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Argex Titanium Inc
Symbol RGX
Shares Issued 146,555,959
Close 2015-07-31 C$ 0.14
Market Cap C$ 20,517,834
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Argex reaches short-term goals; CFO Verret resigns

2015-08-04 09:52 ET - News Release

Mr. Roy Bonnell reports

ARGEX ACHIEVES SHORT-TERM MILESTONES AND PREPARES FOR NEXT STEPS TOWARDS COMMERCIALIZATION

Argex Titanium Inc. has updated all of its stakeholders on its progress toward commercialization of its technology, as it pledged to do, on a more frequent and continuing basis, five weeks ago at its annual general meeting.

Consistent with the milestones set out at the Argex annual general meeting on June 23, 2015, management has reached its immediate goals over the last month; these short-term initiatives, as set forth, included:

  • An immediate and significant reduction in the monthly burn rate of approximately 70 per cent;
  • A reduction of roughly $800,000 per month to below $250,000 while preserving the capacity to reach operational objectives;
  • The initiation of collaborative discussions with multiple potential strategic partners from within the titanium dioxide (TiO2) industry and within tangential industries focused on the commercialization and implementation of the Argex technology, with the expectation of a more rapid revenue stream than previously anticipated;
  • The necessary groundwork to implement near-term the financial support required to commence the process intensification program (PIP) and achieve its value-added goals as elaborated at the annual general meeting.

"In the context of today's market, the Argex value proposition to the industry of more profitable and environmentally friendly TiO2 production facilities is more attractive than ever," said Roy Bonnell, president and chief executive officer of Argex, "and, over the last month, we have been working diligently towards recapturing perceived shareholder value through streamlining our operations and personnel to achieve the goals that we have set out."

Daniel Verret, who served as chief financial officer during this period of cost reduction, has stepped down from his position, effective immediately. His replacement will be Serge Depatie, who will take over as interim chief financial officer of Argex. "Mr. Depatie is an MBA with over 18 years of experience in all fields of finance and has rapidly assimilated the particularities of our industry in his current position of vice-president," noted Mr. Bonnell. "As we have largely achieved the internal cost reduction measures set out, our primary financial focus shifts to cementing both the strategic alliances and financial support required to realize shareholder value. To do so, we need to realign our team accordingly. We expect Mr. Depatie depth of experience to be of great value in achieving these objectives."

We seek Safe Harbor.

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