San Marcos Texas, July 23, 2019 (GLOBE NEWSWIRE) -- Leading American cadmium-free quantum dot and nanomaterials manufacturer Quantum Materials Corp (OTCQB: QTMM) today announced an update for the joint quantum dot development/production facility, which is part of the new Tech City project being built in Assam, India being coordinated and funded by licensee Amtronics India LLC. As reported by Amtronics, construction remains on track with no delays to the original schedule even given the fact there has been major expansion to the project's footprint as well as heavy rainfall and flooding experienced in this region during the Monsoon season. Completion date for move-in is still anticipated to be sometime in the mid-to-late fourth quarter of 2019.
Amtronics India LLCs CEO Dr. Tony Balchin stated, “Due to the substantial increase in size of the facility, initially specified at 20,000 sq. ft. and subsequently increased to 75,000 sq. ft., we are now including a multi-story quantum dot laboratory and factory complex incorporating the latest engineering & environmental technologies. Design work is nearly completed and we have appointed a local architectural/engineering company as the "Architect of Record" to prepare conceptual designs as well as execute detailed engineering plans of the project in accordance with all local regulations and building codes. In addition to our appointed local architects, we have engaged a "Lead Architect" experienced in factory and environmental design to ensure our project will be "state of the art". Site development including the artificial lake and infrastructure works in the commons areas have progressed well and are either done or are nearing completion. Test piling for the quantum dot facility has been completed and the structural design is being finalized at this time. As soon as the monsoon season is finished, we will be starting on piling and substructure work followed by superstructure works and we are confident that all above-ground construction of the building will be completed by November/December 2019. At this time we are negotiating with local building contractors/subcontractors and expect to commence above ground construction in early August of this year.”
Regarding specialized quantum dot production equipment for this project, construction of two high volume quantum dot production systems valued at $1M has now been completed. These units are now in transit for delivery to the new quantum dot production facility in Assam, India. The shipment of these two units clears the payment obligation for the first $700,000 of the sale amount which is being satisfied by a Letter of Credit established by ASSAM ELECTRONIC DEVELOPMENT CORPORATION LIMITED (Amtron) to fund this project. Once the equipment has been installed an additional $150,000 will be eligible for transfer to Quantum Materials Corp., with the final $150,000 eligible for payment to Quantum Materials once the units have been certified for production at the facility. Quantum Material's has also received orders for additional quantum dot process equipment totaling roughly $500K. That equipment order is scheduled for delivery during the 4th quarter of this year.
Quantum Materials Corp CEO Stephen B. Squires commented, “Our team is doing a fantastic job of manufacturing and delivering the highly specialized quantum dot production equipment required to fulfill our licensees’ specifications for this forward-thinking project. It is very exciting to see the project footprint increase from 20,000 to 75,000 sq. ft., enabling us to expand our mission of developing infrastructure to support roll to roll printing of next-generation quantum dot based thin-film solar cells. In addition to the core mission of thin film solar cells, the Tech City production plan will also be developing technology to support commercial production of QD-based films for high color gamut flat panel displays as well as QD-LED based general lighting.”
ABOUT QUANTUM MATERIALS CORP
Quantum Materials Corp (QMC) develops and manufactures quantum dots and nanomaterials for use in display, solar energy and lighting applications through its proprietary high-volume continuous-flow production process. QMC's volume manufacturing methods enable consistent quality and scalable cost reductions to provide the foundation for technologically superior, energy efficient and environmentally sound displays, the next generation of solid-state lighting and solar photovoltaic power applications. Wholly-owned subsidiary Solterra Renewable Technologies develops sustainable quantum dot solar technology. For more information follow Quantum Materials Corp at www.QMCDOTS.com
About Amtronics India LLC
Amtronics LLC is a joint venture between Amtronics cc of South Africa headed by Dr. George Anthony Balchin and Amtron an Indian government owned electronics technologies company headed by M.K.Yadava. Amtronics cc has expertise in infrastructure and construction management and deep operational expertise. Amtron (ASSAM ELECTRONIC DEVELOPMENT CORPORATION LIMITED) is an Indian government owned enterprise devoted to advancing emerging electronics technologies that lead to creating new industries and employment opportunities in Assam India.
QUANTUM MATERIALS CORP CONTACTS:
Toshi Ando
Sr. Director of Business Development for Asia/Pacific
510.300.4021
toshi@qmcdots.com
INVESTOR RELATIONS:
Clay Chase
619 917-6771
cchase100@yahoo.com
MEDIA
Rich Schineller
941.780.8100
rich@qmcdots.com
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