TORONTO, May 11, 2010 (GLOBE NEWSWIRE) -- Element 21 Golf Company (OTCBB:ETGF) (the "Company") announced its intent to change its name to American Rare Earths & Materials Corp. in order to reflect its core business as extraction, production and implementation of the Rare Earths Materials for consumer and industrial applications. Scandium, the 21st element of the Periodic Table of Elements, and one of the Rare Earth materials, to date has been the main commercialization focus of Element 21. Given similar extraction processes with other Rare Earth materials, Element 21 has developed (over the last 8 years) unique vertical integration, beginning with extraction of pure Scandium to final product production (such as various sports equipment components).
The Company expects the name change, and new ticker symbol, will take effect prior to June 15, 2010. Nataliya Hearn, CEO, commented, "We are undergoing a swift and aggressive transition to target for commercialization and distribution some of the United States and North America's best and most reliable sources for Rare Earths. We are working on opportunities to distribute Rare Earths like Scandium, Neodymium, Europium and Lithium that we expect will help industries launch industrial brands - including categories like hybrid cars, flat screen televisions, LED light bulbs and wind turbines. We also expect to have significant exposure to categories such as transportation, shipbuilding, power transmission, automotive and aerospace."
Today, China controls 93 percent of the World's production of Rare Earth elements and has begun to further limit the amount available for export. To date, the Company has utilized proprietary processes for extracting Rare Earths. Now, the Company intends to apply these processes to extract Rare Earths in North America, providing reliable and cost-effective extraction method and giving U.S. manufacturers and military a non-Chinese sources.
Concluding her comments, CEO Hearn said, "We believe that we have the proven scientific know-how to transform Rare Earths into commercially viable, profit-generating products. We've done it with Scandium and its related consumer products and are now applying our scientific expertise to other Rare Earths and related products in mega industrial categories."
About the Company
We expect to commercialize rare Earth metal products that are desired by consumers and deliver novel products to consumer and industrial markets. The Company is targeting low-risk, high-return, high-demand industries including transportation, ship building, power transmission, automotive and aerospace. We believe we are positioned to take advantage of global mega trends including green-technology which we expect will become our most profitable and most reliable source for rare Earth metals and materials.
Forward-Looking Statements
Statements in this press release, other than statements of historical information, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from those projected or suggested due to certain risks and uncertainties, some of which are described below. Such forward-looking statements include comments regarding the future growth of the Company, expansion into the rare Earths and metals market, and our ability to successfully develop, commercialize and distribute such products. There can be no assurance that future developments affecting the Company will be those anticipated by management. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.
Additional information concerning certain risks and uncertainties that could cause actual, results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC) over the past 12 months, copies of which are available from the SEC or may be obtained upon request from the Company.