Company Announces Financing Arrangement.Business Editors LOS ANGELES--(BUSINESS WIRE)--Feb. 17, 2000 Rubber Technology International Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :RTEK) announced today that the Company has concluded negotiations and reached tentative agreement for a private placement of common shares under Rule 504 Regulation D. Final documents and full funding are expected to be completed by the end of February. The Company will utilize these funds to retire certain short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. and to expand and enhance the production facilities in its Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. plant. Upon final funding, additional equipment will be ordered and installed, to increase the capacity and efficiency of its operations. Rubber Technology International Inc. is a leader in the tire recycling Tire recycling is the process of recycling vehicles tires (or tyres) that are no longer suitable for use on vehicles due to wear or irreparable damage (such as punctures). industry. The Los Angeles based company is paid to receive scrap tires that are then ground into crumb rubber, which is in ever-increasing demand for molded goods, horse arenas, playgrounds and in rubberized asphalt Rubberized asphalt is pavement material that consists of regular asphalt concrete mixed with crumb rubber -- ground, used tires that would otherwise be discarded or take up space in landfills. . Special Note Regarding Forward Looking Statements: Certain statements contained in this news release 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 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties include, but are not limited to: entry in the market by new competitors, the company's dependence on key personnel, the possible impact of competitive products and pricing, general business conditions in the economy, the actions of customers of the company's products, managing growth and other risks, all, or any of which, may have a material adverse impact on the company, its business, business products and financial condition. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion