EQS-News: FRX Innovations Inc
FRX Innovations (TSXV:FRXI) (FSE:W2A) (“FRX,” or the “Company”), a leader in eco-friendly flame retardant solutions, today announced the filing of the Company’s financial results for the three and six month period ended June 30th, 2022. Highlights from the quarter are summarized below, while full financial statements and other supporting documents have been filed on SEDAR (www.sedar.com).
Chief Executive Officer Marc Lebel commented, “We are pleased to announce our Q3 2022 financial results. Despite considerable weakening of the chemicals market globally, FRX was able to lay the groundwork for significant growth in 2023 and beyond, with the announcement of a USD$ 10M MOU with PCL to support their Notoxicom product line, the introduction of Reliance Industries Recron FS and the introduction of PolyVisions DuraPET FR all three new product lines powered by FRX’s Nofia. With a major disruption in the multi-billion dollar flame retardant industry under way¹, as law makers continue to phase out the usage of harmful chemicals from everyday products, these first agreements position FRX to capture a strong share of the market in the near term.”
For more information about FRX Innovations, please visit www.frx-innovations.com.
² Independent Commodity Intelligence Services report dated September 12, 2022.
About FRX Innovations
FRX Innovations is a global manufacturing company, producing a family of environmentally sustainable flame-retardant products that serve several large markets spanning electronics, automotive, electric vehicles (EV) and medical devices. FRX is led by a team of highly experienced business and technical professionals and is positioned to be a leader in the rapidly growing flame-retardant plastics and additives market.Nofia® is a registered trademark of FRX. Nofia® products are manufactured at its manufacturing facility on the Port of Antwerp in Belgium, one of the world's largest chemical producing clusters. Nofia Polyphosphonates are produced using sustainable green chemistry principles such as a solvent-free production process, no waste by-products, and near 100% atom efficiency. FRX's portfolio includes an extensive patent estate. FRX has been the recipient of numerous awards, including the EPA's Environmental Merit Award, the Belgium Business Award for the Environment, and the Flanders Investment of the Year Award. FRX has also been recognized six times on the Global Cleantech 100 list.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, statements with respect to, the positioning of the Company within the industry, potential investor interest, and whether or not European investors will take an interest in FRX. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mark Lotz, CFO
News Source: News Direct
30.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
|Company:||FRX Innovations Inc|
|EQS News ID:||1502293|
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1502293 30.11.2022 CET/CEST