American Fire Retardant Corp. Announces Agreement with M.R. Beal & Company for Thirty Million Dollar Financing
SAN DIEGO--(BUSINESS WIRE)--Feb. 6, 2002--American Fire Retardant Corp. (OTCBB:AFRC - news; www.americanfireretardant.com), a fire protection company that specializes in fire prevention and fire containment, announced today that the Company has signed an investment banking agreement for a thirty million dollar financing with M.R. Beal & Company of New York City, New York.
Under terms of the investment banking agreement, M.R. Beal & Company has committed to raising up to thirty million dollars over the next twelve months on a best efforts basis for American Fire Retardant Corp.
``We are very pleased with this agreement and opportunity to work with such a quality investment bank as M.R. Beal & Company. This financing will allow American Fire Retardant Corp. the capital necessary to fulfill the beginning of manufacturing for our fire retardant aerosol can, Fyberix-2000-V,'' stated American Fire Retardant Corp. CEO Raoul Carroll.
Fyberix(TM) 2000-V is a product that is applied to fabrics, such as mattresses, drapes, and upholstery and makes them flame retardant. This product, formally available only for commercial application, provides for the safety of homes and lives from fire. In addition to this product flame-retarding fabric, it is also a disinfectant that inhibits bacterial, viral and fungal growth, and finally it is a soil and stain release. Each 16-oz aerosol can is able to cover up to 40 square feet and is non-toxic and earth friendly.
``We are in the process of scheduling manufacturing time for mid to late February for our initial order with Universal Alliance. The total value of that contract exceeds fifteen million dollars,'' commented American Fire Retardant Corp. CEO Raoul Carroll.
According to the National Fire Protection Agency (NFPA) a fire occurs somewhere in the United States every 18 seconds, resulting in an injury every 23 minutes and a death every 130 minutes.
About M.R. Beal & Company
Established in 1988, M.R. Beal & Company offers investment banking, financial advisory and broker dealer services to municipalities, state governments and corporations.
M.R. Beal is headquartered in New York City, with offices in Los Angeles, Sacramento, Chicago, Houston and Washington, D.C.
M.R. Beal also advises state and local governments on complex and sensitive fiscal issues, and helps clients to implement innovative solutions and locate new sources of capital. |
