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North American Technologies obtains financing to increase production of plastic-composite ties


On Jan. 23, North American Technologies Group Inc. (NATK) announced it had raised $2.4 million in convertible debt and equity, most of it from Avalanche Resources Ltd., the supplier's largest shareholder.

"This financing allows us to upgrade our existing production facility and begin a second line to meet our sales backlog," said NATK President and Chief Executive Officer Henry Sullivan in a prepared statement. "We will be delivering our patented TieTek™ ties over the next six years to meet our 1 million tie order from Union Pacific Railroad."

Sullivan believes demand for NATK's plastic-composite ties will grow because TieTeks are "environmentally attractive" and Kerr-McGee Chemical L.L.C. recently announced plans to exit the forest-products business — and cease treating and supplying wood ties for the U.S. rail market — by 2005.

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More News from 1/24/2003