NaturalNano Announces Additional Funding of $825,000 Cash Investment -- Will Use Proceeds to Expand Manufacturing Capabilitie...
February 04 2014 - 8:30AM
Marketwired
NaturalNano Announces Additional Funding of $825,000 Cash
Investment -- Will Use Proceeds to Expand Manufacturing
Capabilities at General Super Plating to Produce Parts for GM,
Ford, Chrysler, and Honda
ROCHESTER, NY--(Marketwired - Feb 4, 2014) - NaturalNano, Inc.
(OTCQB: NNAN) (www.naturalnano.com) announced today that
NaturalNano (NNAN) will receive $825,000 in new funding. This will
support the expansion and upgrade of the manufacturing capacity at
General Super Plating facility in Syracuse NY which NNAN has agreed
to acquire last week for stock.
Jim Wemett, CEO, says, "I am very impressed with the quality of
customers and the current management team at GSP and look forward
to continue building on these existing relationships. With the
signing of the purchase agreement to acquire General Super Plating
(GSP) completed, NNAN will be making a further investment in the
GSP infrastructure to install additional manufacturing capacity for
new products which are scheduled to begin later in the year. The
additional capacity is expected to grow the GSP sales revenue
substantially over the current $12 million achieved in 2013."
Wemett continued, "GSP product lines are important components
for leaders in the automotive, personal care and home appliance
industry. GSP produces plated items for products marketed by five
of the top seven car manufacturers, Proctor & Gamble and
Whirlpool."
The financing is provided by current lenders to NNAN and
completion of the acquisition is anticipated in the near
future.
General Super Plating ("GSP") www.4gsp.com is located in East
Syracuse, NY, established in 1932. The company specializes in high
quality plating on plastics. GSP plates parts for world-famous
brand names in the appliance, automotive, electrical, electronics,
marine, medical, military, personal care, and plumbing
industries.
NaturalNano, Inc. (OTCQB: NNAN) located in Rochester, New York,
is engaged in the development and commercialization of material
additives based on proprietary nanomaterial technology utilizing
Halloysite Nanotubes (HNTs). The company provides industry with
additives designed to improve the processing characteristics and
mechanical properties of engineering thermoplastics, and additives
designed to optimize the release of active agents such as vitamins
and fragrance in cosmetic products. NaturalNano holds patents
relating to the commercial use of HNTs in composite materials as
well as specialized techniques used in the refinement and
processing of HNTs and intermediaries that it ships to customers
worldwide. HNT materials used as a surface treatment have also
shown promise in medical research devoted to stem cell collection
and in trapping circulating cancer cells. The company is also
exploring surface treatments relating to improved adhesion of
protective coatings for polymer components used in numerous
commercial applications.
Cautionary Statement Regarding Forward-Looking Statements:
Contains forward-looking statements regarding future events and
future performance that involve risks and uncertainties that could
materially affect actual results. This information is qualified in
its entirety by cautionary statements and risk factors disclosure
contained in certain of NaturalNano's filings with the Securities
and Exchange Commission. The most recent annual reports on Form
10-K and quarterly reports on Form 10-Q filed by NaturalNano
provide information about these factors, which may be revised or
supplemented in future reports to the SEC on those forms or on Form
8-K. We caution investors not to place undue reliance on
forward-looking statements, and we do not undertake any obligation
to update or otherwise revise any forward-looking statements,
whether as a result of new information, future events, or other
such factors that affect the subject of these statements, except
where expressly required by law.
Contact: Jim Wemett NaturalNano, Inc. 585-267-4848
info@naturalnano.com