Press release from Marketwire
Nordex Signs Letter of Intent for Expansion into Western Canada
Tuesday, March 11, 2014
Nordex Signs Letter of Intent for Expansion into Western Canada08:00 EDT Tuesday, March 11, 2014
KIRKLAND LAKE, ONTARIO--(Marketwired - March 11, 2014) - Nordex Explosives Ltd. ("Nordex" or the "Corporation") (TSX VENTURE:NXX) is pleased to announce the signing of a letter of intent ("Letter of Intent") with a strategic private company ("Privco") for the initial principal business of selling and distributing packaged explosives products, accessories and material in western Canada. This Letter of Intent is for a proposed joint venture ("Joint Venture") and outlines the formation, development and operation of a corporation ("Newco") owned 50% by Nordex and 50% by Privco. This Letter of Intent is subject to the finalizing of definitive agreements.
President Jim Taylor states; "This is an important milestone in the continued expansion and development of Nordex Explosives. As an industry leader operating in Ontario and with the exclusive rights to the "Buttbuster" line of explosives, the next phase of our growth plan was to secure a footprint for the supply of explosives to western Canadian based mining and construction companies. Our full line of innovative and efficient explosives is the perfect fit with the continued growth and development of the mining and construction industries of western Canada."
Under the terms of this Joint Venture, Nordex and Privco will incorporate a Company in a mutually agreed jurisdiction in Canada, and likely will be called Nordex Explosives Western Canada Ltd. or such similar name. Newco's initial principal business will be the selling and distributing of explosives in Western Canada based on Nordex's proprietary technologies. Newco will have access to a complete line of explosives including the "Buttbuster" perimeter control products which are only available in North America through Nordex. Newco will obtain all necessary permits, licenses and approvals for operating in this new jurisdiction, and will begin operations immediately upon receipt. The new location(s) in Western Canada will be strategically located relative to known high density mining and construction areas to maximize the potential client base.
About Nordex Explosives
Nordex Explosives Ltd. is a Canadian based manufacturer and distributor of explosives for the mining, quarry and construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Nordex is the exclusive supplier of the "Buttbuster" perimeter control explosive products in Canada. Additional information can be found at www.nordexexplosives.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Capital Ideas IR
403 517 2270
Nordex Explosives Ltd.
President and CEO
705 642 3265 extension 203