EFTX is currently an undiscovered glass recycling company that should shortly become discovered. The following is a recent press release:
FOR IMMEDIATE RELEASE
Berlin, NJ July 21, 1999. EFTEK Corp. (OTC Bulletin Board: EFTX) announced today that it has entered into a Letter of Intent with Emerald Pure Trust (Emerald) for a Direct Pay Letter of Credit. The Direct Pay Letter of Credit will be issued by ABN/Amro Bank or another first class bank acceptable to the California Pollution Control Financing Authority (CPCFA) on behalf of EFTEK Corp. (EFTEK) for the purpose of providing sufficient credit enhancement of EFTEK to receive final approval to participate in the CPCFA 1999 tax free bond program. EFTEK expects CPCFA to make available $5,000,000 for the purpose of constructing and operating a “GlassFlour” processing facility in the Sacramento, California area.
“GlassFlour”, a new raw material for the fiberglass insulation and potentially other industries, is the result of EFTEK's unique process that decontaminates recycled “3-Mix” cullet (broken glass of mixed colors) diverted from landfill disposition.
The Company has preliminary commitments from certain key customers and others to take up to 100% of the plant's annual (two shift) capacity. Additionally, California is a mature recycling state. As a result, the Company expects to benefit from government mandates regarding the use of recycled material in the manufacturing process as well as receive significant assistance through various state programs, both in the development of the plant and on an ongoing operational basis.
In addition, the Company also announced that it has entered into an Investment Banking Agreement with Phillip Louis Trading, Inc. (Member: NASD*SIPC) to use its best efforts to raise up to $3 Million of additional capital.
Frank Whitmore, President of EFTEK says “This is the first step in realizing our expansion goal to construct GassFlour processing facilities that serve the fiberglass insulation industry across the US.”
EFTEK Corp. is a Nevada Corporation with headquarters located in Berlin, NJ. It has operated its prototype GlassFlour processing facility through its CFC, Inc. subsidiary at the same location since October 1997.
A number of statements contained in this press release are forward-looking statements which are made pursuant of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technolgies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the Company may achieve may differ from any forward-looking statements due to such risks and uncertainites.
For Further information please contact Investor Relations: Mr. Gerard T. Wisla, 609-753-4344.
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