Posted in | Nanobusiness

MMFX Technologies Corporation Starts Canada Steel Mill Facility

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 steel.

Posted November 19th, 2008

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