Regenx Announces Facility Update
Date
11/4/2024 8:01:13 AM
(MENAFN- GlobeNewsWire - Nasdaq) Edmonton, ALBERTA, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Regenx Tech Corp. (“Regenx” or the“Company”) (TSXV: RGX) (OTCQB: RGXTF) is pleased to announce that operations at its Greeneville facility have resumed, following the unprecedented flooding caused by Hurricane Helene. This marks a milestone in the Company's recovery efforts. Several previously laid-off employees have rejoined the team, and the current facility is operating using temporary equipment until permanent replacements are installed.
Facility Relocation to Support Long-Term Growth
New ownership acquired the current Greeneville property earlier this year and indicated in September that they would not renew Regenx's lease beyond the current extension. Following a strategic review, the Company identified a more suitable property nearby in Newport, Tennessee, that fills Regenx's long-term operational and economic goals. A new lease has been signed, which provides options for up to ten years and secures the Newport facility as the Company's primary site.
“Transitioning to Newport presents an opportunity to support our long-term objectives,” said Don Weatherbee, CEO of Regenx.“The new facility is a better fit for our production needs, and moving now, while we are still transitioning equipment, minimizes future disruptions and unnecessary expenses related to expansion.”
Streamlined Transition Plan
The Company gained access to the Newport site on November 1, 2024, and relocation is expected to be complete within the next month. The temporary equipment allows Regenx to maintain operations, processing approximately 1,000 lbs. per day, ensuring continuity during this transitional period. Additionally, new permanent equipment will be delivered directly to the Newport facility, enabling seamless installation and integration.
About Regenx
Regenx is advancing the Clean Tech sector through its innovative and environmentally friendly technologies that recover precious metals, such as platinum and palladium, from diesel catalytic converters. Learn more at .
For further information contact:
REGENX TECH CORP.
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