CALGARY, ALBERTA -- (Marketwire) -- 03/22/13 -- Titanium Corporation Inc. (the "Company") (TSX VENTURE: TIC) is pleased to report that yesterday's Federal Budget provided $325 million of additional funding to Sustainable Development Technology Canada ("SDTC"). The Government of Canada and SDTC have been key supporters of the Company's development of sustainable technologies for the oil sands industry.
Titanium Corporation's "Creating Value from Waste" technology recovers valuable minerals, bitumen and solvents from oil sands waste tailings, reducing air emissions, recovering water and reducing the environmental footprint of oil sands mining. These highly economic projects will also create a new minerals export industry for Alberta and Canada.
SDTC recently provided further funding of $1.4 million toward the Company's oil sands tailings projects, bringing total funding to date of $6.3 million.
"We commend the Canadian Government and SDTC for their continued investment assisting innovative clean technologies to reach commercialization," said Scott Nelson, the Company's President and CEO. "SDTC has been instrumental in our Company's success developing leading technology that we are in the process of commercializing for the oil sands industry."
Excerpt from the Federal Budget:
"Sustainable Development Technology Canada
Economic Action Plan 2013 proposes to provide $325 million over eight years to Sustainable Development Technology Canada to continue support for the development and demonstration of new, clean technologies that create efficiencies for businesses and contribute to sustainable economic development.
Sustainable Development Technology Canada (SDTC) is an arm's-length foundation established by the Government of Canada to assist entrepreneurs in the development and demonstration of clean technologies on a not-for-profit basis. Clean technology and efficient practices can save businesses money, create high-paying jobs, drive innovation and improve the productivity of Canada's natural resource and manufacturing sectors, while also delivering social and environmental benefits.
SDTC has a proven track record for selecting and cultivating promising small and medium-sized enterprises in the clean technology sector. To date, the Foundation has provided support to over 210 companies to develop technologies that offer a wide range of benefits from reduced water usage in the oil sands to reducing emissions from natural gas (examples of the technologies that have been advanced with SDTC's support are highlighted below). To continue supporting the development and demonstration of new clean technologies that promote sustainable development, Economic Action Plan 2013 proposes to provide $325 million over eight years to Sustainable Development Technology Canada.
SDTC Is Supporting Innovative Clean Technologies
Sustainable Development Technology Canada was established in 2001 and supports a broad range of technologies that increase productivity, efficiency and ultimately the competitiveness of Canadian industry. Some of the companies supported by SDTC include:
Ostara Nutrient Recovery Technologies (Vancouver, British Columbia)-Ostara has developed a new process that retrieves phosphate and ammonia from waste water facilities resulting in improved treatment, reduced maintenance and the recovery of a commercial by-product, slow release fertilizer.
Titanium Corporation (Calgary, Alberta)-Titanium's oil sands technology creates value from tailings waste by recovering bitumen and high-value minerals and solvents for resale, and reducing water use from oil sands mining operations.
Electrovaya (Mississauga, Ontario)-Electrovaya, in partnership with industry leaders like Chrysler, develops batteries and related systems and products for clean electric transportation, utility-scale energy storage and smart grid power, as well as for the consumer and healthcare markets.
Atlantic Hydrogen (Fredericton, New Brunswick)-Atlantic Hydrogen is helping to make natural gas burn cleaner with its cost-effective technology, which significantly cuts back on the release of greenhouse gas and particulate matter emissions.
N-Solv Corporation (Calgary, Alberta)-Through this project, N-Solv will demonstrate its Bitumen Extraction Solvent Technology (BEST), a low-temperature in-situ production technology for bitumen reserves using a pure, condensing solvent. The N-Solv technology is targeted to produce 85 per cent fewer greenhouse gas emissions than current in-situ processes and will reduce the consumption of process water to zero."
About Titanium Corporation Inc.
Titanium Corporation Inc. has developed innovative technologies to recover bitumen, solvent, valuable heavy minerals and water from oil sands waste tailings. The benefits are twofold: the recovered bitumen, solvent and minerals will have economic value; and green benefits which will significantly reduce environmental impacts of the oil sands industry. The Company's shares trade on the TSX-V under the symbol "TIC". For more information visit the Company's website at www.titaniumcorporation.com.
Disclosure regarding forward-looking statements
Certain statements contained herein regarding the Company and its plans constitute "forward-looking statements" within the meaning of Canadian securities laws. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions, projections, and other forward-looking statements will not prove to be accurate. We direct you to our statement of risks and uncertainties more particularly described and updated in the Company's Management Discussion and Analysis filed for the period ended November 30, 2012 on SEDAR (www.sedar.com). Most notably these risks include, but are not limited to risks associated with the commercialization of the Project on the timetable anticipated or at all; access to capital on acceptable terms to fund our commercialization plan, operational or technical difficulties in connection with research activities and building and operating the Project; uncertainty related to the cost to build and operate CVW facilities; reliance on a small number of people, access to and cost of oil sands tailings necessary to carry out the project, competition and intellectual property protection and changes to environmental laws and regulation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Titanium Corporation Inc.
President & CEO
Titanium Corporation Inc.
Most Popular Stories
- Major Phone Makers Sign Anti-Phone-Theft Pledge
- College Board Offers a Sneak Peak at New SAT
- 'Beige Book' Federal Reserve Survey, April 2014: Full Text
- Salsa Legend Cheo Feliciano Killed in Car Crash
- Miss. Gov. Signs Bills to Curb Unions
- New Auto Plant to Create 155 Jobs in Kentucky
- Google Q1 Earnings Dip as Ad Prices Slip
- Generating Solar Power in the Dark
- Earthlike Planet Found in Red Dwarf's Goldilocks Zone
- Hiring and Weekly Jobless Claims Both Edge Up