OAKVILLE, Ontario, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Saint Jean Carbon Inc. (“Saint Jean” or the “Company”) (TSX-V:SJL) (OTCQB:TORVF), is pleased to announce the company has entered into an agreement on November 8, 2018, with Curtiss Motorcycles Inc. (Curtiss) (OTCB:CMOT) of Birmingham Alabama to provide Research and Development for Battery Development, Motor and Powertrain Development and other related services. Curtiss was formed to lead a new golden age of sustainable, fun, utilitarian two-wheeled mobility. Their plan is to rapidly and precisely, develop and deploy the highest level battery electric zero emissions technology and innovation to their Curtiss Motorcycles.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/80bc2568-7504-4e63-b395-5cff5c7efff0
The Company, its partners and suppliers will receive Five Million (5,000,000) unvested shares of Curtiss Motorcycles Common Stock (the “Shares”) (with a deemed value of $0.20 USD equaling a total of $1,000,000 USD) which shall fully vest upon the occurrence, to the written satisfaction of Curtiss Motorcycles, of the following: The project is broken down into four project milestones 1) design 2) engineering 3) prototype completion 4) delivery of final two prototypes. Initially, the Company will supply four finished prototype power systems in the spring of 2019. All intellectual property developed during the design and build will be the property of Curtiss. A number of other partners will work on the project under the management of Saint Jean. The agreement is for one year, however it is expected that the project will complete in the spring of 2019.
Paul Ogilvie, CEO, commented: “We are pleased to have the opportunity to take raw materials and apply them to a high performance and best in class electric motorcycle; as we lead the team our partners will provide support engineering, electric motor design and system controls. At the heart of each Curtiss motorcycle will be the best technology we can apply to the batteries. We will apply all the know-how, from our many years of research in energy storage, as we strive for extreme range and power.”
Over the last three years the Company has worked extensively with their academic partners on many projects working towards greater energy density and advanced anode design. The project will center around the Saint Jean Carbon research and development lab in Oakville Ontario. The Company has brought together a great development team to fulfill the mission.
Matt Chambers, CEO, of Curtiss Motorcycles Inc., commented: “Our long history of building the very best and finest motorcycles with best in class industrial design will continue with our new electric motorcycles. We believe partnering with Saint Jean best facilitates our grass roots, lean approach and keeps us focused on the heart of Curtiss advanced technology - the battery. We have patiently timed our market entry. The pioneers before us have taught our team to be weary of obsolete technology. We will launch our unique bespoke line of best and finest Curtiss Motorcycles with the perfect partner to optimize this great opportunity.”
The Company will provide project updates as they become available.
About Saint Jean Carbon
Saint Jean is a publicly traded carbon science company, with specific interests in energy storage and green energy creation and green re-creation, with holdings in graphite mining and lithium claims in the province of Quebec in Canada. For the latest information on Saint Jean’s properties and news please refer to the website: http://www.saintjeancarbon.com/ .
On behalf of the Board of Directors
Saint Jean Carbon Inc.
Paul Ogilvie, CEO and Director
Information Contact :
Tel: (905) 844-1200
Neither 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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Saint Jean’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, “intends” ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’.
These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. The forward-looking statements in this news release assume, inter alia, that the Company will be able to fund the required cash payments.
Although Saint Jean believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct. There are risks which could affect Saint Jean’s future results and could cause the results to differ materially from those expressed in these forward-looking statements including closing failure or delay, the impact of general economic conditions in Canada and globally and the risk that they will deteriorate, industry conditions, including fluctuations in the price of supplies and the risk that they will increase, that required consents and approvals from regulatory authorities will not be obtained and the liabilities and risks inherent in Saint Jean’s operations.
Statements of past performance should not be construed as an indication of future performance. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement.
All of the forward-looking statements made in this press release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Saint Jean assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.