Raymor Industries Inc. (TSX VENTURE:RAR), a leading developer and producer of single-walled carbon nanotubes, nanomaterials and advanced materials, announces that SE Techno Plus, a division of Raymor Aerospace, has received AS 9100 certification for its operations, which consists of the manufacturing, repair and precision grinding of aerospace and industrial components. The AS 9100 certification of the division's quality system, achieved after intense auditing, is another major milestone and a prerequisite in becoming an approved supplier to the major aerospace Original Equipment Manufacturers (OEMs). With SE Techno Plus' AS 9100 certification, coupled with the AS 9100 and Nadcap certifications achieved by its Thermal Spray Coating division, Raymor Aerospace will become an important supplier of thermal spray coating services to the aircraft landing gear industry in the aerospace sector. Furthermore, Raymor Aerospace intends to add more processes in order to provide the landing gear OEMs with a strategic "one-stop shop" for its coating, grinding, surface treatment, and testing.
AS 9100 is an ISO 9001 based set of standards that addresses the stringent quality requirements of the aerospace industry, from commercial aviation to defense. Certification against AS 9100 standard requirements can be applied to virtually any area of the aerospace industry throughout the entire supply chain. It covers areas such as design and manufacture of equipment, aircraft accessory supply, replacement parts, supply and maintenance, overhaul and repair services.
SGS Canada certified both SE Techno Plus and Raymor Aerospace's Thermal Spray Coating division to the AS 9100 standards. SGS is the world's leading inspection, verification, testing and certification company. With more than 48,000 employees, SGS operates a network of over 1,000 offices and laboratories in 75 countries around the world.
Stephane Robert, President and CEO of Raymor Industries, had the following to say:
"With the accreditation of these two divisions, Raymor Aerospace has crossed another important phase in its plan to offer a one-stop-shop to its aerospace and industrial customers. Raymor Aerospace's customers are demanding more and more that their coating manufacturers include service of precision grinding."
Raymor Industries also announces that it has entered into a Term Sheet with an asset-backed lender to establish the necessary credit facilities to support its operations. The proposed facility, currently being negotiated, will replace most banking arrangements required for Raymor's operations, in particular those of Raymor Industries Inc. and SE Techno Plus. In addition, the company's subsidiary, S.E. Techno Plus Inc. has entered into a stand-still agreement with its Bank whereby S.E. Techno Plus and its Bank will collaborate in a restructuring of the business in order to ensure its continued viability. The Bank has accepted to tolerate a default to the existing credit facility and the company has worked with the bank on reducing the term loan balance from 1.8 M$ to 1.3 M$. With respect to Raymor Industries inc., its principal financial institution has also agreed to the proposed replacement of the existing credit facility, by way of the offer from the asset-backed lender, the whole subject to certain conditions. In light of this it is also proposing a stand-still agreement with respect to outstanding defaults to existing credit facilities.
Furthermore, Raymor Industries Inc. is confirming having closed its private placement at $819,200 for a total of 4,551,111 units instead of $1,021,200 as previously announced on November 3rd 2008. Conditions attached to this private placement have remained unchanged.