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Knitting / Apparel

Nextec Secures Financing

Nextec Applications Inc., Vista, Calif., has secured $14.6 million in financing to increase the companys total funding to $62 million.Part of the funding will go towards a new high-tech manufacturing plant in Singapore, which should be operational later this year. Future plans also call for new facilities in Japan and Europe. Capital will also be used to market the companys Encapsulated Protection Inside Clothing (EPIC) by Nextec fabrics. The fabrics are water-repellent and windproof, yet remain breathable, as well as soft and flexible, even in cold weather, Nextec claims.With this latest round of financing, we have raised ample capital to take the company through break-even cash flow to profitability, said Peter Ellman, president and CEO.

June 2001




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