Hasler will join advisory board of ReElement Technologies in meantime and help guide the Company through the growth of the business and spin-off
FISHERS, IN / ACCESSWIRE / November 17, 2022 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced that Daniel Hasler has agreed to join the board of directors of the Company's wholly owned subsidiary, ReElement Technologies, upon the completion of the spin-off to a standalone publicly-traded company. Mr. Hasler will join the ReElement Technologies advisory board immediately until such time as the Form 10 spin-off is completed.
Mark Jensen, CEO and Chairman of American Resources / ReElement Technologies commented, "We are extremely excited and thankful to have the support of such an accomplished individual as Dan helping to guide ReElement at this pivotal and exciting moment of its business. We have had the luxury of getting to know and collaborate with Dan over the past few years and believe he is a great fit for the fast-pace execution of ReElement, while also bringing a diverse mindset and experience to the business that will serve to make the Company better and stronger. Furthermore, as we prepare to spin-off ReElement into its own public company, getting the board of directors established is a critically important step to continue leading the industry forward with producing battery and magnet grade elements at a commercial scale domestically."
Daniel Hasler Biography
Dan, a graduate of DePauw University and has an MBA from Duke University, had an extensive 31-year career at Eli Lilly and Company ("Lilly"), the Fortune 500 global pharmaceutical company based in Indianapolis, where he served in a number of leadership positions. After retiring from Lilly in 2010, he received the Lilly Lifetime Achievement Award. Post retirement from Lilly, Dan was appointed by then-Governor Mitch Daniels in 2011 as Chief Executive of the Indiana Economic Development Corp. (IEDC), also serving as Indiana's Secretary of Commerce. In his first year guiding the IEDC, Dan attracted a record-breaking 254 companies to Indiana in 2012. After his time in political office, he took on his next leadership position at Purdue University in 2013 as President and Chief Entrepreneurial Officer for Purdue Research Foundation (PRF), quickly moving to restructure its technology commercialization processes. Additionally, Dan established programs and policies to ease commercialization and startup creation through several avenues, including Purdue Foundry, Purdue Startup Fund and an Express License for faculty and staff entrepreneurs with preset terms. He has recently rejoined Purdue University with the mission of launching Purdue University in Indianapolis. Dan also is Founder and President of Hasler Ventures LLC, a company working to advance groundbreaking technologies by moving them to the public through industry collaborations.
American Resources and ReElement continue work with its university partner, Purdue University, through a sponsored research partnership to expand and refine the capabilities of its critical mineral separation and purification technology, chromatography. The Company and its innovative and commercially-driven partner, Purdue, have collaborated to commercialize its patented chromatography technology to recycle permanent magnets to produce ultra-high pure REEs needed in high-tech, green energy (including electric vehicles and wind energy) and defense applications. Additionally, both parties are working on bringing its patented, multi-mode chromatography process to a commercial scale to re-purify the critical minerals within lithium-based batteries. This collaborative partnership is bringing the most efficient and environmentally-safe methods to refine critical minerals to the domestic marketplace, while also addressing our sustainability needs. The Company and Purdue's forward focus is commercializing this groundbreaking technology to other feedstocks, including virgin ores, lithium brines and various battery chemistries.
Form 10 Spin-Off
The Company has recently announced that it will file a Form 10 with the SEC to spin-off off ReElement Technologies LLC into a standalone public company. American Resources Corporation currently owns 100% the membership interests of ReElement Technologies, and based on this ownership, investors in American Resources at the time of the Form 10 spin-off will receive the same ownership interest in ReElement Technologies as they currently hold in American Resources, minus any potential ownership interest retained by American Resources Corporation. As part of the spin off, the companies will continue to operate under an optimized operating structure utilizing a shared services agreement as well as licensing certain technologies for extraction and concentration of rare earth and critical elements from carbon-based materials. The Form 10 to be filed will be subject to change and will be made final prior to its effective date.
About American Resources Corporation
American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
About ReElement Technologies LLC
ReElement Technologies LLC is redefining how critical and rare earth elements are both sourced and processed while focusing on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as coal-based waste streams and byproducts to create a low-cost and environmentally-safe, circular supply chain. ReElement Technologies has developed its innovative and scalable "Capture-Process-Purify" process chain in conjunction with its licensed intellectual property including 16 patents and technologies and sponsored research partnerships with three leading universities to support the domestic supply chain's growing demand for magnet and battery metals. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
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SOURCE: American Resources Corporation
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