Canadian Premium Sand Inc. Announces Second Quarter 2024 Results

CALGARY, Alberta, May 23, 2024 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. (“CPS” or the “Company”) (TSXV: CPS) is pleased to announce its second quarter 2024 financial results. The Company’s interim financial statements and notes thereto and Management’s Discussion and Analysis for the three and six months ended March 31, 2024, are available under CPS’s SEDAR+ profile.

Highlights

The Company devoted its time and resources during the three-month period ended March 31, 2024, to advancing its integrated patterned solar glass manufacturing facility in Selkirk, Manitoba (the “Project”). Specifically, the Company:

• Continued discussions with certain debt and equity capital investors that have expressed interest in financing the Project;
  
• Announced on February 15, 2024 an acknowledgement of the support it received from the Province of Manitoba for its Project; and
  
• Remained engaged with both the Province of Manitoba and the Government of Canada to progress potential financial incentive packages.
  

“We look forward to successfully financing our Project in 2024 and to moving the Company from development to operational with the start of construction and subsequent operation of our integrated patterned solar glass manufacturing facility. The opportunity to establish this project in Selkirk offers significant economic development benefits to the Province of Manitoba and to Canada and aligns well with stated government initiatives for Canada to support the North American clean energy supply chain. The demand profile for clean energy in North America continues to accelerate with current electrification trends being bolstered by rapidly growing AI and datacentre power demand that typically carry net zero commitments which are increasingly being satisfied through solar energy generation. We remain focused on establishing North America’s first source of patterned solar glass and to facilitating our customers’ stated goal of securing a low-risk and low-carbon solar energy supply chain,” stated Company President & CEO, Glenn Leroux.

About Canadian Premium Sand Inc.

The Company is developing manufacturing capacity for ultra high-clarity patterned solar glass through a Company-owned facility to be located in Selkirk, Manitoba that utilizes the high-purity, low-iron silica sand from its wholly owned Wanipigow quarry leases and renewable Manitoba hydroelectricity. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol "CPS".