PRESS RELEASE # 2
International Absorbents Secures $1,000,000 Line of Credit
BELLINGHAM, Wash., Feb. 4 /PRNewswire/ --
International Absorbents Inc. (Nasdaq: IABSF), a leading manufacturer
and marketer of absorbent products made from waste wood pulp, today
announced the completion of a new credit facility totaling
(US) $1 million.
"This funding will enable the Company to concentrate on its expansion
plans and on the further development of its growing customer base,
" commented Gordon Ellis, Chairman of International Absorbents.
"I am pleased by our new management's ability to attract significant
new capital without any dilution to current shareholders."
Since late 1996, several key upper level management positions have
been strengthened at the Company. Geoffrey Lawrence, a senior
executive with extensive international sales and operations
experience, was named President and Chief Executive Officer of
Absorption Corp., the Company's operating subsidiary. Jack VonEwegen, who built Slikwik Sorbents from negligible revenues to $8 million in sales became the Company's Vice President of Industrial Marketing. Edward Murchie, former COO of Vernitron Corporation and former CFO and COO of Fairchild Industries, joined Absorption Corp.'s Board and has taken an active role in the management of the Company.
International Absorbents Inc. develops, manufactures and markets
patented and proprietary, cost-effective sorbent products derived
from recycled, renewable materials. These environmentally safe
products outperform conventional products used in a broad range
of industrial and consumer applications, including oil and hazardous
liquid spill cleanup and control, oil/water filtration, packaging and
commercial/retail animal bedding and litter. Further information
about International Absorbents is available at www.absorbent.com.
SOURCE International Absorbents Inc.
CO: International Absorbents Inc.
ST: Washington
IN: PAP
SU:
02/04/97 14:34 EST prnewswire.com
JOHN A. |
