Conforce International Raises USD 6.2 Million
February 22 2011 - 8:00AM
Marketwired
Conforce International, Inc. ("Conforce" or "Company") (OTCBB:
CFRI) is pleased to announce that it has raised US $6.2 million in
a second round of equity financing from the issuance of common
shares. The subscription proceeds will be used to acquire custom
designed production lines for deployment in the Conforce USA
manufacturing facility located in Peru, Indiana. This initial
deployment of equipment will yield production capacity capable of
generating in excess of US $50 million in revenue per annum, one
half of the facility's maximum capacity. The company will now move
to fill its order book for the delivery of EKO-FLOR™, an advanced
engineered composite flooring system, to the North American highway
trailer industry.
The offering, which was led by NDB Group Syndications Inc., was
structured as a private placement and was priced on December 9,
2010 at $0.28 per share. In accordance with SEC Rule 144, the
shares are restricted from trade for six months from the date of
issuance. The offering was comprised of institutional and retail
investors with the lead order being generated by Adaly Investment
Management Corporation.
Conforce Chairman and CEO Marino Kulas commented that, "The
capital from this offering will allow Conforce to establish a
permanent footprint in the North American highway trailer market.
The Company's go-forward strategy in Indiana is to utilize profit
generated from these new production lines to further expand the
capacity of our Peru facility. The Company's goal is to establish
EKO-FLOR™ as the standard flooring solution throughout the North
American highway trailer market."
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, Lloyd's Register and
Bureau Veritas for use in ocean-going containers worldwide and
recently passed TTMA RP-37 certification for use in North American
highway trailers. The Company has commenced customer evaluations of
its product with top-tier shipping lines and highway trailer
manufacturers. For more information, 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: Conforce International, Inc. Investor Relations (416)
234-0266 ext. 6 EMAIL: investors@conforceintl.com WEB-SITE:
www.conforceintl.com
Conforce (GM) (USOTC:CFRI)
Historical Stock Chart
From Oct 2024 to Nov 2024
Conforce (GM) (USOTC:CFRI)
Historical Stock Chart
From Nov 2023 to Nov 2024