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This should be interesting to say the least. This is an entirely new company created out of the PLRN shell. Web site -- www.integratedcarbonics.com Here is the first press release: NEWS RELEASE For Immediate ReleaseJanuary 6, 1998Trading Symbol: ICCN (OTC:BB) JOINT VENTURE PARTNERSHIP ESTABLISHED IN CHINA Integrated Carbonics Corp. announced today that it has entered into a Sino Foreign Equity Joint venture with the Liumao Graphite Group of Heilongjiang province in the People's Republic of China. The joint venture is established for the construction and operation of a value added graphite processing plant located at the sight of the Liumao Graphite Mine near Jixi, China. The plant will produce higher value graphite products than those currently produced at the mine. The end products will then be sold to world markets at values ranging from US$3,000/ton to US$15,000/ton depending on the processed product. The Company is an 80% equity holder in this 30-year joint venture. The joint venture is targeting initial annual production of approximately 3,000 tons per annum (TPA) of high purity graphite with a market value (by current standards) in excess of US$30 million. The Company's joint venture partner, Liumao Graphite Group, is China's largest producer and exporter of graphite flake with current production of 36,000 TPA and reserves of 350,000,000 tons containing 13.8% graphite. The market is driven by the demand for production materials that are lighter, stronger, more resilient, more conductive, less corrosive and tolerant of temperature extremes. Natural high purity graphite fills these criteria for many industries including the auto, computer, sporting goods, aerospace and artificial diamond industries. The world market for graphite products was estimated by the US Government to be $5.5 billion in 1991. Integrated Carbonics Corp. acquired this joint venture asset from Da-Jung Resource Corp. as part of a purchase of certain of Da-Jung's assets in the People's Republic of China. The Company also acquired Da-Jung's Mineral Exploration Rights in joint venture with the Heilongjiang Bureau of Geology. The total consideration for these assets was 6,150,000 consolidated common shares, which are restricted under Rule 144, plus US$200,000 to be paid under scheduled repayment terms. PRIVATE PLACEMENT The Company further announced that it is undertaking a Private Placement pursuant to exemptions from registration provided by Section 3(b)Regulation D and Rule 504. The Company will raise a total of US $989,000 through the sale of 2,300,000 units at a price of $0.10. Each unit consists of 1 share purchase warrant exercisable at a price of $0.33 for a period of six months from the close of the offering. The financing will be used in part for detailed engineering design of the Phase 1 plant construction, partial payment to Da-Jung for the acquisition and for general working capital. Integrated Carbonics Corp. is a Nevada company formerly known as PLR, Inc. Among several resolutions passed at a Special Meeting of the Shareholders, the Company name was changed to Integrated Carbonics Corp. to reflect a change in the business focus of the Company. Resolutions were also passed to approve the transactions between the Company and Da-Jung as well as approve a reverse stock split of 100:1. The issued and outstanding shares of the Company as of the date of this News Release is 6,795,000 shares of which 6,150,000 are restricted under Rule 144. Statements made herein are forward-looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those related to business conditions and the financial strength of the graphite industry. For further information, please contact: INVESTOR RELATIONS: 1-888-734-7774 or Robert Tyson, Vice President, Corporate Communications: (604) 682-8445 E-mail: info@carbonics.com World Wide Web: www.integratedcarbonics.com | ||||||||||||||
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