Neo Announces the Completion of the Sale of its Quapaw, Oklahoma Rare Metals Facility
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Neo Announces the Completion of the Sale of its Quapaw, Oklahoma
Rare Metals Facility
TORONTO, Canada, December 31, 2024 – Neo Performance Materials Inc. ( "Neo" or the "Company")
(TSX:NEO) announced toda y that it has completed the sale of its equity ownership interest (the
"Transaction") in Neo Rare Metals (Oklahoma), LLC (" Quapaw") to Kevin Reading, the current General
Manager and co-founder of the facility (the "Purchaser").
The Purchaser acquired Neo's 80% equity interest in Quapaw for an aggregate cash purchase price equal to
US$1.5 million. The Transaction also includes a seven-year agreement wherein Quapaw will purchase
gallium from, and purchase and transfer gallium scrap to the Company's recycling facility in Peterborough,
Ontario (see press release dated August 6, 2024).
The completion of this Transaction marks a key step in Neo’s operational transformation, as the Company
continues to streamline its business globally and optimize its asset portfolio to support its long-term scale
and growth ambitions.
“With the completion of this sale, Neo is well positioned to reinforce our core operations to maximize
shareholder value,” said Rahim Suleman, President and Chief Executive Officer of Neo. “Mr. Reading has
been a valued partner, and we look forward to continuing our partnership with the entrepreneurial owner -
operator team at Quapaw.”
The Quapaw facility is a leading producer in North America of gallium trichloride, which is used in
applications such as LED lighting (white LED), lithium batteries, integrated circuit chips, and capacitors.
Cautionary Statements Regarding Forward-Looking Statements
This news release may contain "forward -looking information" within the meaning of applicable Canadian
securities legislation. Generally, but not always, forward -looking information and statements can be
identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such
words and phrases or state that certain actions, events or results "may", "could", "woul d", "might" or "will
be taken", "occur" or "be achieved" or the negative connotation thereof. Specific forward-looking
statements in this news release include, but are not limited to, the timing of completion of the Transaction
and matters relating thereto. In making the forward-looking information in this news release, the Company
has applied certain factors and assumptions that are based on its current beliefs as well as assumptions made
by and information currently available to the Company. Although the Company considers these
assumptions to be reasonable based on information currently available to it, they may prove to be incorrect,
and the forward-looking information in this release are subject to numerous risks, uncertainties and other
factors that may cause future results to differ materially from those expressed or implied in such forward -
looking information. There are many risk factors associated with the completion of the Transaction. A
number of factors could cause actual results to differ materi ally from those anticipated by the Company,
including but not limited to the risks and uncertainties inherent in the nature of the Transaction including
the failure to obtain necessary regulatory approvals, or to otherwise satisfy the conditions of the
Transaction, in a timely manner by the outside date or at all, risks of a material adverse change the
Company's assets or revenues, or risks of unknown liabilities that may arise.
Readers are cautioned not to place undue reliance on forward-looking information. The Company does not
intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking
information whether as a result of new information, future events or otherwise, except as required by law.
For more information on Neo, investors should review Neo's continuous disclosure filings that are available
under Neo's profile at www.sedarplus.ca.
About Neo Performance Materials
Neo manufactures the building blocks of many modern technologies that enhance efficiency and
sustainability. Neo's advanced industrial materials - magnetic powders and magnets, specialty chemicals,
metals, and alloys - are critical to the performance of many everyday products and emerging technologies.
Neo's products help to deliver the technologies of tomorrow to consumers today. The business of Neo is
organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals. Neo is
headquartered in Toronto, Ontario, Canada; with corporate offices in Greenwood Village, Colorado, United
States; Singapore; and Beijing, China. Neo has a global platform that includes 8 manufacturing facilities
located in China, the United States, Germany, Canada, Estonia, Thailand and the United Kingdom, as well
as one dedicated research and development centre in Singapore. For more information, please visit
www.neomaterials.com.
Information Contacts
Irina Kuznetsova George Gretes
Director, Investor Relations Communications & Media
(416) 367-8588 ext. 7334 (416) 367-8588, ext. 7331
www.neomaterials.com