Clarion Technologies Inc. Raises $8 Million in a Private Placement And Names Craig Wierda Director.SCHAUMBURG, Ill.--(BUSINESS WIRE)--Feb. 11, 1999--Clarion Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CTCH CTCH Common Traffic Channel ) Thursday announced that it has received aggregate gross proceeds of $8 million upon the December 1998 and February 1999 closings of its private offering of common stock. The common stock was sold at $2 per share. Clarion will use proceeds of the offering to complete the construction of its 164,000 square foot manufacturing plant in Montpelier, Ohio Montpelier is a village in Williams County, Ohio, United States. The population was 4,320 at the 2000 census. Geography Montpelier is located at (41.582981, -84.604204)GR1. , as well as for working capital purposes. Approximately 2.7 million of the 4 million shares sold were purchased by a group of investors led by Craig Wierda, which include a former director of finance, former chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , former chief financial officer and the former treasurer of the Prince Corp. Prince was sold to Johnson Controls International ("JCI JCI Journal of Clinical Investigation JCI Johnson Controls, Inc. JCI Junior Chamber International JCI Joint Commission International JCI Japan Concrete Institute JCI Journal of Communication Inquiry JCI Johannesburg Consolidated Investment Company Limited ") for $1.2 billion in 1996. As a result of his investment in the company, Wierda has also been named a director of Clarion. Wierda has over 16 years of experience in the automotive industry and was a former director of Prince Corp. Jack Rutherford, chairman and chief executive officer of Clarion stated: "With the addition of Mr. Wierda and the former Prince team, we have dramatically strengthened our ability and the speed with which we can start our long term strategy of consolidating the injection molding industry." Clarion Technologies is a Schaumburg-based holding company whose wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. include Clarion Plastics Technologies Inc. (injection molded plastics) and Clarion Specialty Products Inc. (customized consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and ). The Clarion group of companies was established to pursue the strategic acquisition of businesses in the plastics and related industries, with the goal of achieving growth through consolidation of synergistic businesses. Except for historical information, this news release contains certain forward-looking statements that involve unknown risks and uncertainties, which may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the statements made. These forward-looking statements relate to the use of funds raised in the private placement. Such risks and uncertainties include, but are not limited to, the completion of construction of the manufacturing plant, uncertainties regarding the marketing of its products, the availability of funds for ongoing operations and further development activities and other risks detailed from time to time in the company's Securities and Exchange Commission filings. For further information contact James Hostetler, V.P. -- Corporate Development & Investor Relations Investor relations The process by which the corporation communicates with its investors. of the company, at 847/490-5977. |
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