co., Ltd. ("Ganzhou") for specialty rare earth products including high purity rare earth products (the "Agreement").
With this Agreement, Canada Rare Earth has the exclusive right to market, distribute and sell Ganzhou's rare earth products in Europe, the Americas, Russia and India and the non-exclusive right in Asia. The agreement continues in perpetuity so long as the Company purchases specified minimum values of inventory in two year sequential increments.
"The Agreement to source specialty rare earth products and sell to discerning customers is a significant corporate milestone and is perfectly complementary with our goal of establishing an international vertically integrated business within the global rare earth industry. The distribution rights form the beginning of Canada Rare Earth's commercial involvement in supplying rare earth products to industry consumers. This is evidence of the fact that we have, over the past several years, established ourselves as a recognized industry participant with in-depth knowledge and significant contacts and customer base." stated Tracy A. Moore, Chief Executive Officer of Canada Rare Earth.
"I am very excited to have Canada Rare Earth sell our products outside of China. Our company conducted extensive due diligence looking for a globally recognized and connected partner who can bring our rare earth products to key manufacturers around the world and Canada Rare Earth was our first choice," said Mr. Zhu, Chairman of Ganzhou Zhanhai Industrial and Trade Co., Ltd..
Peter Shearing, Chief Operating Officer of Canada Rare Earth remarked, "We are very pleased to be working with Ganzhou Zhanhai Industrial and Trade Co., Ltd. to supply high quality rare earth products to our customer base. Ganzhou started production of rare earth products in 2012 and quickly established a full spectrum of capabilities for the production of high-purity rare earth products desperately required for high performance product lines, particularly electronics and magnets."
Ganzhou's high purity rare earth product portfolio includes:
-- High purity single rare earth oxides (as high as 99.999% and 99.9999% for one oxide), -- Co-precipitated products such as Nd-Pr or La-Ce-Tb, -- Specialty products including micro nanometer, nanometer and large grain sizes; large and small specific surface area products; and special appearance products, and -- Rare earth salts including yttrium fluoride, neodymium fluoride, and lanthanum fluoride.
These products are used in a wide variety of industries including: high-end electronics, lighting, ceramics, glass, catalytic cracking for oil processing, automotive catalytic convertors, magnets and electric motors, atomic energy applications to name a few.
In addition to standard products and processes, Ganzhou's production and engineering team has the capability to adjust and modify their processes in order to meet stringent and unique customer specifications and create proprietary customer products. As an example of this capability, Ganzhou has become the exclusive supplier of high-purity gadolinium oxide to the China Nuclear Industry Corporation. Ganzhou's technical prowess in the rare earth industry is further evidenced and protected by patents granted and in progress.
Under Mr Zhu's leadership, Ganzhou has established a strong corporate culture based on principles of respecting and protecting the environment and sustainability. The Ganzhou focus is on excellence as a supplier through the development of leading rare earth products that support and promote a green economy.
As the global focus on sustainability has become a key corporate focus for successful industries there are now high expectations for the rare earth industry to demonstrate environmental and social stewardship. Mr. Shearing added "Ganzhou has a very strong focus on quality and environmental sustainability as evidenced by their investments in state of the art analysis equipment and facilities and we are very confident that they meet or exceed standards for sustainability and environmental stewardship followed by businesses in western countries."
Mr. Moore continued, "we will be approaching many of the world's leading manufacturers and their supply chains, particularly those who value precision and appreciate high environmental standards for their products and processes."
ABOUT CANADA RARE EARTH CORP.
Canada Rare Earth Corp. is developing an international vertically integrated business within the global rare earth industry. Our key focus is to generate revenues and positive cash flow from a variety of profit centres in the rare earth production and sales chain by sourcing, adding value and selling rare earths in all stages and forms. We are in the process of establishing our own mining, concentrating and refinery capabilities in addition to working with affiliated and third party organizations.
ON BEHALF OF THE BOARD OF DIRECTORS OF CANADA RARE EARTH CORP:
Tracy A. Moore, CEO & President
"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." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.