MMFX Technologies Corporation Secures Institutional Funding
Posted on: Tuesday, 17 June 2008, 12:00 CDT
MMFX Technologies Corporation, an Irvine-based materials science company that, among other things, uses nanotechnology to manufacture high-strength, corrosion-resistant steel, has received a $55 million commitment in secured debt financing. Axiom Capital Management Inc. acted as the procuring agent for the transaction.
MMFX has received $27 million of the financing and will receive the remaining $28 million upon the startup of its Welland, Ontario, Canada steel mill facility. The steel mill's state-of-the-art equipment is designed to manufacture both conventional and MMFX high-tech steel.
By using the higher yield strength of MMFX steel over conventional Grade 60 steel, construction projects can be completed with 20% to 50% less steel and up to 60% lower labor costs, changing the way buildings, highways, and bridges are designed and built.
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 over 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.
Source: Business Wire
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