TORONTO, March 28, 2017 (GLOBE NEWSWIRE) -- IC Potash Corp. (TSX:ICP) (OTCQX:ICPTF) (“IC Potash” or the “Company”) is pleased to announce the creation of a new research and development subsidiary called ICP Organics Corp. (“ICP Organics”) that will focus on enhancing yields for Cannabis cultivators and increasing the health impact and effects for consumers. ICP Organics will invest up to $1M CAD into a number of facilities and companies with the intent of generating revenues and profits by Q1 2018. ICP Organics will become a revenue source for ICP by investing in the Cannabis sector and organic fertilizers.
Healthy consumption of Cannabis starts with organic growing practices. IC Potash has identified and is in discussions with some of the leading Cannabis growers to test and study organic fertilizers across different environment types and Cannabis strains.
“With the rise of medicinal and recreational Cannabis, there has been increased consumer awareness towards the presence of pesticides and other dangerous chemicals that have been found in Cannabis sold throughout Canada and around the world. IC Potash is forming partnerships with the leading Cannabis cultivators and producers to test the use of organic fertilizers which have the added benefit of increased yield. This space has significantly lacked R&D, allowing ICP Organics to be the first formal R&D program of its type. Upon completion of the R&D program, ICP Organics will patent its formulations and move towards offtake agreements with select growers,” stated Mehdi Azodi, CEO of IC Potash.
There have been numerous recalls by Health Canada due to banned pesticides found in the Cannabis producers’ supplies. Today, more than ever consumers are focused and informed on what they are ingesting into their bodies through the use of Cannabis.
This new initiative will be lead by ICP Organics who will form partnerships with the leading Cannabis companies in the world to prove out and test the benefits of using organic fertilizers such as polyhalite. In addition, the Company has appointed a new board of directors for this R&D subsidiary. It will bring strong female presence and experience to the ICP Organics’ board and its future growth plans. The new board members are Genevieve Roch-Decter & Nicole Marchand, who combined bring nearly two decades of asset management and capital markets experience. Mehdi Azodi will be the Chairman of the board of ICP Organics.
In line with additional strong female presence in the boardroom and management office, IC Potash is pleased to announce the appointment of Deena Siblock as Vice President of Corporate Affairs and Corporate Secretary. “With over 20 years of corporate governance experience and working for leading mining companies such as BHP Billiton, having Deena join the management team brings a world of experience to IC Potash,” Azodi stated.
The Company has also determined that the proper IFRS accounting treatment for its investment in Intercontinental Potash Corp. (USA) is as an investment under the equity method rather than reporting on a consolidated basis for its future financial statements starting in Q1 2017. ICP controls 93.4% of the ICPUSA common share ownership. The Ochoa project has a Net Present Value of over $1.5B CAD according to the updated Preliminary Economic Assessment and with the release of the upcoming Feasibility Study an updated value will be assessed.
About IC Potash Corp.
IC Potash has previously demonstrated a method to make Sulfate of Potash (“SOP”) from its Ochoa polyhalite deposit in Southeast New Mexico and is currently examining ways to become a low-cost fertilizer producer. The current review of IC Potash’s existing feasibility study is being extended to determine a viable positive economic path to the production of direct application polyhalite. The Ochoa project has access to excellent local labor resources, low-cost electricity and natural gas, water, rail lines, and the Port of Galveston, Texas. IC Potash’s land holdings consist of nearly 90,000 acres of federal subsurface potassium prospecting permits and State of New Mexico potassium mining leases. For more information, please visit www.icpotash.com.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of IC Potash to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements regarding trends in the markets for Sulfate of Potash and polyhalite, the completion of an update review of the feasibility study by the Company, the Company’s intention to investigate the feasibility of polyhalite product production and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of IC Potash, including, but not limited to, changes in market trends, the completion, results and timing of studies undertaken by IC Potash, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the uncertainty of obtaining additional financing, and risks associated with turning reserves into product. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.