(via TheNewswire)
The Special Committee of the Board is comprised of Jim Cassina,
CEO
The Company believes that market conditions will drive strong demand for NOFIA that currently exceeds the Company’s ability to capture its market share on its own resources. The Special Committee is open to evaluating proposals from key industry participants that can accelerate the adoption of NOFIA in a timelier manner than FRX can achieve with its current availability of capital with the expectation that a strategic alternative would result in an ultimate enhancement of shareholder value rather than shareholder dilutive alternatives that may become available.
"During the past year, the Company has been focused on expanding FRX’s Nofia brand of fire retardants by establishing a strong footprint with global OEMs, expanding Nofia applications and evaluating the best approach to delivering long-term value for our customers and shareholders alike," said
There can be no assurance that this exploration process will result in any transaction. The Company will disclose further developments with respect to this process if material, or concludes the review of strategic alternatives.
The Nofia® product line is PFAS and Halogen free, polymeric, eco-friendly, non-leaching and manufactured based on green chemistry principles.
Legislative and Litigation Driven Tail Winds
The past two years have seen some of the most significant changes in flame retardant (FR) regulations. Additionally, the last 12 months has seen increasingly rapid action against per- and poly-fluoro chemical substances known as PFAS, and commonly called“Forever Chemicals”. The common PC flame retardant KPFBS (potassium perfluorobutanesulfonate), known as Rimar Salt, was issued with a Final Health Advisory in
In the meantime, there have been multi-billion-dollar1settlements between PFAS producers and different bodies affected by pollution with 3M announcing its exit from the PFAS products business by the end of 2025. OEMs and brand owners are moving more quickly, and some are also requesting the removal ofpolytetrafluoroethylene(PTFE)2, which many Green NGO’s and some regulatory authorities also consider to be a PFAS.
PFAS-Free Patent Application & Sales Pipeline Growth
In
The PFAS replacement opportunity has brought 77 new programs in the last 12 months alone in FRX’s sales pipeline.
Nofia® New Uses
Over the last 18 months, Nofia® achieved several significant breakthroughs. Major ABS plastics producers2have confirmed that Nofia® is the only halogen-free flame retardant that delivers a good quality product meeting the UL 94 V0 fire standard. The
Nofia® is being used in the back panel of televisions of a major brand owner. Small monthly orders have commenced and are expected to grow.
FRX has been steadily making progress in the EV market. Nofia flame retardant has been specified as the flame retardant in Polyamide 12 used in high voltage EV applications and is also on test in high voltage FR coatings in the same applications. Nofia has also been specified in a 3rdhigh voltage EV application.
An article co-written by
see link: https://www.frx-innovations.com/polyphosphonatefrs
Nofia FRs have exceptionally favorable Green credentials including achieving the coveted GreenScreen® Benchmark 3 rating as well as an equally favorable B designation in the ChemFORWARD SAFER® program, are included on the TCO-Certified Accepted Substance list, and are approved Active Chemicals according to the Oeko-Tex Standard 100.
1 https://www.reuters.com/legal/government/us-states-withdraw-objections-3ms-103-billion-pfas-settlement-2023-08-29/
2 Company visit reports.
3 Company estimate based on industry knowledge.
Neither
About
Nofia® is a registered trademark of FRX. Nofia® products are manufactured at its manufacturing facility on the
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