Sixth Wave Enters Agreement
to Acquire Control of Lithium Joint Venture
Vancouver, British Columbia – (March 16, 2020) – Sixth Wave Innovations Inc. (CSE:SIXW) (OTC:ATURF) (FSE:AHUH) (the “Company” or “Sixth Wave”) is pleased to announce it has acquired a controlling interest in Geolithic Corp. (“Geolithic”) pursuant to an option agreement (the “Agreement”) executed with Trilateral Energy, LLC (“Trilateral”).
Sixth Wave has tested several product designs tailored to lithium extraction in complex brines where the separation of lithium from the background of salts and metals has proven difficult, if not impossible, using traditional technologies. These designs have focused on the utilization of the Company’s core molecular imprinting techniques, as well as novel implementations of other nanotechnologies, including new designs for macrocyclic ligands and molecular sieves. To this end, the Sixth Wave has already applied for several patent applications for its technology in relation to lithium that are at various stages of review worldwide.
Geolithic was established in January of 2017 as a joint venture between Trilateral and Sixth Wave to exploit the latter’s technology for the extraction of lithium from geothermal brines located primarily in the Salton Sea area of California. The Salton brines are renowned for their elevated levels of lithium and other valuable metals, and represent one of the largest untapped sources of lithium in the world. Pursuant to the original 2017 agreement, Trilateral held 60% of the outstanding shares of Geolithic, with Sixth Wave holding 40%. Under the terms of updated Agreement, Sixth Wave has now purchased an additional 15% controlling stake in the enterprise, with an option to obtain a full 100% before the end of 2020.
“We’re very excited about this initiative to buy a full controlling stake in these lithium applications as they apply to our revolutionary extractive nanotechnologies,” said Jon Gluckman, President & CEO of Sixth Wave. “This Agreement provides us with a springboard to launch a more comprehensive approach to harvesting metals from brines at a world level and to take advantage of potential strategic partners in this space.”
While the Salton Sea is a particularly prolific opportunity, Sixth Wave’s suite of technologies have the potential to be applied to lithium-rich brines elsewhere in North America, South America, and beyond. With its capability of capturing elements down to the lowest concentration levels (parts per billion or ppb) quickly and efficiently, Sixth Wave nanotech has the potential to eliminate the costly, time-consuming and environmentally hazardous evaporation ponds characteristic of legacy lithium extraction technologies.
Lithium is a key material for certain types of batteries, and is consequently receiving increased interest as electric and hybrid-electric vehicles see increased market penetration. Traditional processing techniques involve the use of evaporation ponds where lithium-rich brines are pumped into brine holding facilities, and water is naturally evaporated by the sun and air. The resultant concentrate is then harvested and post-processed to yield lithium carbonate. The process can take up to 18 months and has come under fire as concerns grow over the depletion of the water table and disposal of waste products. In some areas, such as the Salton Sea, such approaches may not be viable at all because of environmental concerns.
The updated Agreement calls for staged payments totaling up to USD$300,000 to be made over the next seven months. The first payment of USD$75,000 has been completed in exchange for 15% of the outstanding shares of Geolithic, bringing Sixth Wave’s ownership percentage to 55%. The Company then has the option to acquire the remaining 45% of the outstanding shares of Geolithic in exchange for payments totaling USD$225,000 by September 30, 2020.
About Sixth Wave
Sixth Wave is a development-stage nanotechnology company focused on extraction and detection of target substances at the molecular level using its patented technologies in the highly specialized field of molecularly imprinted polymers. Sixth Wave is in the process of commercializing IXOS®, a line of extraction polymers for the gold mining industry, and has developed extraction polymers for the extraction of CBD, THC and other cannabinoids from cannabis extracts under the name AffinityTM.
For more information about Sixth Wave, please visit our web site at: www.sixthwave.com
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
This press release includes certain statements that may be deemed “forward-looking statements,” including statements regarding patent applications for the Company’s technology related to lithium and the exercise of the option to purchase the outstanding shares of Geolithic. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, including the risks that patent applications may not result in issued patents or adequately protect the Company’s technology, and the availability of sufficient funds to complete the Company’s purchase of the outstanding shares of Geolithic, and other risks detailed in the Company’s filing statement available at www.sedar.com, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.