Aether Catalyst Solutions, Inc. Unwinds Relationship with Subsidiary
Burnaby, British Columbia--(Newsfile Corp. - September 30, 2022) - Aether Catalyst Solutions, Inc. (CSE: ATHR) (FSE: 2QZ) ("ATHR" or the "Company") announces that it has unwound its ownership interest in Cap Clean Energy Corp. ("Cap Clean").
Due to a significant uptick in current and anticipated future activity surrounding Aether's automotive and small motors programs, Aether has not been, and will not in the foreseeable future, be able to devote resources to any technological development outside of our core programs.
Messrs. Polvi and Tawiah have expressed a desire to move forward and have identified opportunities not involving Aether technology; given that Aether will be compensated for all expenses incurred, the Company is relinquishing its equity ownership in Cap Clean, and we wish them future success.
Going forward, Aether expects to release full results of its second year USMEAP with the City of Burnaby, proving commercial viability of its small motors catalyst, shortly after the end of the season. Testing is pending with Fleetco, and the company is in late-stage discussions with a large material sciences company with respect to a collaboration.
Paul Woodward, CEO of Aether commented "It's unfortunate that we're not going to be able to participate in the development of Cap Clean, but at the same time, we're tremendously excited about the opportunities that are currently on the table for us and it's the right move for all parties."
Aether Catalyst Solutions, Inc., a clean air company, is focused on providing an order of magnitude cost reduction in automotive catalytic converter catalyst, while meeting, or exceeding government emission standards. Aether is working to quickly advance its technology through rapid screening of new material combinations. While Aether's primary focus has been automotive applications, the company is also developing catalysts to address small motors emissions - a significant contributor to urban air pollution.
FOR FURTHER INFORMATION PLEASE CONTACT:
Aether Catalyst Solutions, Inc.
Tel: 604 690-3797
The Canadian Securities Exchange ("CSE") or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this management prepared news release.
This release may include certain statements that are deemed "forward-looking statements." All statements in this release, other than statements of historical facts, which address events or developments that Aether expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. 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 results may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
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