NaturalNano, Inc. announced today that NaturalNano (NNAN) will receive $825,000 in new funding. This will support the expansion and upgrade of the manufacturing capacity at General Super Plating facility in Syracuse NY which NNAN has agreed to acquire last week for stock.
Jim Wemett, CEO, says, "I am very impressed with the quality of customers and the current management team at GSP and look forward to continue building on these existing relationships. With the signing of the purchase agreement to acquire General Super Plating (GSP) completed, NNAN will be making a further investment in the GSP infrastructure to install additional manufacturing capacity for new products which are scheduled to begin later in the year. The additional capacity is expected to grow the GSP sales revenue substantially over the current $12 million achieved in 2013."
Wemett continued, "GSP product lines are important components for leaders in the automotive, personal care and home appliance industry. GSP produces plated items for products marketed by five of the top seven car manufacturers, Proctor & Gamble and Whirlpool."
The financing is provided by current lenders to NNAN and completion of the acquisition is anticipated in the near future.
General Super Plating ("GSP") www.4gsp.com is located in East Syracuse, NY, established in 1932. The company specializes in high quality plating on plastics. GSP plates parts for world-famous brand names in the appliance, automotive, electrical, electronics, marine, medical, military, personal care, and plumbing industries.
NaturalNano, Inc. (OTCQB: NNAN) located in Rochester, New York, is engaged in the development and commercialization of material additives based on proprietary nanomaterial technology utilizing Halloysite Nanotubes (HNTs). The company provides industry with additives designed to improve the processing characteristics and mechanical properties of engineering thermoplastics, and additives designed to optimize the release of active agents such as vitamins and fragrance in cosmetic products. NaturalNano holds patents relating to the commercial use of HNTs in composite materials as well as specialized techniques used in the refinement and processing of HNTs and intermediaries that it ships to customers worldwide. HNT materials used as a surface treatment have also shown promise in medical research devoted to stem cell collection and in trapping circulating cancer cells. The company is also exploring surface treatments relating to improved adhesion of protective coatings for polymer components used in numerous commercial applications.