Press Release
November 18, 2008
MMFX Technologies Corporation Starts Mill and Completes Institutional Funding
IRVINE, Calif. – MMFX Technologies Corporation, an Irvine-based materials science company, announces completion of a $55 million commitment in secured debt financing and receipt of final funding that was contingent upon the startup of its Welland, Ontario, Canada steel mill facility. MMFX had previously received $27 million of the financing. Axiom Capital Management Inc. acted as the procuring agent for the transaction.
MMFX Steel of Canada opened ahead of schedule on September 18, 2008. “We are extremely pleased with the startup of MMFX in Welland, as it represents a strategic investment in the future of our company and allows us to introduce new, proprietary steels more efficiently and cost-effectively,” said David Pollack, Chief Executive Officer of MMFX.
The mill’s state-of-the-art equipment is ideal to produce MMFX’s high-quality steel. Production is not only more economical, but yields a better end product. The use of controlled-atmosphere-specialty-equipment allows MMFX to significantly reduce the use of high-cost raw materials and make a better, and cleaner, steel.
Pollack attributes the success of the mill and MMFX Steel of Canada to a commitment by every member of the MMFX family. “From MMFX Technologies to operations, engineering, sales, and of course the staff of the mill itself, everyone pulled together to make the startup of the mill a reality.”
About MMFX Technologies
MMFX Technologies Corporation, headquartered in Irvine, California, was formed on June 22, 1998 to commercialize its proprietary, micro and nanotechnologies that enable the manipulation of the microstructures of materials to obtain optimum microstructural properties. The current focus for MMFX’s core technology is uncoated steel that has a microstructure fundamentally different from conventional steel.
About Axiom Capital Management
This transaction was arranged by The Livingston Group of Axiom Capital Management Inc. Axiom is a registered broker/dealer that works with growth companies and institutional investors. Axiom provides corporate finance, prime brokerage and private equity opportunities to a wide range of customers. The Livingston Group is an investment banking, finance, and investment advisory group focused exclusively on nanotechnology. Axiom has more than 100 years collective wealth management experience and The Livingston Group was formed by Scott Livingston, who has been working exclusively on nanotechnology investments since 2002.
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MMFX Contact Info
Amy Van Amburgh
214-902-0333
amy.vanamburgh@mmfx.com
Axiom Contact Info
Scott Livingston
212-521-3847
slivingston@axiomcapital.com