All Neo Rare Earth Processing Facilities
Now Running at Capacity
TORONTO, May 18, 2022
/CNW/ - Neo Performance Materials Inc. ("Neo", the
"Company") (TSX: NEO) is pleased to announce that its
high-purity heavy rare earth separations facility in Jiangyin
(JAMR), China has reopened for
full operations after being shut down for 12 days following a
government-mandated and city-wide lockdown order. None of
Neo's employees tested positive for the COVID virus.
All of Neo's rare earth and rare metal production facilities
worldwide are now fully operational. The JAMR plant is the
only Neo facility that was forced to close temporarily because of
the COVID pandemic.
"I am pleased that our JAMR specialty plant is operational again
and that product shipments have resumed," said Constantine Karayannopoulos, CEO of Neo.
"The fact that we are now running at capacity in all of our
manufacturing facilities around the world is especially important
given the increasing demand we continue to see for our specialized
rare earth products."
Neo processes rare earth feedstock at JAMR into high-purity
separated rare earth products, including dysprosium and terbium
that can be used in sintered neodymium-iron-boron magnets for drive
trains and related systems in electric vehicles. JAMR also
produces precisely engineered materials for use in multi-layer
ceramic capacitor chips for nano electronics systems in electric
vehicles, smart phones, wearable devices, telemedicine, 5G
communications, and the Internet of Things (IOT). Several
trillion of these specialized chips are manufactured globally each
year.
On the back of strong first quarter 2022 financial performance,
demand for Neo's high-purity rare earth products, particularly the
magnetic rare earths neodymium, praseodymium, dysprosium, and
terbium, remain high given the rapidly growing reliance on them by
manufacturers of battery electric, hybrid electric, and
conventional vehicles, as well as by makers of energy efficient
pumps and ultra-high speed motors.
About Neo Performance
Materials
Neo manufactures the building blocks of many modern technologies
that enhance efficiency and sustainability. Neo's advanced
industrial materials - magnetic powders and magnets, specialty
chemicals, metals, and alloys - are critical to the performance of
many everyday products and emerging technologies. Neo's products
help to deliver the technologies of tomorrow to consumers
today. The business of Neo is organized along three segments:
Magnequench, Chemicals & Oxides and Rare Metals. Neo is
headquartered in Toronto, Ontario,
Canada; with corporate offices in Greenwood Village, Colorado, US; Singapore; and Beijing, China. Neo operates globally with
sales, research and development, and production facilities and
offices across 10 countries: Japan, China,
Thailand, Estonia, Singapore, Germany, United
Kingdom, Canada,
United States, and South Korea. For more information, please
visit www.neomaterials.com.
Cautionary Statements Regarding
Forward-Looking Statements
This news release contains "forward-looking information" within
the meaning of applicable securities laws in Canada. Forward-looking information may relate
to future events or future performance of Neo. All statements in
this release, other than statements of historical facts, with
respect to Neo's objectives and goals, as well as statements with
respect to its beliefs, plans, objectives, expectations,
anticipations, estimates, and intentions, are forward-looking
information. Specific forward-looking statements in this discussion
include, but are not limited to, the following: expectations
regarding certain of Neo's future results and information,
including, among other things, revenue, expenses, sales growth,
capital expenditures, and operations; statements with respect to
current and future market trends that may directly or indirectly
impact sales and revenue of Neo; expected use of cash balances;
continuation of prudent management of working capital; source of
funds for ongoing business requirements and capital investments;
expectations regarding sufficiency of the allowance for
uncollectible accounts and inventory provisions; analysis regarding
sensitivity of the business to changes in exchange rates; impact of
recently adopted accounting pronouncements; risk factors relating
to intellectual property protection and intellectual property
litigation; risk factors relating to national or international
economies (including the impact of COVID-19), and other risks
present in the jurisdictions in which Neo, its customers, its
suppliers, and/or its logistics partners operate, and; expectations
concerning any remediation efforts to Neo's design of its internal
controls over financial reporting and disclosure controls and
procedures. Often, but not always, forward-looking information can
be identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "continues",
"forecasts", "projects", "predicts", "intends", "anticipates" or
"believes", or variations of, or the negatives of, such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "should", "might" or "will" be taken, occur or be
achieved. This information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information. Neo believes the expectations
reflected in such forward-looking information are reasonable, but
no assurance can be given that these expectations will prove to be
correct and such forward-looking information included in this
discussion and analysis should not be unduly relied upon. For more
information on Neo, investors should review Neo's continuous
disclosure filings that are available under Neo's profile at
www.sedar.com.
SOURCE Neo Performance Materials, Inc.