Customer Completes Plant Trial of DRAGONITE Halloysite Clay for Use as Flame Retardant Additive
NEW YORK, May 08, 2018 (GLOBE NEWSWIRE) -- Applied Minerals Inc. (the "Company" or "Applied Minerals") (OTCQB:AMNL), a leading global producer of halloysite clay, under the trade name DRAGONITE, and advanced natural iron oxides, under the trade name AMIRON, is pleased to announce that a leading developer of flame retardant applications has completed a successful plant trial of DRAGONITE halloysite clay for use as a flame retardant additive.
According to Andre Zeitoun, President and CEO of Applied Minerals Inc., "For this application DRAGONITE outperformed all other competing flame retardant additives evaluated by the customer. DRAGONITE operates as a non-toxic, non-halogenated flame retardant additive that enhances char formation, smoke suppression and the physical properties a matrix. We believe this customer validation further supports the value proposition DRAGONITE provides the $6.0 billion flame retardant chemicals market.”
The customer expects to commercialize the application during the fourth quarter of 2018.
The estimated annual revenue of this opportunity is approximately $2.0 million and is a component of the Company’s 2018 - 2019 Revenue Outlook disclosed in February 2018. The Company will provide similar updates on the progress of other pipeline opportunities as they develop.
About Applied Minerals
Applied Minerals is the leading producer of halloysite clay and advanced natural iron oxide solutions from its wholly owned Dragon Mine property in Utah. Halloysite is aluminosilicate clay that forms naturally occurring nanotubes. In addition to serving the traditional halloysite markets for use in technical ceramics and catalytic applications, the Company has developed niche applications that benefit from the tubular morphology of its halloysite. These applications include carriers of active ingredients in paints, coatings and building materials, environmental remediation, agricultural applications and high-performance additives and fillers for plastic composites. Applied Minerals markets its halloysite products under the DRAGONITE™ trade name.
From its Dragon Mine property, the Company also produces a range of ultra-pure natural iron oxides consisting of hematite and goethite. Combining ultra-high purity and consistent quality, the inherent properties of the iron oxide from the Dragon Mine allow for a wide range of end uses in pigment and technical applications. Applied Minerals markets its comprehensive line of advanced natural iron oxide pigments under the AMIRON™ trade name. Additional information on the Company can be found at www.appliedminerals.com and www.AMIRONoxides.com.
Safe Harbor Statements
The following are safe harbor statements under the Private Securities Litigation Reform Act of 1995 for Applied Minerals Inc. Some statements contained or implied in this news release may be considered forward-looking statements, which by their nature are uncertain. Consequently, actual results could materially differ. For more detailed information concerning how risks and uncertainties could affect the Company's revenue pipeline, please refer to Applied Minerals' most recent annual and quarterly reports filed with the SEC. The Company assumes no obligation to update any forward-looking information.
Investor Relations Contact:
MZ North America
Greg Falesnik
Senior Vice President
1-949-385-6449
greg.falesnik@mzgroup.us
www.mzgroup.us
Company Contact:
Richard P. Brown
978-767-0048
rbrown@appliedminerals.com