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In response to recent re-confirmed interest from several arms-length parties, the Special Committee, in consultation with
A combination of growing regulatory changes to legacy flame retardants that negatively impact human and environmental health, the pending elimination of supply of PFAS “Forever Chemicals” as announced by 3M, and industry-validated technical achievements by FRX’s patent protected Nofia® product line, especially in application with thin polycarbonate plastics, has led to a surge in interest from industry participants across the globe. The growing demand for Nofia® currently exceeds the Company’s capital resources to fulfill in a timely manner. This heightened interest underscores FRX’s noted position in the market and its potential for further growth and innovation.
The Special Committee has not made any decisions related to any strategic alternatives at this time; however, it is the Special Committee’s intention to conduct this process on an accelerated basis. Any interested parties are encouraged to reach out to the company should there be interest in participating in the process.
There can be no assurance that this exploration process will result in any transaction. The Company will disclose further developments with respect to this process if material or concludes the review of strategic alternatives.
In parallel, recognizing that the Company’s Belgian subsidiary was at risk of not meeting certain banking covenants, FRX has proactively reached out to its creditors to negotiate extension arrangements and deferred payment solutions. This includes an ongoing dialogue with its site service provider, which recently served the Belgian subsidiary a notice of enforcement and is in active dialogue to arrive at a mutually agreeable solution.
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Nofia® is a registered trademark of FRX. Nofia® products are manufactured at its manufacturing facility on the
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Cautionary Note Regarding Forward-Looking Statements and Reader Advisory
Certain statements contained in this news release, including, but not limited to, statements with respect to the Offering, the completion of the Offering, the size, amount and type of securities issued under the Offering, participation in the Offering by related parties and the amount of such participation, among other things, and statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, may constitute forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward- looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable based on information available to it, but no assurance can be given that these expectations will prove to be correct.
Contact Details
+1 604-880-6546
mlotz@frxpolymers.com
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