American Lithium Comments on Recent Promotional Activity
VANCOUVER, British Columbia, Jan. 15, 2021 (GLOBE NEWSWIRE) -- American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (Frankfurt: 5LA1) (“American Lithium” or the “Company”) has been requested by OTC Markets Group Inc. (“OTC Markets”) to comment on recent promotional activity concerning its common shares traded on the OTCQB.
On January 12, 2021, OTC Markets sent the Company copies of articles by Promethean Marketing, Inc. (“Promethean”) and Global Profit Systems, LLC (“Global”). Promethean is a third-party marketing and advertising firm which was retained by the Company to provide content distribution and advertising services. While the Company did engage Promethean, it does not have any relationship with Global. The Company was not involved in the preparation of the articles published by Promethean or Global, nor did it have editorial control over the content of the articles, and only became aware of the articles on January 12, 2021, following notification by OTC Markets.
The Company does not believe the statements referencing it in the articles were false or misleading. The Company has been advised by OTC Markets that OTC Markets takes the position that aspects of the statements were overly promotional. The Company wishes to caution readers that these statements are speculative in nature. For more complete and specific information regarding the Company, its prospects and the risks associated with those prospects, readers should consult the Company’s website and other reliable sources.
The Company does not believe the promotional activities were a factor in the recent increase in trading volume in the Company’s common shares on the OTCQB which occurred on January 12, 2021. Instead, the Company attributes the increase to heightened interest in development-stage lithium projects primarily driven by anticipated demand from the electric vehicle market.
After an inquiry of management, none of the Company’s officers, directors, controlling shareholders or third-party service providers have sold or purchased securities of the Company in the past ninety days. In the last twelve months, except for Promethean, the Company has not engaged any parties to provide investor relations, public relations services, marketing or other related services. The Company has not issued any convertible instruments or securities allowing conversion to equity securities at prices constituting a discount to the current market price at the time of issuance.