20-Jul-2006
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
Item 1.01 - Entry into a material definitive agreement
LRM Industries, LLC, the Company's joint venture company with NOVA Chemicals, Inc., on June 23, 2006 entered into three Loan Agreements with SunTrust Bank that provide for borrowings of up to $2.24 million, $560,000 and $500,000, respectively, with the loan proceeds to be used for the installation of a new production line in its Rockledge, Florida facilities. These respective agreements generally provide for interest at the rate of LIBOR plus 2%, LIBOR plus 1.25% and LIBOR plus 1.25% with repayments of borrowings commencing July 23, 2006. Copies of the agreements are attached to this document. |
