ST. GEORGE, Utah, June 3, 2020 /CNW Telbec/ - 5N Plus Inc. ("5N Plus" or "the Company"), a leading producer of specialty chemicals and engineered materials, announced today that its subsidiary, 5N Plus Semiconductors has signed a $12.45 million contract with the U.S. Government aimed at further advancing process and product technologies for specialty semiconductors required by U.S. satellite suppliers. As the sole domestic source of these critical products, over the next 39 months 5N Plus Semiconductors will address future technological requirements and enhance the sustainability of critical products required in the domestic supply chain for Space.
The leading global supplier of ultra-high-purity semiconductor materials, 5N Plus, enables many industries including, Renewable Energy, Medical Technology, Aerospace, Security and Surveillance along with certain Industrial applications. The Company has been building on its ultra-high-purity materials core competency and has partnered with key industry leaders to enable their next generation of products based on semiconductor materials from 5N Plus. The Space Industry is of strategic value for 5N Plus, as it enables the Company to remain at the forefront of product and process technologies while developing new applications in commercial markets based on advances from Space initiatives. 5N Plus believes these multifaceted technology applications are essential to ensuring the Company remains a sustainable supplier to the Space market. This also enables the Company to move further along the value chain, positioning 5N Plus for better access to new and larger markets.
Over the past few years, 5N Plus has grown its product portfolio of engineered substrates. The Company has continued to invest in its Montreal and St. George sites, which collaborate seamlessly in managing multiple steps in the value chain of these materials. The Company expects notable contributions from these activities, starting in 2020.
About 5N Plus Inc.
5N Plus is a leading global producer of engineered materials and specialty chemicals with integrated recycling and refining assets to manage the sustainability of its business model. The Company is headquartered in Montreal, Québec, Canada and operates R&D, manufacturing and commercial centers in several locations in Europe, the Americas and Asia. 5N Plus deploys a range of proprietary and proven technologies to manufacture products which are used as enabling precursors by its customers in a number of advanced electronics, optoelectronics, pharmaceutical, health, renewable energy and industrial applications. Many of the materials produced by 5N Plus are critical for the functionality and performance of the products and systems produced by its customers, many of whom are leaders within their industry.
Forward-Looking Statements and Disclaimer
Certain statements in this press release may be forward-looking within the meaning of applicable securities laws. Forward-looking information and statements are based on the best estimates available to the Company at the time and involve known and unknown risks, uncertainties or other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting the Company's business and activities appears under the heading "Risk and Uncertainties" of the 5N Plus' 2019 MD&A dated February 25, 2020 and note 10 of the unaudited condensed interim consolidated financial statements for the three-month periods ended March 31, 2020 and 2019 available on www.sedar.com.
The Company is not aware of any significant changes to its risk factors previously disclosed, however since January 2020, the gradual outbreak of the novel strain of the coronavirus, COVID-19 and its eventual declaration as a pandemic by the World Health Organization, has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures have caused material disruption to businesses globally resulting in an economic slowdown. While the Company has been able to mitigate the short-term impact from the crisis without significant loss of production capacity and customer demand, it is not possible to reliably estimate the length, severity and long-term impact the global pandemic may have on the Company's financial results, conditions and cash flows. The outbreak of the COVID-19 should be considered a new risk factor.
SOURCE 5N Plus Inc.
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