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
