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OTHER PRESS RELEASES 2002 October 13, 2002 December 21, 2002 2003 January 22, 2003 January 23, 2003 April 15, 2003 July 2, 2003 September 10, 2003 October 13, 2003 2004 January 21, 2004 June 21, 2004 June 22, 2004 August 23, 2004 December 23, 2004 2005 March 10, 2005 June 21, 2005 July 15, 2005 October 27, 2005 |
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November 15, 2004 Press Release GLOBE COMPOSITE SOLUTIONS CLOSES $2.0 MILLION FUNDING ROUND Round Oversubscribed By 33% DALLAS, TX—Globe Composite Solutions, Ltd. (Globe), a leading designer and manufacturer of non-metallic components for industrial and military applications, announced today that the company successfully raised $2.0 million in its Round B funding efforts. This round, which was funded primarily by private equity investors, was 33% oversubscribed from the original $1.5 million target. Proceeds from this round will be used to partially fund the company’s purchase of the assets of its Boston-based manufacturing partner, Globe Rubber Works, Inc. This previously announced purchase was completed on August 19, 2004. Additionally, a portion of the proceeds will be used to further strengthen Globe’s balance sheet to accommodate growth in its defense-related and material handling product segments. “We are grateful to the investment community for having confidence in Globe’s ability to deliver a broad set of non-metallic solutions for our customers.” said Carl W. Forsythe, President and CEO of Globe. “We are optimistic that we can leverage this funding to capitalize on the additional manufacturing capacity and design capabilities from our recent acquisition to provide our customers with a greater range of value-added services.” Globe recently completed shipment of its RCS-6689™ RFID-compatible non-metallic conveyor sections to McCaren International Airport in Las Vegas, the company’s largest single order for RFID conveyors for airport baggage handling use. The company also completed delivery of two all-synthetic tilt-tray sorter transport systems for the United States Postal Service. These are the first non-metallic carousel sorter systems Globe has supplied to the USPS for full-time sortation use. Globe Composite Solutions, Ltd. is a Dallas-based company with its primary engineering and production facilities located outside of Boston, MA. Globe is a fully-integrated manufacturer that develops high-performance composite polymers to help customers dramatically increase product performance over traditional metallic components. The company holds numerous patents and patents pending related to composite material formulation and product design. Contact: Carl W. Forsythe Phone: 781-871-3700 Ext. 203 Fax: 781-871-6631 Email: cforsythe@globecomposite.com http://www.globecomposite.com |
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