NEO Battery Materials Provides Letter to Shareholders – 2024 Strategy & Outlook

TORONTO, Jan. 09, 2024 (GLOBE NEWSWIRE) -- (TSXV: NBM) (OTCQB: NBMFF)

NEO Battery Materials Ltd. (“NEO” or the “Company”), a low-cost silicon anode materials developer that enables longer-running, rapid-charging lithium-ion batteries, is pleased to provide a letter to shareholders to outline the Company’s silicon anode business strategy and outlook for fiscal year 2024.

Letter to NEO Battery Materials Shareholders
Dear NEO Battery Materials Shareholders,

This is Spencer Huh, Director, President, and Chief Executive Officer of NEO Battery Materials. Last year, we faced one of the most turbulent environments in recent history, as global interest rates reached new heights, geopolitical tensions led to climbing uncertainty, and investors’ risk aversion sentiment proliferated. Regardless of distressing macro factors, NEO Battery Materials has successfully advanced its proprietary silicon anode materials named NBMSiDE. Through this letter, we aim to address the recent developments surrounding our Company and to illuminate our commercial strategy and outlook for the upcoming year.

In 2023, technological breakthroughs propelled growing NBMSiDE demand and anticipation from global electric vehicle (EV) supply chain companies, and NEO’s battery engineering team has consistently achieved internal performance targets and milestones. Moreover, despite the recent period of substantial illiquidity for small- and micro-capitalization companies, we have effectively secured new, long-term shareholders who have invested in the Company’s technological and business developments. At this juncture, three years into our inception, NEO Battery Materials is at its best fundamental position in terms of product performance, engineering and management team, and business relationships.

In light of the Change of Business completion into a Technology issuer, we want to express our gratitude for your continued patience and support during this transitory period. As discussed, NEO’s work and commitment to advancing NBMSiDE silicon anode materials have continued, irrespective of the temporary trading halt. With the new R&D expansion facility at Gyeonggi Technopark, our team is motivated to deliver impactful innovations, establish milestone agreements, and create lasting shareholders’ value.