BRISBANE, QUEENSLAND, AUSTRALIA – June 17, 2021 – Graphene Manufacturing Group Ltd. (TSX-V: GMG) (“GMG” or the “Company”) is pleased to announce the signing of a non-binding Letter of Intent (LOI) with OPENIA Project Management Services LLC (“OPENIA”) for the exclusive distribution of THERMAL-XR ®~ powered by GMG Graphene throughout the United Arab Emirates.
Under the auspices of His Excellency Ahmed Al Khatib, Chief Development & Delivery Officer Expo 2020 Dubai, and Trade and Investment Queensland Commissioner Middle East Ms. Donna Massie, OPENIA Chairman Mohammed Fadel Al Mazrooei and GMG CEO & Managing Director Craig Nicol signed the Letter of Intent – taking place simultaneously in the Australian Pavilion at EXPO 2020 DUBAI and the Trade and Investment Queensland office in Brisbane.
THERMAL-XR®~ powered by GMG Graphene is a coating system for restoring and improving energy efficiency to corroded or poorly performing refrigeration and air conditioning coils. The process coats, protects and rebuilds lost thermal conductivity by leveraging GMG’s Graphene to increase the heat transfer rate, resulting in efficiency improvement, and reductions in both energy and Co2 emission for customers.
GMG CEO and Managing Director Craig Nicol stated, “The growing demand for cooling is impacting power generation and distribution capacity and is often one of the highest costs of a company’s operation. GMG’s THERMAL-XR® coating system is a high-tech but easy to apply solution to improve efficiency and save energy. The technology is a clear example of GMG’s Graphene’s ability to transfer heat, providing measurable efficiency gains for air conditioning asset owners. The Letter of Intent between GMG and OPENIA builds on the introduction by the Queensland Government’s global business agency, Trade and Investment Queensland (TIQ), which has been very helpful. I am very pleased about reaching this milestone and very excited to see THERMAL-XR® penetrating the strategic Middle-East market”.
OPENIA Chairman Mohammed Fadel Al Mazrooei said, “We are very pleased to progress our relationship with GMG in the UAE. The potential of this innovative product to bring both emission and energy savings to customers throughout the region aligns with our country’s strategy for environment and sustainability. The importance of THERMAL-XR® and Clean-tech Graphene products in general to this part of the world is recognised today with the attendance of His Excellency Ahmed Al Khatib, and the Honorable Ms. Donna Massie here at the Australian Pavilion of EXPO 2020 DUBAI.”
Trade and Investment Queensland Commissioner Middle East Ms. Donna Massie said, “GMG is an exceptional Queensland company with excellent values providing sustainable, innovative world-class energy saving and storage solutions. Trade and Investment Queensland are very pleased to support this LOI and to continue to assist and support GMG’s growth and development in all Middle East markets.”
GMG’s Middle East and North Africa Representative Mounir Bouaziz added “This region has a big challenge when it comes to the energy costs to cool buildings. A simple solution such as Thermal-XR that can reduce energy costs has great potential here. The Letter of Intent provides a rapid pathway for mobilisation, operations, and future growth between GMG and OPENIA for the distribution of THERMAL-XR® within the United Arab Emirates”.
OPENIA is a Dubai-based local solutions provider that helps international companies and startups establish and develop their business throughout the Middle East and North Africa. By researching new solutions and opportunities, they consult with their clients and regional partners to develop and implement strategies to maximize their impact within the region. For further information regarding OPENIA, please contact Chris Pugh, General Manager, at [email protected], +971 58 9771493.
GMG is an Australian based clean-tech disruptive company listed on the TSXV (TSXV:GMG) that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By using the company’s proprietary process, GMG can produce high quality, low cost, scalable, ‘tuneable’ and no/low contaminant graphene – enabling demonstrated cost and environmental improvements in a number of world-scale planet-friendly/clean-tech applications. Using this low input cost source of graphene, the Company is developing value-added products that target the massive energy efficiency and energy storage markets.
The Company is also in the early stages of pursuing additional opportunities for GMG Graphene, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance of lube oil, biodiesel and diesel fuels.
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Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to: (a) the deployment of the Company’s resources, including its personnel; (b) global market trends, including the growing demand for cooling, its impacts on power generation, distribution capacity and business operational costs; (c) potential applications and expected performance, safety profile and production and maintenance requirements of the THERMAL-XR® coating system; (d) the Company’s expansion and potential for growth in the Middle-East market and the regional importance of THERMAL-XR®; (e) future collaboration between the Company and OPENIA for the distribution of THERMAL-XR® within the United Arab Emirates; (e) the intention of the Company to research, develop and produce certain products; and (f) the Company’s intention to engage third parties to assist in the development of its products.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding the accuracy of the Company’s cost and timing expectations, the ability of the Company to achieve the expected results of its THERMAL-XR® coating system, that the Company will be successful in the deployment of its resources and personnel, that the Company will be able to negotiate and enter into a definitive binding agreement with OPEINA with respect to the exclusive distribution of THERMAL-XR®, that market demand for the Company’s products will be consistent with the Company’s expectations, that the Company’s operations and ability to develop its products will not be adversely impacted by COVID-19, the Company’s ability to research, develop and test its products within anticipated timelines, that results of testing and development data will be consistent with anticipated results and estimates. Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) GMG’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as the COVID-19 pandemic may adversely impact GMG’s business and the ability of the Company to produce, develop or distribute its products; (c) the volatility of global capital markets; (d) political instability; (e) the failure of GMG to attract and retain skilled personnel; (f) unexpected development and production challenges; (g) GMG could face technology or software disruptions; (h) unanticipated costs; (i) the transactions contemplated by the LOI may not be completed; (j) market demand for GMG’s THERMAL-XR® coating system may not meet the Company’s expectations; and (k) the risk factors set out under the heading “Risk Factors” in the Company’s final long form non-offering prospectus dated March 31, 2021 available for review on the Company’s profile at www.sedar.com, many of which are beyond the ability of the Company to control or predict. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Neither GMG nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this press release. Neither GMG nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this press release by you or any of your representatives or for omissions from the information in this press release.