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U.S. Plastic Lumber Corp. announced it has entered into a common stock purchase agreement with Fusion Capital Fund II, LLC, a Chicago based institutional investor, whereby Fusion Capital shall buy $6 million of USPL’s common stock. In addition, the Company has the option to require Fusion Capital to enter into a second identical common stock purchase agreement for the purchase of an additional $6 million of its common stock. The aggregate equity committed to the Company by Fusion Capital is $12 million. Proceeds from the common stock purchase agreement will be used for working capital to support USPL’s recycled plastic lumber division, as it enters the 2001 building products season, and USPL’s environmental division, which has a record backlog in excess of $120 million, entering this year. Mark Alsentzer, Chairman, President and CEO of USPL, said, “This capital commitment demonstrates significant confidence in the future of USPL and its management team and provides us additional flexibility and greater financial security.” USPL creates high quality, competitive building materials, furnishings, and industrial supplies by processing plastic waste streams into purified, consistent products. They include such brand names as Carefree(R), SmartDeck(R), RecycleDesign(TM), TriMax(R), Earth Care(TM), and OEM products including Cyclewood(TM).
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