Regenx Tech Corp. Provides Production Update and Announces Upcoming Corporate Webinar on September 11, 2024

Rhea-AI Summary

Regenx Tech Corp. (TSXV: RGX) (OTCQB: RGXTF) has provided a production update for its Greeneville, TN facility and announced an upcoming Corporate Webinar on September 11, 2024. The company successfully processed over 32,000 lbs of diesel catalytic converter feedstock, with a portion containing more than 30 oz of precious metal shipped to Heraeus for final refining. However, during maintenance, technicians discovered unusual wear in the reactors, leading to a temporary halt in operations. Regenx is working on implementing a solution and will provide additional information during the webinar. The company focuses on developing environmentally friendly processing technologies for recovering precious metals, particularly platinum and palladium from diesel catalytic converters.

Positive

• Processed over 32,000 lbs of diesel catalytic converter feedstock
• Shipped materials containing more than 30 oz of precious metal for final refining
• Revenues from processed materials to be reflected in Q3 financial reporting
• Developed a solution to address reactor wear issue

Negative

• Unusual wear discovered in reactors during maintenance
• Operations temporarily halted due to safety concerns
• Production ramp-up to design capacity delayed

EDMONTON, Alberta, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Regenx Tech Corp., (the "Company" or "Regenx") (TSXV: RGX) (OTCQB: RGXTF) (FSE: YRS WKN: A2DSW3) announces a production update at its Greeneville, TN facility, addressing recent challenges and outlining plans for resolution. The Company will host a Corporate Webinar on September 11, 2024, to provide additional details.

Production Update

Following the successful rights offering last June, Regenx began ramping up production to meet design capacity at its facility in Greeneville, TN. The Company successfully processed over 32,000 lbs of diesel catalytic converter feedstock and a portion of the processed materials, containing more than 30 oz of precious metal, was shipped to Heraeus for final refining. These revenues will be reflected in the Company’s third quarter financial reporting.

During routine preventative maintenance procedures, technicians discovered unusual wear in the reactors. Upon examination by manufacturer technicians, it was determined that the wear was too excessive to repair or continue to operate within safety protocols. This issue only became apparent when the reactors were utilized at increased capacity levels.

Regenx’s technical and operational teams in conjunction with equipment manufacturers have been working diligently to address this challenge and have developed a solution that is currently being implemented. These plans include procedures to prevent similar issues in the future.

Upcoming Corporate Webinar

Regenx will provide additional information on its plans and the timeline for resuming full operations as part of a Corporate Webinar to be held on Wednesday, September 11, 2024, at 11am ET. Regenx invites all shareholders and other interested parties to register for the webinar at the link below. If you have questions that you would like management to address on the webinar, please submit them in the registration form for review and consideration.

Date: Wednesday, September 11^th, 2024
Time: 11am ET
Register Here

About Regenx

Regenx Tech Corp. (TSXV: RGX) (OTCQB: RGXTF) (FSE: YRS WKN: A2DSW3) is positioned for growth in the Clean Tech sector through the development and commercialization of its environmentally friendly processing technologies for the recovery of precious metals. Initial focus is the extraction of platinum and palladium from diesel catalytic converters with operations in the United States. For further information visit: www.regenx.tech

For further information contact:

REGENX TECH CORP. ‎
Investors@Regenx.Tech

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What caused the production halt at Regenx Tech Corp's Greeneville facility?

Unusual wear was discovered in the reactors during routine maintenance, which was too excessive to repair or operate safely at increased capacity levels.

How much diesel catalytic converter feedstock did Regenx Tech Corp (RGXTF) process before the production halt?

Regenx Tech Corp processed over 32,000 lbs of diesel catalytic converter feedstock before the production halt.

When will Regenx Tech Corp (RGXTF) hold a Corporate Webinar to discuss the production update?

Regenx Tech Corp will hold a Corporate Webinar on September 11, 2024, at 11am ET to provide additional information on plans and timeline for resuming full operations.

What precious metals does Regenx Tech Corp (RGXTF) focus on extracting from diesel catalytic converters?

Regenx Tech Corp focuses on extracting platinum and palladium from diesel catalytic converters.