Conforce International Closes USD 2 Million Equity Financing
October 07 2010 - 8:00AM
Marketwired
Conforce International, Inc. ("Conforce" or "Company") (OTCBB:
CFRI) is pleased to announce that it has closed an initial round of
equity financing in the amount of USD Two Million ($2,000,000). The
funds will be deployed by the Company to begin the first leg of
commercializing EKO-FLOR™ for the highway trailer industry.
Conforce will now move to establish production capacity in the U.S.
to manufacture its proprietary composite flooring system engineered
for the transportation industry. The Company expects that it will
launch production of EKO-FLOR™ xts panels for delivery to the North
American highway trailer market in January 2011. The Company also
plans to establish its China based operations for delivery of
EKO-FLOR™ cs-4 panels to the container industry in third quarter of
calendar 2011.
The financing transaction was structured as a private placement
between Conforce and the principals of venture capital and real
estate development firm, Invar Building Corporation. The investment
was priced in late July at $0.15 per share and in accordance with
SEC Rule 144, the shares are restricted from trade for six
months.
Conforce CEO Marino Kulas commented that, "The investment is an
initial step towards capitalizing the first stage of our
multi-platform production footprint. As a result, we are now in a
position to provide much anticipated product delivery dates to the
highway trailer industry."
About Conforce International
Management of the Company has been in the shipping container and
highway trailer business for over 25 years. The Company has
developed an innovative composite flooring system, EKO-FLOR™,
engineered to replace the outmoded hardwood flooring currently
employed by the transportation industry. The Company is targeting
its initial sales efforts on the container and trailer industries
which have been aggressively seeking a viable replacement for
apitong tropical hardwood and laminated oak flooring, respectively.
EKO-FLOR™ is significantly lighter, stronger and more durable than
wood. The product possesses superior quality and performance
characteristics including complete resistance to stains, odors,
absorption of oil or liquid chemicals, microbial and insect attack.
EKO-FLOR™ will not corrode, delaminate or absorb water. The
solution is cost-effective, has a reduced carbon footprint and is
environmentally responsible. In 2009, Conforce and Bayer, a leading
global material sciences conglomerate, became project partners for
the purposes of commercializing EKO-FLOR™. The product has been
certified by the American Bureau of Shipping for use in ocean-going
containers worldwide and recently passed TTMA RP-37 certification
for use in highway trailers. The Company has commenced customer
evaluations of its product with top-tier shipping lines and highway
trailer manufacturers. For more information on the Company, please
visit www.conforceintl.com.
Safe Harbor Act Disclaimer: Forward-looking statements in this
release are made pursuant to the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995. Certain
statements in this press release may contain words such as
"anticipates," "believes," "could," "estimates," "expects,"
"intends," "may," "projects," "plans," "targets" and other similar
language and are considered forward-looking statements. These
statements are based on management's current expectations,
estimates, forecasts and projections about the success of its newly
developed container and trailer flooring products, as well as
certain other composite based flooring products in various stages
of development. These forward-looking statements are subject to
important assumptions, risks and uncertainties, which are difficult
to predict and therefore the actual results may be materially
different from those discussed.
CONTACT: Kathryn Saliani Investor Relations (416) 234-0266 ext.
6 EMAIL: investors@conforceintl.com WEB-SITE:
www.conforceintl.com
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