TAGS: Flame Retardants Sustainability / Natural Solutions
FRX Innovations announces that the Company's Board of Directors has formed a Special Committee to explore strategic alternatives to enhance value and to accelerate the utilization of FRX’s Nofia® brand of fire retardants.
These alternatives could include, among others, possible joint ventures, strategic partnerships, licenses or alliances, a sale of the Company in whole or in part or other possible transactions.
Establishing Strong Footprint with Global OEMs
The Special Committee of the Board is comprised of Jim Cassina, Marc Lebel, Mark Lotz, Patrick Muezzers and Ekaterina Terskin.
CEO Marc Lebel, added, “
We continue to see compelling long-term opportunities for FRX, as the Special Committee focuses on exploring alternatives, we will continue with our strategy of promptly servicing our customer base from our state-of-the-art production facility in Antwerp, Belgium while expanding our applications, and driving implementation of Nofia throughout the industry.”
The Company believes that market conditions will drive strong demand for NOFIA that currently exceeds the Company’s ability to capture its market share on its own resources. The Special Committee is open to evaluating proposals from key industry participants that can accelerate the adoption of NOFIA in a timelier manner than FRX can achieve with its current availability of capital with the expectation that a strategic alternative would result in an ultimate enhancement of shareholder value rather than shareholder dilutive alternatives that may become available.
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During the past year, the Company has been focused on expanding FRX’s Nofia brand of fire retardants by establishing a strong footprint with global OEMs, expanding Nofia applications and evaluating the best approach to delivering long-term value for our customers and shareholders alike,” said Marc Lebel, CEO of FRX.
Lebel continued, “
Given the importance and viability of our technology, as an environmentally and commercially proven sustainable solution and new regulatory landscape, we believe that now is the right time to explore strategic alternatives in order to increase scale, accelerate the adoption of Nofia® and efficiently meet expected demand.”
There can be no assurance that this exploration process will result in any transaction. The Company will disclose further developments with respect to this process if material or concludes the review of strategic alternatives. The Nofia
® product line is PFAS and Halogen free, polymeric, eco-friendly, non-leaching and manufactured based on green chemistry principles.
Source: FRX Innovations