MMFX Technologies Corporation,
an Irvine-based materials science company, announces completion of a $55 million
commitment in secured debt financing and receipt of final funding that was contingent
upon the startup of its Welland, Ontario, Canada steel mill facility. MMFX had
previously received $27 million of the financing. Axiom Capital Management Inc.
acted as the procuring agent for the transaction.
MMFX Steel of Canada opened ahead of schedule on September 18, 2008. “We
are extremely pleased with the startup of MMFX in Welland, as it represents
a strategic investment in the future of our company and allows us to introduce
new, proprietary steels more efficiently and cost-effectively,” said David
Pollack, Chief Executive Officer of MMFX.
The mill’s state-of-the-art equipment is ideal to produce MMFX’s
high-quality steel. Production is not only more economical, but yields a better
end product. The use of controlled-atmosphere-specialty-equipment allows MMFX
to significantly reduce the use of high-cost raw materials and make a better,
and cleaner, steel.
Pollack attributes the success of the mill and MMFX Steel of Canada to a commitment
by every member of the MMFX family. “From MMFX Technologies to operations,
engineering, sales, and of course the staff of the mill itself, everyone pulled
together to make the startup of the mill a reality.”
MMFX Technologies Corporation, headquartered in Irvine, California, was formed
on June 22, 1998 to commercialize its proprietary, micro and nanotechnologies
that enable the manipulation of the microstructures of materials to obtain optimum
microstructural properties. The current focus for MMFX’s core technology
is uncoated steel that has a microstructure fundamentally different from conventional
Posted November 19th, 2008