Regenx Announces Facility Update
Rhea-AI Summary
Regenx Tech Corp has resumed operations at its Greeneville facility following flood damage from Hurricane Helene, operating with temporary equipment and rehiring previously laid-off employees. The company announced a strategic relocation to a new facility in Newport, Tennessee, after their current property's lease won't be renewed. The new location, secured with a lease offering options for up to ten years, better aligns with Regenx's operational and economic goals. The transition began on November 1, 2024, with completion expected within a month. During the transition, the company maintains processing capacity of approximately 1,000 lbs. per day using temporary equipment.
Positive
- Resumed operations after hurricane-related shutdown
- Secured new facility with 10-year lease options
- Maintaining 1,000 lbs daily processing capacity during transition
- Rehired previously laid-off employees
Negative
- Forced relocation due to non-renewal of current lease
- Operating with temporary equipment
- Incurring relocation costs and potential operational disruptions
News Market Reaction
On the day this news was published, RGXTF gained 11.11%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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 www.regenx.tech.
For further information contact:
REGENX TECH CORP.
Investors@Regenx.Tech
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
FAQ
When will Regenx Tech (RGXTF) complete its facility relocation to Newport?
What is the current processing capacity of Regenx Tech (RGXTF) during the transition period?
Why is Regenx Tech (RGXTF) relocating from Greeneville to Newport?
