AERT Closes $16.5 Million Tax-Exempt Bond Financing.SPRINGDALE, Ark.--(BUSINESS WIRE)--Oct. 14, 1999-- Advanced Environmental Recycling Technologies Inc. (Nasdaq:AERTA AERTA Army Environmental User Requirements and Technology Assessments (US Army) ) ("AERT AERT Advanced Environmental Recycling Technologies, Inc AERT Animal Emergency Response Team ") announced today that following Springdale City Council approval on Tuesday evening, the Company successfully completed its pending $16.5 million tax-exempt bond Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. financing with the City of Springdale, Ark., on Thursday, Oct. 14, 1999. The 30-year bonds are waste minimization industrial revenue bonds, which have been issued by the City of Springdale, Ark., on behalf of AERT. The purchaser was an accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. institutional fund and the initial interest rate was 5.25%. The funding is for further AERT expansion and is intended to allow the Company to purchase the existing site, acquire an adjacent site, build a second plastic recycling plant and build a third composite extrusion plant, which will utilize recycled polyethylene plastic. Completion of this expansion is designed and intended to further increase the Company's sales of composite building materials towards the $75 million (annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. ) range. According to AERT Chairman, Joe G. Brooks, "We would like to thank the State of Arkansas, the City of Springdale and all those involved in this transaction for their support of AERT and its plastic recycling endeavors." Statements contained in this press release concerning the Company's future results and performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Potential risks and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Company's Securities Commission filings. |
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