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Financing Raised to Commence Composite Crosstie Production

  • Tuesday, 18th April 2000
  • Reading time: less than a minute

North American Technologies Group, Inc. announced the completion of $1.5 million in equity and short term debt financing to fund the startup of its new Houston manufacturing plant. Commenting on the funding, Henry Sullivan, Chief Executive Officer of NATK said, “We are pleased to have completed the acquisition of all the major process equipment for our first automated TieTek composite crosstie production line. We expect to begin operation in June 2000. Initial production will be used to satisfy the requirements of the recently awarded two-year, $10,000,000 contract with the Union Pacific Railroad. Product will also be available to meet additional demand.”

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