Press Release – Embargoed until October 24, 2012 – 9:00 a.m. CDT
SAN DIEGO, CA and Nodaway County, MO –October 24, 2012 – ChloroFill LLC, a San Diego-based renewable, formaldehyde-free building material company, today announced that it has successfully closed the Company’s funding round to expand the Company and launch manufacturing in Missouri. The close includes an undisclosed amount of investment from Global Prospective Investments LLC (GPI), a newly formed Missouri-based investment group supporting the development of value added products and technologies and $250,000 in funds from the Missouri Technology Corporation (MTC), a public-private partnership created by the Missouri General Assembly to promote entrepreneurship and foster the growth of new and emerging high-tech companies. The MTC investment was made through its High-Tech Industrial Expansion program that is geared toward industrial expansion and the creation of high-paying jobs by leveraging Missouri’s existing strength in agricultural production.
The financing from GPI and MTC is an important endorsement of ChloroFill’s sorghum-based, U.S.-made, health-friendly building materials. We look forward to soon producing a low carbon footprint, cost-competitive building panel in the Midwest that helps to reduce greenhouse gas emissions, air pollution, deforestation, and health-risks associated with traditional building materials.
– Michael Hurst, President and CEO of ChloroFill
The investment capital will finance the launch of a commercial-scale manufacturing plant in Nodaway County, Missouri to produce ChloroFill’s fiberboard productsfor the interior design, furniture and construction markets. Nodaway County is rich in agricultural expertise making it an ideal region to grow sorghum, a hyper-renewable, abundant agricultural crop used as the material for ChloroFill’s renewable building panels. Additionally, GPI is rallying northwest Missouri’s local academic, business, agricultural and financial communities in support of ChloroFill to create jobs and business development in the region.
ChloroFill’s commitment to build a new manufacturing facility in northwest Missouri is more excellent news for our state’s economy. Under the leadership of Governor Nixon, we have utilized strategic resources such as Missouri IDEA Funds to spur new capital investment and job creation, resulting in the state’s lowest unemployment rate since December 2008 and more than 46,000 new jobs created during the past two years combined.
– Chris Pieper, Acting Director of the Missouri Department of Economic Development
“The Nodaway County, Missouri community is thrilled to have ChloroFill as our newest corporate citizen,” states Brock Pfost, Acting-Chairman of GPI. “ChloroFill offers a green, formaldehyde-free decorative board that is strong, durable and enduring. Nodaway County provides an excellent place to manufacture, especially a product with an agricultural base. ChloroFill will be able to utilize a great labor force and be close to their raw-product feedstock. This is a good investment for northwest Missouri and the right step for our environment.”
ChloroFill’s designer-friendly, cost-competitive panels made with a formaldehyde-free binder contribute to sustainable building and to healthy indoor environments free of pollutants. ChloroFill’s fiberboard panels can be used in many of the same applications as bamboo plywood, exotic hardwoods and other engineered wood panels. Designer applications include counter tops, architectural elements, wall and ceiling coverings, furniture, cabinetry, wainscoting, doors and flooring. Production is slated for the first Quarter of 2013.
NOTE TO EDITORS:
Michael Hurst, founder, CEO and president of ChloroFill will be available to answer questions from media at a community press event in Missouri on Wednesday, October 24, 2012 at 8 a.m. CDT.
Event details are as follows:
8:00-8:45 a.m. – Meet and Greet Breakfast
8:45 a.m. – Company Introduction and Announcement
Location – City Hall – Hwy 136
Burlington Junction, Nodaway County Missouri
ChloroFill LLC was founded in 2007 to meet the need for sustainable, safe, attractive, durable, and cost-competitive building materials for interior design, construction and furniture applications. The Company harnesses the sorghum stalk as a building material for its high-lignocellulose content that results in stronger, more durable fiberboard panels with better insulation and with more attractive aesthetic qualities than traditional panels. ChloroFill is the one sorghum-based, U.S.-made, health-friendly fiberboard panel company. The Company’s vision is to revolutionize the building materials industry by making the reduction of deforestation, cancer-causing carcinogens, greenhouse gas emissions, and air pollution an industry standard. For more information, visit: www.chlorofill.com.
ABOUT MISSOURI TECHNOLOGY CORPORATION
Missouri Technology Corporation (MTC) is a public-private partnership created by the Missouri General Assembly to lead efforts to promote entrepreneurship and foster the growth of 21st century bioscience industries related to Missouri’s rich history in agriculture. The High-Tech Industrial Expansion program is part of MTC IDEA Funds. Through IDEA Funds, MTC has made strategic capital deployments into life sciences and information technology companies which are growing Missouri’s economy through innovation and job creation.
ABOUT GLOBAL PROSPECTIVE INVESTMENTS
Global Prospective Investment LLC (GPI) is an investment group interested in developing value added products and technologies. GPI’s mission is to promote northwest Missouri’s people, products and services to create jobs and develop value-added technologies. Currently, focused on Nodaway County, the group has sincere interest in helping to support and promote business development in cooperation with Northwest Missouri State University’s Center for Innovation and Entrepreneurship (CIE) and Nodaway County Economic Development.