Applied Minerals, Inc. Enters Into Agreement to Supply Samsung Cheil Industries, Inc. With Its Dragonite-Xr:lbv(Tm) Flame Retardant Additive
NEW YORK, NY -- (Marketwire) -- 04/24/12 -- Applied Minerals, Inc. (the "Company") (OTCQB: AMNL) (OTCBB: AMNL), the leading global producer of Halloysite Clay solutions, today announced that it has entered into a supply agreement with Samsung Cheil Industries ("Samsung"), an affiliate business of Samsung Group, for its Dragonite-XR:LBV? product. Samsung, a respected global leader in the development and manufacturing of advanced chemicals and electronic materials, will initially use the Dragonite-XR:LBV additive in its market-leading light emitting diode ("LED") applications.
The Halloysite-based Dragonite-XR:LBV additive, part of the Company's Dragonite-XR line of products, is a halogen-free, reinforcing, char-forming synergist specifically developed for specialty polymer applications requiring a combination of flame retardancy, reinforcement and retention of optical transparency. The product has been validated and specified by Samsung and will be introduced as part of a proprietary formulation for LED applications expected to be launched this year. The Company is continuing to work closely with Samsung to further tailor its Dragonite solutions to potentially target a much wider range of product applications.
According to Andre Zeitoun, President and CEO of Applied Minerals, Inc.: "We are extremely pleased to have been selected by Samsung, one of the world's leading advanced chemical and electronics materials companies, as a supplier of Halloysite Clay for their new LED applications. We see this agreement as further validation of the capabilities of Dragonite product in delivering a sustainable solution for the most demanding of applications. The use of our natural additive will support Samsung's commitment to maintaining the highest level of environmental business practices while enhancing the quality of its many leading products now and in the future."
LED displays are being used extensively in consumer electronics such as laptops and personal computers, LCD TVs, smart phones and tablets/readers, store signs, public transport vehicles, billboards and other purposes. The high growth in demand for LED displays is attributable to LED energy efficiency as compared to conventional lighting technology for video presentations. According to industry observer DIGITIMES, hundreds of millions of consumer electronics, using LED displays, are sold annually, with Samsung products being a leading user of such displays.
About Samsung Cheil Industries, Inc.
Founded in 1954, Samsung Cheil Industries, an affiliate business of Samsung Group, has been a prime force in the development of advanced textiles, chemicals and electronic chemical materials for an array of industries. The Company generated over 5.5 billion KRW in revenue in 2011. Samsung Group comprises approximately 80 companies. Its business portfolios spans from financial, construction and shipbuilding to medical services and consumer electronics. Its revenue accounts for approximately 20% of South Korea's 1,200 trillion KRW GDP.
About Applied Minerals, Inc.
Applied Minerals is the leading producer of Halloysite Clay solutions from its wholly-owned Dragon Mine property in Utah. Halloysite is an 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 & fillers for plastic composites. Additional information on the company can be found on our company website at www.appliedminerals.com.
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 financial results, please refer to Applied Minerals's most recent filings with the SEC. The Company assumes no obligation to update any forward-looking information.
Investor Relations Contact:
Jordan M. Darrow