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NaturalNano secures $825,000 in new funding

By SMRITI JACOB - 2/5/2014 4:30:46 PM

Rochester nanomaterials company NaturalNano Inc. said it will receive $825,000 in new funding.

The funds are expected to expand and upgrade the manufacturing capacity at General Super Plating facility in Syracuse, which NaturalNano agreed to acquire last week for stock.  
 
“With the signing of the purchase agreement to acquire General Super Plating completed, (NaturalNano) will be making a further investment in the GSP infrastructure to install additional manufacturing capacity for new products which are scheduled to begin later in the year,” said Jim Wemett, CEO of NaturalNano in a statement. “The additional capacity is expected to grow the GSP sales revenue substantially over the current $12 million achieved in 2013."
 
Wemett said General Super Plating’s product lines are important components for players in the automotive, personal care and home appliance industry. That company produces plated items for products marketed by five of the top seven car manufacturers, Procter & Gamble and Whirlpool, he said.

The financing is provided by current lenders, officials said, and the acquisition of General Super Plating is expected to close in the near future.

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