AndhraNews.net
Home » Business News » 2011 » February » February 22, 2011

Conforce International Raises USD 6.2 Million


February 22, 2011 - Toronto

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

MarketWire

Comment on this story

Share