American Manganese Inc. Retains Wolfe Axelrod Weinberger Associates LLC as Its Investor Relations Agency
Added November 1st, 2010 – Vancouver, British Columbia
American Manganese Inc., (TSX.V: AMY) (Pink Sheets: AMYZF), (the “Company”) is pleased to announce that it has retained Wolfe Axelrod Weinberger Associates LLC (“WAW”) as its investor relations agency effective immediately.
Among the duties to be performed for the Company are the following:
(a) act as a strategic advisor on issues relating to communications with the investment community;
(b) prepare a comprehensive fact sheet summarizing the Company’s corporate and financial profile;
(c) endeavor to arrange meetings with qualified brokers, money managers, etc.;
(d) directly handle all shareholder calls and enquiries from shareholders and investors.
Mr. Larry W. Reaugh, President & Chief Executive Officer of the Company, stated, “We’ve retained Wolfe Axelrod Weinberger Associates to assist us in communicating our unique opportunity to the financial community to improve investor awareness. We believe an active investor relations program will broaden our investor exposure, provide us with seasoned experience in this area and assist us in increasing shareholder value.”
Mr. Stephen Axelrod, CFA, Managing Member of Wolfe Axelrod Weinberger Associates, LLC said, “We are pleased to be representing American Manganese; a unique mineral resource Company that is focused on providing a world-class domestic source for a critical strategic metal- Manganese. Manganese is the fourth most consumed industrial metal and an essential component in steelmaking.” Mr. Axelrod will have direct responsibility for the account.
“We believe the story is very timely given the concern about the availability of secure sources of various strategic metals and in the progress the Company has made in recent months to advance its Artillery Peak Manganese project and its expected progress moving forward. We look forward to working closely with management in relaying the Company’s value proposition to the investment community.”
The term of the appointment of WAW as investor relations firm shall be for a term of one (1) year at a fee of $10,000 per month, plus reasonable expenses and the appointment is renewable at the option of the Company for an additional one (1) year. In addition, the Company will grant 533,333 incentive stock options, to be priced at the closing price on today’s date, which will vest in accordance with the Company’s Incentive Stock Option Plan.
China controls electrolytic manganese production (EMM) supplying and producing 97.44% of the world’s needs (2.6 billion pounds per year).
There is no substitute for manganese in steel (total manganese market greater than 30 billion pounds per year, fourth largest traded metal).
Manganese is the most critical metal at risk to supply and restriction in the United States as there is no US production. EMM’s greatest uses are the upgrading of specialty steel (47%), and the manufacture of aluminum alloys (32%) and electronics (14%).
China has a 20% export duty on EMM and the US has a 14% import duty; the current world price for Electrolytic Manganese Metal is about $1.50/lb. Manganese resources are declining in China.
The overall manganese market grew at 8% per year to 30 billion pounds up to 2008. EMM market grew at 26% per year from 2003 – 2008 to 2.6 billion pounds per year.
About American Manganese Inc.:
American Manganese Inc. is a diversified specialty and critical metal Company focusing on potentially becoming the lowest cost producer of electrolytic manganese from its Arizona Manganese Project.
About Wolfe Axelrod Weinberger Associates:
Wolfe Axelrod Weinberger Associates brings to its clients thirty years of successful investor relations experience and an extensive network of contacts. Mr. Axelrod has previously purchased shares, for his own account, in the Company through private placement as well the open market.
Wolfe Axelrod Weinberger Associates looks forward to working closely with American Manganese Inc., to accomplish its long-term objective of increasing shareholder value. Stephen Axelrod will oversee this effort directly for the Company.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive Officer