Expected Annual Revenue of $2.0 Million
NEW YORK, June 20, 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 commercialized a product that utilizes DRAGONITE halloysite clay as a flame retardant additive.
The Company has received initial commercial orders from this new customer for its DRAGONITE halloysite clay product. Delivery is expected to begin during the third quarter of 2018. We expect revenue from this specific customer application to reach an annual run rate of $2.0 million by the fourth quarter of 2018. As previously disclosed, this customer completed a successful plant trial of DRAGONITE halloysite clay during the second quarter of 2018.
According to Andre Zeitoun, President and CEO of Applied Minerals, "We are honored to earn the business of this leading industrial manufacturer after several years of product development. DRAGONITE outperformed all other competing flame retardant additives evaluated by this customer, which further supports the value proposition we believe DRAGONITE provides the $6.0 billion flame retardant chemicals market.”
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.
Company Contact: Richard P. Brown 978-767-0048 rbrown@appliedminerals.com
