FRX Completes Third Standstill Agreement with Key Strategic Supply Partner
Boston, MA – TheNewswire - November 29, 2023 – FRX Innovations, Inc. (TSXV:FRXI) (FSE:W2A) (OTC:FRXI) (“FRX” or the “Company”), a pioneer in eco-friendly flame-retardant solutions, is pleased to announce the successful execution of a third standstill agreement with one of its key supplier partners, creating an important catalyst in support of the Company's ongoing strategic options process.
This agreement, which was executed on Nov 27, 2023, establishes the terms for the resolution of current trade arrangements between the two companies and more specifically provides favorable payment terms to FRX, meaningfully enhancing the Company's ability to proceed, unfettered, in its strategic journey.
The agreement specifies mutually agreed structured payments, by FRX, and assigns a priority of payments in the event of a potential transaction supported by the company’s shareholders and Board of Directors.
"FRX is committed to all its stakeholders and will continue its supply arrangements, ensuring the uninterrupted delivery of key products vital to FRX's operations.” Said Marc Lebel, CEO of FRX. “Finalizing this standstill agreement paves the way for us to explore and execute our strategic options, ensuring the best possible outcomes for our shareholders, creditors, partners, customers and employees."
FRX remains steadfast in its strategic options process, with the goal of maximizing shareholder value and positioning the company for long-term success. Further updates on the strategic options process will be provided as they become available.
For more information about FRX and its strategic initiatives, please visit www.frx-innovations.com.
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.
About FRX Innovations (www.frx-innovations.com)
FRX Innovations is a global manufacturing company, producing a family of sustainable flame retardant products that serve several large markets spanning textiles, 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 changing flame-retardant plastics and additives market in response to new legislation prohibiting Brominated and Perfluoro flame retardants found in a wide range of electronics and electrical products and restricting the use of melamine flame retardant chemicals found in furniture and mattress foam products.
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, and are halogen, PFAS and melamine free. FRX's portfolio includes an extensive patent estate. FRX has been at the forefront of the ESG movement to a greener future. The company 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 Note Regarding Forward-Looking Statements and Reader Advisory
Certain statements contained in this news release, including, but not limited to, statements with respect to the Offering, the completion of the Offering, the size, amount and type of securities issued under the Offering, participation in the Offering by related parties and the amount of such participation, among other things, and statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, may constitute forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward- looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable based on information available to it, but no assurance can be given that these expectations will prove to be correct.
Mark Lotz CFO
Mike Goode CCO
FRX Innovations Investor Relations and Media Inquiries
+41 76 335 4402
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