Electra Stone Ltd. Enters into Jade and Stone Manufacturing Letter of Intent
10.03.2016 | Accesswire
VANCOUVER, March 10, 2016 / Electra Stone Ltd. (TSX Venture: ELT) ("Electra") is pleased to announce that the Company has entered into a Letter of intent ("LOI") arrangement with LYG Anlan Company Ltd. ("LYG") an established jade and construction material manufacturer and distributor in China. Under the terms of the letter of intent LYG will design and manufacture jade and other semi-finished products for Electra that will be marketed and sold through LYG's consumer network and new channels developed by Electra. This arrangement, if completed, would represent a milestone for Electra. The establishment of a manufacturing hub for jade products within China has been a key Company focus since entering into the BC nephrite jade sector.As part of the arrangement the Company is pleased to announce the addition of Mr. Kim Chen to its advisory board. Mr. Chen is a principle at J.L. Arts and Crafts Co. Ltd, currently producing over 150,000 products annually in its facilities, mostly made with BC jade. Born in Taiwan, Mr. Chen started his first carving & manufacturing company in the 1960s, he immigrated to Canada in the 1980s, and started to mine BC jade and other semi-precious carving stones under his own company, Kim Mining Co. Ltd.
Mr. Tony Hu, Vice President of Investor Relations and Marketing states, "we are privileged and excited to have Mr. Chen as part of the Electra Stone team. With over 50 years of knowledge and experience, Mr. Chen provides critical expertise and insight into the global jade and other semi-finished products market, an essential component of Electra's successful development in China moving forward."
About Electra Stone
Electra Stone Ltd. is building a vertically integrated public Nephrite Jade mining, trading & marketing company. Electra is focused on international market growth and trade of Nephrite Jade from British Columbia into Asian markets with a specific focus on China. Electra also continues to operate its Apple Bay alumina-silica quarry on Vancouver Island, which has been in continuous operation since 2003.
For further information and sales enquires on Electra Stone Ltd. please visit www.electrastone.com
Or contact: Tyler Lowes 604-620-8589.
On behalf of the Board of Directors,
"John Costigan"
President and Director.
Forward Looking Statement: This document contains forward-looking statements. Forward –looking statements in this news release include completion of a financing and use of proceeds. Forward information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Factors which may prevent the forward looking statements from coming to fruition include that we may not agree on terms with LYG and we may complete contracts to carry out our announced plans. Even if we do complete contracts, we may not be able to finance our plans, markets may not develop as expected, we may not be able to complete requirements to establish a manufacturing hub in China, and competitors may sell better or less expensive products and take our expected market share. Forward-looking information is provided as of the date hereof and is based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. We assume no responsibility to update, or revise them to reflect new events or circumstances, except as required by law. For a detailed list of risks and uncertainties as it relates to Electra Stone Ltd., please refer to the Company's 2014 financial statements filed with SEDAR.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.