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Elcora Advanced Materials Executes a Partnership with Elephant Red and Receives $1 Million Strategic Investment to Begin Product Commercialization
Halifax, Nova Scotia--(Newsfile Corp. - April 10, 2018) - ELCORA ADVANCED MATERIALS CORP. (TS...
About this update from Elcora Advanced Materials Corp.
[{"type":"text","content":"Elcora Advanced Materials Executes a Partnership with Elephant Red and Receives $1 Million Strategic Investment to Begin Product CommercializationHalifax, Nova Scotia--(Newsfile Corp. - April 10, 2018) - ELCORA ADVANCED MATERIALS CORP. (TSXV: ERA) (FSE: ELM) (OTCQB: ECORF), (the \"Company\" or \"Elcora\"), is pleased to announce that it has entered into a strategic relationship with Elephant Red Maple Leaves New Material Technology (Suzhou) Co., Ltd. (\"Elephant Red\"). The objective is to develop graphene coatings applications.In keeping with its vertically integrated strategy, Elcora is now involved with its partners in the development of environmentaly friendly coatings products.  Elcora and its strategic partners are now pursuing the use of graphene in the coatings business for functional and production efficiencies — for instance, by replacing or reducing toxic materials such as cuprous oxide and zinc. The partners will also further explore graphite powder anodes opportunities in Asia and develop graphene enhanced components for Lithium-ion batteries. Elephant Red has many industrial clients and a growing network of about 300 distributors in China. The partnership will lead into an international expansion plan, including export of paint-coatings products to markets outside China (Canada, Cambodia, Malaysia, Mexico and the Philippines), including the opening of a flagship store in the Greater Montreal Area.\"We are pleased to announce this newly formed partnership with Elephant Red. They are pursuing a dynamic strategy to become the leader in coatings and graphene applications\" said Troy Grant, CEO of Elcora Advanced Materials. Elcora's Graphene Research and Production Laboratory in Bedford, Nova Scotia has been upgraded to support the required research and development.  The Company is producing graphene and is continuing to optimize the product with plans to expand production as required.  Elcora is also in discussions with a number of coatings and energy companies for partnerships in the development and commercialization of complementary graphene products. Elephant Red has agreed to invest $1 million into Elcora to pursue development of this research with the goal of producing commercial products for the coatings market.InvestmentThe investment is part of a non-brokered private placement offerin...