LEEP, Inc. Announces Completion of New Florida Classroom Design and Pending Financing6/16/03
CHICAGO, Jun 16, 2003 /PRNewswire-FirstCall via COMTEX/ --
Leading Edge Earth Products, Inc. (Pink Sheets: LEEP) announces completion of a universal modular classroom design for the Florida school market, using its revolutionary LeepCore building material. Florida's building code requires non-combustible classrooms that will resist hurricane wind speeds up to 150 miles per hour. The company's LeepCore universal modular classroom meets or exceeds all of the stringent Florida building code requirements and costs less than a steel and concrete constructed modular classroom which is the predominate building material used to construct Florida classrooms.
SALES
LeepCore was introduced at the National Modular Building Institute trade show in March of 2002. The company's structural building material was demonstrated for use in manufacturing factory-built modular buildings to replace wood, and more expensive concrete and steel building materials. These demonstrations generated strong interest among modular building manufacturers and dealers. Subsequent to the 2002 product introduction, the company's management team worked closely with a major Modular Building Manufacturer to develop a next-generation, universal classroom for the Florida market.
Grant Record, CEO, stated, 'The company is targeting modular building manufacturers who will order large quantities of its LeepCore building product.'He went on to say, 'The Company is arranging for a $26.4 million financing to expand its semi-automated manufacturing plant in Pennsylvania and to construct its first high-speed/fully-automated LeepCore manufacturing plant to support future product demand.'
FINANCING
The company announced its intent to raise $22 million in April of 2002 to expand operations. The company is in the process of completing a $26.4 million secured credit facility to expand its Pennsylvania manufacturing plant, construct its first high-speed/fully-automated manufacturing plant and support sales, marketing and operations. Funding is expected to occur in July or August 2003.
THE BUSINESS
LEEP is a publicly held developer and manufacturer of LeepCore, a proprietary component that supports construction of high-performance and lower-cost buildings. The product offers advanced properties including uniquely fast design and construction cycles for long-span floors and roofs and frameless freestanding wall construction. LeepCore is a lightweight structural building material that is fire, insect, water, dry rot, mold, corrosion, termite, wind and earthquake resistant and features thermal insulation properties that exceed building industry standards. Markets for LeepCore construction include: modular buildings, North
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