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AERT Announces $13.5 Million Venture Capital Financing
December 21st, 2007 No comments
AERT, Inc. announced recently that it has closed a $13.5 Million financing to fund the construction of a plastic waste mining and reclamation facility near Watts, OK. When built, the facility is expected to significantly reduce the Company’s raw material costs and assure a stable supply of raw materials. In addition, the plant has the potential of producing new products for sale in the world plastics market and generating additional revenue streams for the Company. The facility is expected to be in operation by the end of 2008.
Commenting on the transaction, AERT CEO Joe Brooks noted, “With petrochemical prices skyrocketing and supply becoming increasingly unpredictable, we set out two years ago to develop a proprietary source of raw materials that would insulate us from price and supply gyrations. Our initiative, dubbed the Advanced Resource Recovery Project (ARRP) is based on a number of innovations that build on and complement our existing recycling and reclamation technologies. The support of various State of Oklahoma agencies and the Cherokee Nation not only greatly assisted us in funding the project, but also provided validation of our strategy.”
The all-debt transaction, titled “Adair County Industrial Authority Solid Waste Recovery Facilities Revenue Bonds,” will mature December 15, 2023 and begin amortizing in approximately equal annual payments on December 15, 2009 at an interest rate of 8.0% per annum. The offering was underwritten by Gates Capital Corporation and purchased by Allstate Investors, LLC, the investment management subsidiary of Allstate Insurance Company.
Since 1989, AERT has pioneered the use of recycled polyethylene plastic in the manufacture of composite building materials. With its constantly evolving portfolio of patented and proprietary recycling technologies, AERT has been widely recognized as a leader in resource conservation innovation and received the EPA Award for Environmental Excellence for its process of converting scrap plastic to composite outdoor decking. AERT converts reclaimed plastic and wood fiber waste into quality outdoor decking systems, fence systems, and door and window components. The Company is the exclusive manufacturer of Weyerhaeuser ChoiceDek(R) decking, which is available in multiple colors and is sold in all Lowe’s Home Improvement stores. See www.choicedek.com for more information. AERT’s MoistureShield(R) decking program is expanding and products are available in many parts of the U.S. now, with national distribution planned for 2008. See www.moistureshield.com for product information or to find a regional distributor or dealer. AERT operates manufacturing facilities in Springdale, Lowell, and Tontitown, Arkansas; Junction, Texas; and Alexandria, Louisiana.
For more information, please visit www.aertinc.com
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