Business
GMG Update - Operational Cost Reduction Target of AU$4.5 Million
Brisbane, Queensland, Australia--(Newsfile Corp. - March 11, 2024) - Graphene Manufacturing Group...
About this update from Graphene Manufacturing Group Ltd
[{"type":"text","content":"GMG Update - Operational Cost Reduction Target of AU$4.5 MillionBrisbane, Queensland, Australia--(Newsfile Corp. - March 11, 2024) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF) (\"GMG\" or the \"Company\") announces that the Company has implemented an organisational restructure to reduce operating costs by a targeted AU$ 4.5 million per annum whilst maintaining its focus on delivering its four critical business objectives. GMG's four critical business objectives are: 1. Produce Graphene and improve/scale cell production processes, 2. Build Revenue from Energy Savings Products, 3. Develop Next-Generation Battery and 4. Develop Supply Chain, Partners & Project Execution Capability.The Company says the AU$ 4.5 million per annum operating cost reduction target will largely be achieved by merging Projects and Operations teams and streamlining operations for its newly built Modular Graphene Manufacturing Plant and Thermal XR Blending Plant. The Company has appointed Paul Mackintosh into a new role of Chief Development and Health, Safety and Environment Officer (CDHSEO), reporting to the CEO, to lead the product development, liquid graphene production and HSE functions of the Company. Paul has been the Chief Health, Safety, Environment, Sustainability and Risk Officer since joining the Company on February 2023. Paul has had senior leadership roles in large organisations, including Arrow Energy, Origin Energy, Brickworks, Wesfarmers and Placer Dome Inc. Lisa Roobottom, the Chief Operating Officer, will leave the Company as of 8th March 2023 and GMG thanks her for her service. Bobby Bran, as Chief Projects Officer, will resume leadership of the graphene production whilst maintaining his role in leading and delivering the projects for the Company.Although GMG has already received approval to produce and /or sell its graphene and THERMAL-XR® in Australia and Canada, and there are already a number of companies which have received a graphene approval from the USA Environmental Protection Agency (EPA), the approval for the Company's application with Nu-Calgon, its North American distributor, for a Pre-Manufacture Notice- Low Volume Exemption (PMN-LVE) for THERMAL-XR® \"Powered by GMG Graphene\" has yet to be received. Accordingly, GMG has been advised to apply for a full PMN, which the EPA believes will have a g...