NORTHERN GRAPHITE TO NOT EXECUTE OR EXTEND OPTION TO ACQUIRE STAKE IN NEOGRAF SOLUTIONS

Rhea-AI Summary

NeoGraf Solutions, LLC, a leading provider of industrial products from natural graphite, acknowledges Northern Graphite Corporation's decision not to proceed with the investment agreement with Edgewater Capital Partners. Both companies express commitment to collaboration and innovation for future partnerships.

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• None.

Negative

• Northern Graphite Corporation decided not to exercise or extend its agreement with Edgewater Capital Partners for an investment in NeoGraf, indicating potential financial impact on NeoGraf's growth plans.
• The current market conditions influenced Northern Graphite's decision, suggesting possible challenges in the industry that could affect future investments and partnerships.
• The PR does not provide specific details on alternative avenues of collaboration that NeoGraf and Northern Graphite plan to explore, leaving uncertainties regarding future business strategies.

CLEVELAND, March 8, 2024 /PRNewswire/ -- NeoGraf Solutions, LLC ("NeoGraf"), a leading provider of specialty, value-added industrial products manufactured from natural graphite, upon consultation with Northern Graphite Corporation (NGC:TSX-V, NGPHF:OTCQB, FRA:0NG, XSTU:0NG) ("Northern") acknowledges the decision to not to exercise or extend its agreement with Edgewater Capital Partners ("Edgewater") to acquire a stake in NeoGraf.

In response, NeoGraf Chief Executive Officer Natesh Krishnan stated, "We remain committed to our longstanding commercial partnership with Northern and look forward to exploring alternative avenues of collaboration in the future."

Northern Graphite's Chief Executive Officer, Hugues Jacquemin emphasized, "Given current market conditions, it is in the best interests of our shareholders and the Company not to proceed with the investment at this time. However, our commitment to innovation and collaboration between our two businesses remains unwavering."

As one of Northern's largest customers, NeoGraf continues to uphold its position as a key global player in advancing graphite solutions to high value applications. "We are dedicated to fostering strategic partnerships and driving advancements in graphite technology to meet the evolving needs of our customers," added Krishnan.

Robert Girton, Managing Partner at Edgewater Capital Partner and Chairman of the Board NeoGraf, expressed confidence in the ongoing partnership between NeoGraf and Northern Graphite. "We remain committed to enhancing the collaboration between our companies and are optimistic about the opportunities that lie ahead for both organizations," said Girton.

For more information, please visit www.neograf.com.

About NeoGraf Solutions
NeoGraf Solutions, LLC, a world leader in graphite materials science, has been manufacturing carbon and graphite products for over 140 years in Lakewood, Ohio. Today, the company's high-performance products are used in a variety of demanding applications in a diverse array of industries.  NeoGraf specializes in developing and manufacturing of high-quality natural and synthetic graphite sheets and powders used in the latest consumer electronic devices, building and construction materials, transportation, and sealing and gasketing. With internal research, development, and manufacturing capabilities, NeoGraf provides high-quality products, environmentally sustainable solutions, and new opportunities for our customers. For more information, visit www.neograf.com. 

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SOURCE NeoGraf Solutions

FAQ

Why did Northern Graphite Corporation decide not to proceed with the investment agreement with Edgewater Capital Partners?

Northern Graphite Corporation decided not to proceed due to current market conditions.

What did NeoGraf Solutions, LLC express regarding the decision?

NeoGraf expressed commitment to their commercial partnership with Northern and mentioned exploring alternative avenues of collaboration in the future.

Who is the Chief Executive Officer of NeoGraf Solutions, LLC?

The Chief Executive Officer of NeoGraf Solutions, LLC is Natesh Krishnan.

Who is the Chief Executive Officer of Northern Graphite Corporation?

The Chief Executive Officer of Northern Graphite Corporation is Hugues Jacquemin.

What is the ticker symbol for Northern Graphite Corporation on the OTCQB market?

The ticker symbol for Northern Graphite Corporation on the OTCQB market is NGPHF.