MONTREAL, QUEBEC -- (Marketwired) -- 12/18/15 -- Argex Titanium, Inc. (TSX: RGX) ("Argex" or "the Company"), an emerging producer of high-grade titanium dioxide (TiO2) used as white pigment in paint, plastic, paper, cosmetics and other applications, announced today that it signed a Letter of Intent with an industrial group from the Gulf Region to initiate a two-month due diligence on the Company.
This Group is led by a seasoned executive team with global experience in building and operating world class chemical plants.
This is an exclusive arrangement for the two-month period in order to complete a technical and financial due diligence and recapitalize the Company. Detailed engineering and economic studies would then be performed with the objective of bringing the Argex technology to commercialization, which could include licensing agreements with strategic partners.
Board and Management changes
Effective immediately, Roy Bonnell will step down as President & CEO of the Company as well as Board Member. Mazen Haddad will take the interim position as President & CEO and Board Member. William White will step down from the Board and Lyon Rich will become a Board Member.
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high grade titanium dioxide (TiO2) for use in high quality paint, plastics, cosmetics and other applications. The company's unique proprietary process takes relatively inexpensive and plentiful source material from a variety of potential vendors, and produces TiO2 along with other valuable by-products.
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Argex Titanium, Inc.
Director and interim President & CEO