VANCOUVER, Aug. 5, 2016 /PRNewswire/ - eCobalt Solutions Inc., (formerly "Formation Metals Inc.") (TSX:ECS) (the "Company" or "eCobalt") announced today that the Company's name has been changed to eCobalt Solutions Inc., and continues to trade on the Toronto Stock Exchange under the new symbol ECS, as well as on the OTCQB platform under the new symbol ECSIF, with no change in the Company's share structure.
"eCobalt Solutions Inc. more accurately reflects the current and future direction of the Company as a strong player in the renewable energy and electric vehicle sectors. We continue to make progress on the Idaho Cobalt Project through the recently commissioned feasibility study, with the ultimate goal of completing mine financing and re-commencing construction on our Idaho Cobalt Project." stated Paul Farquharson, President and CEO. "The Idaho Cobalt Project remains the sole, near term, environmentally permitted, primary cobalt deposit in the United States, the world's largest single consumer of cobalt."
This announcement coincides with the Company's Annual General Meeting to be held on August 8, 2016, at the Hotel Soleil in Vancouver at 10:00 AM PST.
About eCobalt Solutions Inc.
eCobalt Solutions is well established Toronto Stock Exchange listed company committed to providing a unique opportunity for consumers to acquire an ethically sourced, environmentally sound, transparent supply of battery grade cobalt salts, essential for the rapidly growing rechargeable battery and renewable energy sectors, produced safely and responsibly in the United States.
eCobalt Solutions Inc.
"J. Paul Farquharson"
J. Paul Farquharson
President & CEO
As used in this press release, "feasibility study" simply means a study report with the type of information and documentation typically required by financial institutions for the purposes of evaluating and financing projects similar to the ICP as described under AACE guidelines for a Class 3 estimate. For greater certainty, the use of the word "feasibility study" does not guarantee that the ICP is one that will secure project financing.
Cautionary Statement on Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Statements in this news release pertaining to expected finance completion date are forward-looking statements. These forward-looking statements are based on assumptions and address future events and conditions and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Such projections are and will inevitably always be dependent on assumptions about future mineral prices and development costs which will be subject to fluctuation due to global and local economic and industry conditions. Further information regarding risks and uncertainties which may cause results to differ from those contained in forward-looking statements is included in filings by the Company with securities regulatory authorities and is available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although the Company has disclosed that the Idaho Cobalt Project remains the sole, near term, environmentally permitted, primary cobalt deposit in the United States and offers a unique potential for North American consumers to secure an ethically sourced, environmentally sound supply of battery grade cobalt chemicals, there is no guarantee that the Company will attain commercial production of such cobalt chemicals for use in the rechargeable battery sector. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
The statements contained in this news release in regard to eCobalt Solutions Inc. that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including eCobalt Solutions Inc.'s beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to eCobalt Solutions Inc. as of such date. It is important to note that actual outcome and the actual results could differ from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate, commodity price and marketplace changes.
SOURCE Formation Metals Inc.