I'll get things started by posting recent news clippings:
biz.yahoo.com
Wednesday November 29, 2:41 pm Eastern Time
Press Release
Millennium Plastics Announces $1 Million Private Equity Funding Committment
LAS VEGAS--(BUSINESS WIRE)--Nov. 29, 2000--Millennium Plastics Corporation (OTCBB:MPCOE - news) announced today that it has received a committment for $1 million in private equity funding.
A private investment group has completed the initial $250,000 in private funding and anticipates completing the balance of funding within the next 60 days.
``This funding will enable us to further our research and development efforts towards marketing and licensing our Solplax(TM) technology,'' stated Paul Branagan, Millennium Plastics President and CEO.
The new Solplax(TM) biodegradable plastic technology is currently being test marketed through a number product lines, including plastic flatware for the U.S. military, a line of oil and gas production related merchandise, and sporting goods.
Millennium Plastics anticipates that its current cash, cash equivalents, as well as anticipated cash flows from operations and completion of the private equity funding, will be sufficient to meet its working capital needs for the next 12 months.
Additionally, due to delays in receipt of vital information from SCAC Holdings in Ireland, and complexities of the recent Solplax acquisition announced on Oct. 10, Millennium Plastics has not filed its second quarter 10QSB.
The Company's auditor is currently completing its review of the acquisition and related financial statements and the Company anticipates the 10QSB will be filed no later than December 4. Until Millennium Plastics files the 10QSB, NASD has appended the Company's trading symbol, MPCO, with an ``E''. Upon filing, the ``E'' will be removed and the Company will resume trading under the symbol ``MPCO.''
Millennium Plastics Corporation owns the worldwide patent rights to a new and innovative polymer and coating technology invented in 1995 by Solplax Ltd. of Ireland.
International patent attorneys in Europe and the United States have confirmed that the patent is comprehensive and durable, having been written by the developers of the technology and a scientific team with specialization in PVA polymers. Independent evaluations carried out in London and at Trinity College of Dublin have also endorsed these conclusions.
The plastics which have been developed have the unique and very marketable characteristic of being water soluble and biodigestible in landfill environments so that the only byproducts are non-toxic water and atmospheric gases. Public perception and governmental pressures for plastics that are environmentally friendly are projected to propel the commercial demand for this product.
Technical, corporate and investors related information can be found on the Millennium web-site, www.millenniumpolymers.com or on the Solplax site at www.solplax.com.
Safe Harbor Statement: The statements in this press release regarding completion of the private equity funding, benefits of the funding, any potential licensing of product lines, the filing date for the 10QSB, NASD's removal of the E, future opportunities and any other effect, result or aspect of the funding and any other statements, which are not historical facts, are forward looking statements.
Such statements involve risks and uncertainties, including, but not limited to; potential difficulties related to the funding, market conditions, failure of the parties to satisfy closing conditions, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, and general economic conditions.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. The Company undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
