Vancouver, British Columbia--(Newsfile Corp. - September 14, 2017) - Mag One Products (CSE: MDD) (OTCQB: MGPRF) (FSE :304) has provided an update to shareholders on its Magboard Products subsidiary.
The company formed Magboard Products (MPI) as a joint venture with MagBoard LLC, for assembling, in Quebec, Magnesium oxide-based ROK-ONTM Wallboard Panels and Structural Insulated Sheathing products, for the building construction industry.
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MagBoard LLC brings their expertise, proprietary technology, and market-leading quality control procedures to build a ROK-ONTM panel-assembly facility in Quebec. Initially, the facility will be used to assemble ROK-ONTM structural Insulated Sheathing Products, provide value-added features such as insulation and moisture barriers, then distribute and sell the finished wallboard panels. As Mag One's magnesium oxide production facility comes online, Magboard Product's wallboard panel manufacturing will also be integrated into the operations.
The majority of the world's magnesium boards are produced in China where quality control is often a big concern.
Gillian Holcroft, President of Mag One, stated: "Over the past few months, in close collaboration with our partners, MagBoard LLC management, Mag One has carefully examined the value proposition that ROK-ONTM can offer to the North Eastern Canadian and American markets. In an addressable market that we estimate at over a $1 billion, this disruptive product could very well change how buildings are erected in these regions. We are refining our agreement with MagBoard and are also in the final stages of putting the business plan together for MPI."
Mag One is in negotiations to construct a 12,000 square foot building in the MRC des Sources region in southwest Quebec using its new magboard product to showcase the many benefits of these panels for industrial and commercial building construction projects.
Nelson Skalbania, Chairman of Mag One, added: "MPI is a perfect example of the vertical integration that we envisaged when we launched Mag One. We expect to become a major player, if not THE major player in the magnesium ecosystem in North America, from raw materials to finished goods, influencing environmentally-friendly products that affect our daily lives from lighter-weight, fuel efficient automobiles to lower carbon footprint transportation of goods, to higher performing buildings. With our planned Mg-based operations in southern Quebec we intend to transform a barren industrial landscape to a thriving Magnesium Valley and provide jobs for many."
With images of water damage to buildings in the southern U.S. States fresh in everyone's minds, builders and investors will appreciate the many benefits of this unique building material. ROK-ONTM Wallboard Panels are made from magnesium oxide and manufactured in sheets similar in format to gypsum boards for building walls. The panels have an impressive fire, mold, insect and impact resistance, all the while complying with North American building codes, standards and practices.
They come as pre-fabricated and pre-cut structural assemblies including insulating materials, integrated moisture barriers and windows. Building codes are being tightened throughout North America to require increased energy and fire performance in construction. They substantially reduce the overall construction time of commercial, industrial and institutional buildings, thereby providing healthy margins all along the value chain.
Mag One Products aims to be the diamond standard in the magnesium market by concentrating on four initial projects at its processing/manufacturing plant sites in southern Quebec.
Production of high-purity MgO, Silica and other saleable co-products, by-products and compounds.
Production of 99.9% pure Mg ingots.
Assembly and sale of magnesium oxide-based structural insulated sheathing panels.
MagPower's Mg-Air Fuel Cell for emergency power on sea and land.
Key advantages that these four projects share are Mag One's advanced technologies, a modular processing plant expansion concept, and the company's easy access to tonnes of serpentinite tailings.
The shares are trading at $0.21, and with 40 million shares outstanding, the company is capitalized at $8.4 million.
For more information about MAG ONE, please visit the company's website www.MagOneProducts.com, contact Nelson Skalbania, Chairman & CEO, at 604-669-4771 or email [email protected]. For investor relations, email [email protected].
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