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| 8-K - CURRENT REPORT - American Resources Corp | arec_8k.htm |
Exhibit
99.1
American Resources Corporation Engages Engineering and
Manufacturing Expert To Design, Build and Provide
Operational
Support of Rare Earth Element Purification Facility
William E. Smith III will advise the Company on the development of
rare earth element
processing using ligand-assisted chromatography; An environmentally
safer method of
rare earth and critical material separation and
purification
Company to supply the electrification market with isolated pure
rare earth elements from domestic sources
February 9, 2021 | Source: American Resources
Corporation
FISHERS, INDIANA / ACCESSWIRE / February 9, 2021
/ American Resources
Corporation (NASDAQ:AREC)
(“American Resources” or the “Company”), a
next generation and socially responsible supplier of raw materials
to the new infrastructure marketplace, today announced that they
have engaged technology veteran William E. Smith III to lead the
design, build and operation phase of its rare earth and critical
mineral purification facilities utilizing ligand assisted
displacement (“LAD”) chromatography technology, which was recently licensed in
partnership with Hasler Ventures and Purdue
University.
Mr. Smith, president of CMID, Inc, gained his experience during his
thirty-three year career at Eli Lilly and Co. (LLY) overseeing
technical support of their worldwide manufacturing facilities and
responsible for worldwide planning, design, and construction of
capital projects. During his tenure at Eli Lilly, he was intimately
involved with the chromatography process including the engineering,
building out of their facilities and manufacturing operations. Mr.
Smith received his Bachelor of Science in Chemical Engineering from
Purdue University and is the recipient of the school’s
Distinguished
Engineering Alumnus Award.
“I am extremely excited to work with the American Resources
and American Rare Earth team and with the members of their process
chain to implement their vision of domestic rare earth element
(“REE”) purification. The chromatography technology
developed by Purdue for this process is one that I am confident
will be successful given my years of experience in the field. Our
goal is to demonstrate globally that we supply the electrification
market with isolated pure rare earth elements from domestic
sources.” stated Bill Smith.
The
Company’s REE purification facility will leverage
LAD chromatography through its
previously announced, exclusively licensed, and was developed at
Purdue University. Its technology is being designed to handle a
multitude of feedstocks, including recycled permanent magnets,
batteries, as well as various coal waste and coal byproducts, and
is a significantly environmentally safer purification process compared to conventional
solvent-based extraction methods. The facility represents the final
stage of American Resources Corporation’s REE process chain,
defined as “Capture. Process. Purify.”, enabling the
Company to commercially produce rare earth oxides, lithium, and
cobalt from domestic sources. The facility will allow American
Resources Corporation to be the first mover to purify and isolate
the elements for sale directly to permanent magnet and battery
manufacturers in the United States. The facility is being designed
to be a scalable and expandable to full commercial stage. The
Company is currently evaluating a targeted list of sites to
accommodate the facility.
Mark Jensen, CEO of American Resources said, “Bringing Bill
in to oversee and rapidly implement the design, build and
operations of our rare earth element purification facility is
incredibly exciting. Bill brings unparalled experience, an in-depth
knowledge of the chromatography technology we have acquired from
Purdue, and has a deep, long-standing relationship with the
university. There is no doubt in my mind that he is the perfect
person to oversee this exciting project which is critically
important to restoring our domestic rare earth supply
chain.”
American Resources Corporation, with its three divisions, American
Carbon, American Rare Earth and American Metals is built to
leverage the growth of infrastructure and electrification markets
that are predicted to see significant expansion over the next
decade. The current administration in United States has stated its
intention to advance a green economy, which will require
substantial infrastructure redevelopment and a significant spend on
U.S. produced steel as well as growth in the electric vehicle
fleet.
About American Resources Corporation
American Resources Corporation is a next-generation,
environmentally and socially responsible supplier of high-quality
raw materials to the new infrastructure market. The Company is
focused on the extraction and processing of metallurgical carbon,
an essential ingredient used in steelmaking, critical and rare
earth minerals for the electrification market, and reprocessed
metal to be recycled. American Resources has a growing portfolio of
operations located in the Central Appalachian basin of eastern
Kentucky and southern West Virginia where premium quality
metallurgical carbon and rare earth mineral deposits are
concentrated.
American Resources has established a nimble, low-cost business
model centered on growth, which provides a significant opportunity
to scale its portfolio of assets to meet the growing global
infrastructure and electrification markets while also continuing to
acquire operations and significantly reduce their legacy industry
risks. Its streamlined and efficient operations are able to
maximize margins while reducing costs. For more information
visit
americanresourcescorp.com or connect with the Company on
Facebook,
Twitter, and
LinkedIn.
Special Note Regarding Forward-Looking Statements
This
press release contains “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown
risks, uncertainties, and other important factors that could cause
the Company’s actual results, performance, or achievements or
industry results to differ materially from any future results,
performance, or achievements expressed or implied by these
forward-looking statements. These statements are subject to a
number of risks and uncertainties, many of which are beyond
American Resources Corporation’s control. The words
“believes”, “may”, “will”,
“should”, “would”, “could”,
“continue”, “seeks”,
“anticipates”, “plans”,
“expects”, “intends”,
“estimates”, or similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Any
forward-looking statements included in this press release are made
only as of the date of this release. The Company does not undertake
any obligation to update or supplement any forward-looking
statements to reflect subsequent events or circumstances. The
Company cannot assure you that the projected results or events will
be achieved.
PR Contact
Precision
Public Relations
Matt
Sheldon
917-280-7329
matt@precisionpr.co
Investor Contact:
JTC
Team, LLC
Jenene
Thomas
833-475-8247
arec@jtcir.com
RedChip
Companies Inc.
Todd
McKnight
1-800-RED-CHIP
(733-2447)
Info@redchip.com
Company Contact:
Mark
LaVerghetta
Vice
President of Corporate Finance and Communications
317-855-9926
ext. 0
investor@americanresourcescorp.com