Initial FCL-X™ sales to a fire station in Georgia, USA, marks initial entry into the USA first responder market, a new and significant market opportunity for FCL
Closing of previously announced non-core equipment sale generates approximately US$1.5 million of non-dilutive financing
TORONTO, Nov. 19, 2024 /PRNewswire/ - Full Circle Lithium Corp. ("FCL" or the "Company") (TSXV: FCLI) (OTCQB: FCLIF), a USA-based manufacturer of innovative lithium-ion battery firefighting agent products, reports its first sale of FCL-X™ to a fire station in Georgia, USA. While these sales may not be recurring, this achievement underscores the interest in FCL-X™ within the US first responder segment of the market. The Company is initially targeting this market as it represents what it believes to be an essentially untapped and significant market opportunity, as first responders look for new and effective tools to fight a growing number of dangerous and difficult-to-extinguish lithium-ion battery fires.
Full Circle Lithium logo (CNW Group/Full Circle Lithium Corp.)
As demonstrated in several very successful tests, including the controlled burns of charged EVs, FCL-X™ is uniquely engineered to neutralize the chemical reactions that cause lithium-ion battery fires. The FCL-X™ product lines include tailored solutions such as FCL-X Pro, FCL-X Bulk, and FCL-X Extinguisher, which are specifically designed for diverse lithium-ion battery firefighting scenarios.
FCL has closed the previously announced sale of non-core equipment to an arm's length third party for approximately US$1.5 million. The net proceeds will be allocated to the manufacturing, marketing, and sales of the Company's flagship product, FCL-X™, as well as general and administrative expenses. This equipment sale marks a key step in FCL's strategy to streamline operations and channel resources into its core business, as it launches commercialization of FCL-X™.
Carlos Vicens, CEO, Founder, and Director of FCL stated, "With this successful equipment sale and our initial first responder FCL-X™ sale, we believe we are well positioned to accelerate our sales growth. We are committed to expanding the reach of FCL-X™ through our current and future distribution partners, ensuring that first responders and the general public have access to our innovative products."
FCL has partnered with AEST Fire & Safety to facilitate distribution, training sessions, and live burn demonstrations of FCL-X™ products. These efforts have engaged numerous firefighters, fire chiefs, and industry stakeholders, driving awareness and significant interest in FCL-X™. Discussions with additional potential end-users are underway, which the Company believes will translate into further sales opportunities.
Looking ahead, FCL plans to continue its USA-focused marketing and sales initiatives, developing new products currently in research and development, and exploring additional distribution channels both in the USA and globally.
About Full Circle Lithium Corp.
FCL has developed an innovative lithium-ion battery fire-extinguishing agent - FCL-X™, to address the increasing number of difficult-to-extinguish and hazardous lithium-ion battery-based fires. A PCT patent application has been filed by the Company to protect its FCL-X™ invention. Additional information regarding FCL is available on SEDAR at www.sedar.com under the Company's profile and on its website www.fullcirclelithium.com.
For further information: Full Circle Lithium Corp. Carlos Vicens - CEO & Director ir@fullcirclelithium.com +1.416.977.3832
Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements within the meaning of securities legislation in Canada and which are based on the expectations, estimates, and projections of management of the parties as of the date of this news release unless otherwise stated. Forward-looking statements are generally identifiable by the use of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "could", "believe", "plans", "intends" or the negative of these words or other variations on these words or comparable terminology. More particularly, and without limitation, this news release contains forward-looking statements and information concerning expectations on the effectiveness of the marketing and sales of FCL-X™ through distribution agreements, the viability, effectiveness, safety and additional commercialization related to FCL-X™ which is at an early stage of commercialization (which is very difficult for a start-up venture like FCL as there are much larger and better capitalized established companies that can potentially quickly enter the lithium-ion battery fire-fighting market and create strong competition against FCL), initial sales are not indicative of future sales of product, on receiving patent protection for FCL-X™ and related inventions and processes, the ability of FCL, a start-up venture, to successfully commercialize its FCL-X™ including ramping-up production of the agent to meet potential demand, continue raising capital, upgrading and refurbishing its plant, and sourcing feedstock for this and its other lines of business (if reinitiated in the future). Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the uncertainties and risk factors related to the technical elements in a processing and refining business, loss of key technical and other staff, the battery fire-extinguishing agent functioning as expected to meet safety requirements and fire-fighting related government regulations, and potential client product specifications, and applicable environmental requirements and issues – see additional risks described in FCL's public filings. Actual results, developments, and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. FCL disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events, or otherwise unless required by law. Additionally, FCL undertakes no obligation to comment on analyses, expectations, or statements made by third parties in respect of FCL, its financial or operating results, or its securities.
