Conforce International Inc. (fka CFRI)

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http://www.marketwire.com/press-release/Conforce-International-Raises-USD-62-Million-1399277.htm
Conforce International Raises USD 6.2 Million
TORONTO--(Marketwire - February 22, 2011) - Conforce International, Inc. ("Conforce" or "Company") (OTCBB: CFRI) is pleased to announce that it has raised US $6.2 million in a second round of equity financing from the issuance of common shares. The subscription proceeds will be used to acquire custom designed production lines for deployment in the Conforce USA manufacturing facility located in Peru, Indiana. This initial deployment of equipment will yield production capacity capable of generating in excess of US $50 million in revenue per annum, one half of the facility's maximum capacity. The company will now move to fill its order book for the delivery of EKO-FLOR™, an advanced engineered composite flooring system, to the North American highway trailer industry.

The offering, which was led by NDB Group Syndications Inc., was structured as a private placement and was priced on December 9, 2010 at $0.28 per share. In accordance with SEC Rule 144, the shares are restricted from trade for six months from the date of issuance. The offering was comprised of institutional and retail investors with the lead order being generated by Adaly Investment Management Corporation.

Conforce Chairman and CEO Marino Kulas commented that, "The capital from this offering will allow Conforce to establish a permanent footprint in the North American highway trailer market. The Company's go-forward strategy in Indiana is to utilize profit generated from these new production lines to further expand the capacity of our Peru facility. The Company's goal is to establish EKO-FLOR™ as the standard flooring solution throughout the North American highway trailer market."