GAF expands Lifetime Designer line
GAF Materials Corp. has expanded its Lifetime Designer Shingles Value Collection
The Wayne, N.J.-based manufacturer said the collection offers contractors an opportunity to differentiate their business with an affordable and upscale alternative to standard architectural shingles.
The line features Camelot II, Country Mansion II and Grand Slate II shingles.
Camelot II shingles were introduced as Camelot 30 in July last year. The new concept offers dimensional appeal, striking color blends and durable construction, according to the company. It added that demand for that product led to the extension of the concept to GAF’s Country Mansion and Grand Slate shingle styles.
“Based on the success of our Camelot II shingles, we anticipate a strong demand for the other styles in the collection,” said Emily Cavanagh, director of market and product development at GAF.
California home builder has big plans
A residential builder based in Southern California has gone on a buying spree in California, closing 13 land deals that represent 1,300 housing units, according to an article in the San Diego Union.
City Ventures, which is based in Santa Ana, Calif., told the newspaper that the latest acquisitions are part of an 18-month plan to strengthen the company’s presence in "California’s rapidly recovering housing economy."
A spokesman for the company, which has several active building projects in San Diego, said the firm is less than two years old, adding: "We don’t suffer from legacy loans or legacy projects.”
Singapore investor bolsters EcoBlu Products
EcoBlu Products Inc., maker of wood products treated with environmentally friendly protective coatings, received a financial boost from a Singapore-based investment company.
The Vista, Calif.-based supplier entered an investment agreement with Manhattan Resources Limited this week. A $5 million payment was part of the deal.
"This strategic financing has helped us recapitalize our balance sheet while providing us with the growth capital we need," said EcoBlu President and CEO Steve Conboy.
EcoBlu’s over-the-counter stock — ECOB.OB — was trading for $0.09 per share early Thursday.
On Feb. 15, 2010, the company received payment of $5 million for 81 million of its common shares pursuant to the Investment Agreement. After Manhattan receives shareholder approvals, an additional $5 million in the form of a revolving credit line will be made available for use by the company. The revolving credit line will bear interest at 6% per annum. Concurrently with the creation of the revolving line of credit, Manhattan will receive 50 million five-year warrants to purchase common shares of the company at an exercise price per share of $0.10.
Prior to entering into these agreements, Manhattan acquired approximately $1.2 million of outstanding convertible notes and associated warrants issued by the company in early 2010. Steve Conboy, CEO of ECOB, stated, "We are pleased to announce that the notes totaling approximately $1.2 million will be paid in full with the proceeds from the initial investment. In addition, the Series A through G Warrants issued March 26, 2010, for a total of 26.25 million shares have already been cancelled.
"We are pleased with the opportunity to invest in Ecoblu and share in the belief that their technology will set the standard for the industry," said Soo Ching Ho, CEO of Manhattan Resources Limited. "We are confident of the growth prospects of the company amid the recovery of the U.S. economy."