TORONTO, ONTARIO--(Marketwired - Oct. 2, 2017) - Great Lakes Graphite Inc. ("GLK" or the "Company") (TSX VENTURE:GLK) (OTC PINK:GLKIF) (8GL.F) announces hereby its results for the third quarter 2017 ending on July 31, 2017.
The Corporation generated revenues of $34,301 during the third quarter ended July 31, 2017 (the "3rd Quarter 2017") compared to $33,959 as at July 31, 2016, which represents a similar sales volume. For the nine month period ending on July 31, 2017, total sales were $284,162 compared to $33,959 for the same period in 2016, being an increase of approximately 736%.
The Corporation recorded an operating loss of $435,905 during the 3rd Quarter 2017 compared to an operating loss of $721,882 for the 3rd Quarter of 2016. For the nine month period ending on July 31, 2017, the Corporation recorded an operating loss of $1,613,722 compared to an operating loss of $1,829,186 for the nine month period ended July 31, 2016.
The common shares of Great Lakes Graphite Inc. are listed for trading on the TSX Venture Exchange.
The Company further announced that Mr. Thomas Ukolowicz has resigned from the Board of Directors, effective September 25, 2017. The Board of Directors would like to take this opportunity to thank Mr. Ukolowicz for his service to the Board and to the Company and wishes him all the best in his future endeavours.
About Great Lakes Graphite: Great Lakes Graphite is a Clean Technology Minerals Processing Company supplying customers with innovative, high quality value-added carbon products.
There is no significant graphite production in North America now. As pricing and demand continue to rise, Great Lakes Graphite is one of the first new domestic suppliers to a growing regional customer base. We continually work to deliver products of the best quality with outstanding customer service.
The Company is party to an agreement for long-term supply of high quality natural graphite concentrate from Brazil (see news release dated 03/23/15). Great Lakes Graphite is presently working with an established US-based processor for toll micronization services. The Company has partnered with Ashland Advanced Materials for commercial-scale purification operations at Ashland's 110,000 square foot purification facility located in Niagara, New York.
Through our partner relationships, Great Lakes Graphite began selling micronized synthetic graphite beginning in 2016 and now supplies micronized and high purity micronized natural flake graphite products to a growing customer base.
Further information regarding Great Lakes can be found on the Company's website at: www.GreatLakesGraphite.com.
Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and currently has 125,656,830 shares outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward Looking Information: Certain statements in this press release may constitute "forward looking information" which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this press release, such forward looking information may use such words as "may'', "will'', "expect'', "believe'', "plan'' and other similar terminology. Forward looking information is provided for the purpose of presenting information about management's current expectations relating to the future events and the operating performance of the Company, and readers are cautioned that such information may not be appropriate for other purposes. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the ability of the Company to fulfill the orders and future orders, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Great Lakes operates. The foregoing list of factors is not exhaustive. Please see the Company's financial statements, MD&A and other documents available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.