USA: Nextec Applications Raises Additional $14.3m In Financing
Nextec Applications Inc, an advanced materials manufacturer that dealing with high-performance engineered fabrics through its encapsulation technology, announced today that it had secured $14.6m in financing, bringing the company's funding to $62m.
"With this latest round of financing, we have raised ample capital to take the company through break-even cash flow to profitability," said company president and CEO Peter Ellman
"Our solid financial position, coupled with the fact that we have an extremely well-protected technology, positions Nextec to generate $100m in revenue by 2004 -- ust seven years after it commercialised its first product."
Part of the capital raised will go toward Nextec's $10m, high-tech manufacturing plant in Singapore, which is a key part of the company's global strategy. The plant will be operational later this year, and future plans call for facilities in Japan and Europe.
Money also will be used to market the company's EPIC (Encapsulated Protection Inside Clothing) by Nextec fabrics, which are super water repellent, wind-proof and hyper-breathable while remaining soft and flexible, even in cold weather.
Previous Nextec financing was invested largely in research and development that resulted in the multi-patented, highly protected Nextec process, which combines proprietary technology with high-tech manufacturing processes to encapsulate the woven fibres inside a fabric.
The company claims that its process has countless applications for performance outerwear and equipment, medical and protective clothing, industrial composites and electronics. It creates water- and wind-protective fabrics that are extremely breathable, lightweight, soft and compressible for the sports apparel and equipment industry; lightweight, breathable fabrics that provide long lasting fluid impermeability for superior protection and comfort in medical and industrial applications; and flexible, lightweight, reinforcing fabrics with superior adhesion characteristics for the aerospace industry.
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