30 October 1997: Through its wholly-owned subsidiary CFC, Inc., Eftek Corp. of the United States recently announced that it has entered into various supply agreements for its “Glass Flour” manufacture…
30 October 1997: Through its wholly-owned subsidiary CFC, Inc., Eftek Corp. of the United States recently announced that it has entered into various supply agreements for its “Glass Flour” manufactured product (a new processed raw material in the glass manufacturing industry) with end users Johns Manville Corporation and Certainteed Corporation, producers of fibreglass insulation. The Agreement with Johns Manville requires CFC, Inc. to reserve up to 40,000 tons per year for up to a five-year period starting 1 October 1997 produced at CFC, Inc. plant in Berlin, New Jersey, US, and to be delivered to their Berlin, New Jersey fibreglass plant at volume related substantial prices. The Certainteed Agreement also wants the Company to reserve up to 40,000 tons per year at volume related substantial prices, but the length of the contract is still being negotiated. The 80,000 tons per year is approximately two thirds of capacity of the CFC, Inc. Berlin plant. The agreements are subject to continued quality, delivery dates and other sampling and Consistency tests. CFC, Inc.“s “Glass Flour” product is the result of its patent pending production process of removing and cleaning substantially all outside contaminants from mixed cullet (bottle glass of mixed colours) that usually otherwise ends up as an unused and unrecyclable material for landfill disposition. CFC, Inc. has also been advised of commitments to establish additional plants throughout the US which could result in further substantial supply agreements from various end users. The company intends to accelerate its expansion plans accordingly. Frank Whitmore, President of Eftek and CFC, Inc., says, “In spite of delays due to environmental, financing and vendor difficulties, we have finally proven our revolutionary process. To the best of our knowledge, we are the only company that has been able to create a usable new product that end users (in accordance with strict specifications) believe is better and cheaper than the raw material. These initial Supply Agreements should result in a stable revenue base to allow additional potential end users to utilise the full capacity of our Berlin, New Jersey plant, and then in future expansion plants throughout the US.”